London Stock Exchange boss visits Riyadh

The chief executive of the London Stock Exchange group visited the Saudi stock exchange, the Tadawul, as part of a diplomatic visit.

Xavier Rolet’s presence in the delegation is seen as an effort to persuade the Saudi government to choose the London Stock Exchange for part of the upcoming initial public offering (IPO) of Saudi Aramco, anticipated to be the largest IPO to date.

State-owned Aramco, which owns the vast oil wealth of the Saudi kingdom, is expected to list a total of 5% of its shares on the Tadawul and at least one other international exchange.

“The visit comes within the framework of deepening economic relations between the UK and Saudi Arabia,” said a statement from the Saudi bourse.

Rolet was part of a delegation led by UK prime minister Theresa May. The British delegation also met Khalid Al-Falih, the chairman of Aramco and the Saudi minister of energy.

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