November 20, 2019 / 12:45 PM / 19 days ago

Saudi Aramco to meet investors in Dubai and Abu Dhabi - sources

FILE PHOTO: Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File Photo

RIYADH/ABU DHABI (Reuters) - Saudi Aramco plans meetings with investors in Dubai next week, sources said, in which it is seeking to raise up to $25.6 billion in the world’s biggest share sale.

The state oil giant and its advisors are hosting meetings at Dubai’s Ritz Carlton Hotel at the Dubai International Financial Centre on Nov. 24, said an investor who has seen the invitation.

Aramco also plans to meet investors in Abu Dhabi the day after, according to a second source at an investment firm.

Aramco could not be immediately reached for a comment.

The company this week cancelled roadshows in New York and London after it decided to not directly sell shares to investors in developed markets and go with a largely domestic-focused offering instead.

Saudi Aramco on Sunday set an indicative price for the deal, valuing the company at up to $1.7 trillion, below the $2 trillion sought by Saudi’s crown prince but putting it in the running to become the world’s biggest IPO.

Reporting by Marwa Rashad in Riyadh and Stanley Carvalho in Abu Dhabi, writing by Hadeel Al Sayegh in Dubai; editing by David Evans

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