RIYADH, April 5 Prime Minister Theresa May and
the chief of the London Stock Exchange (LSE) pitched
investments in Britain to the head of Saudi Arabia's sovereign
wealth fund on Wednesday during a two-day visit to Riyadh.
May and Xavier Rolet presented Yasir al-Rumayyan of the
Saudi Public Investment Fund (PIF) with a "high-level overview
of investment opportunities," according to a spokesman for the
prime minister's office.
The LSE and other top stock exchanges are trying to win a
slice of state oil company Saudi Aramco's initial public
offering (IPO-ARMO.SE), expected to be the world's biggest.
Saudi Arabia plans to transfer Aramco's shares into the PIF
before listing up to 5 percent of the company, making the fund a
key player in talks with the exchanges.
The IPO, expected in 2018, could be worth around $100
billion, Saudi officials have said, and will likely involve
The PIF is also expanding its profile with major investments
abroad, including a pledge of up to $45 billion for the Vision
Fund, a global technology fund it is creating with Japan's
Saudi officials said last year they expect the PIF to expand
from $160 billion to about $2 trillion after the Aramco share
transfer, which would make it the world's largest sovereign
The PIF has not yet made any direct investments in British
firms, but SoftBank is weighing plans to place its $8 billion
stake in British chip designer ARM into the Vision Fund.
(Reporting by Katie Paul; Editing by Jon Boyle and John