The Saudi government plans to sell less than 5 percent of Aramco in what would be the world’s largest-ever share offering.
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Investment banks are jostling to take part in the listing of a chunk of Saudi Arabia's state-owned oil giant Aramco as a portal to the lucrative deals they expect to flow from the kingdom's plan to revamp its economy.Saudi Arabia also signaled it is adopting new strategies to invest its petrodollars, with the $3.5 billion purchase of a stake in U.S. ride-hailing firm Uber, advised by JPMorgan.Investment banking in Saudi Arabia has netted banks just $1.75 billion in fees in the last 10 years, Thomson Reuters data shows.HSBC led the rankings in 2015 in terms of highest fees earned in Saudi Arabia, but even at No. 1, they reaped a mere $22.7 million, Thomson Reuters data shows.In the past, Saudi companies were able to borrow very cheaply from local banks, which held vast deposits from oil sales.Jabr said Deutsche Bank views Saudi Arabia as a core growth market with huge potential for global investment banks.
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