Aramco said to plan bond sale to help fund $75bn dividend
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The price of oil has doubled since October to more than $70 a barrel
June 2, 2021
Saudi Aramco is preparing to return to global capital markets with a bond that would help fund a $75bn dividend commitment, according to people with knowledge of the plan.
The world’s biggest energy company has picked around 15 banks to manage a sale of Islamic debt, or sukuk, that could happen this month, according to people with knowledge of the matter. The state-controlled firm may seek to raise around $5bn, one of the people said.
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Dr. Mohammed Al-Nuwairan has been the chief executive officer of the Saudi National Center for Palms and Dates (NCPD) since April 2016.
He heads a number of initiatives aimed at improving the management and efficiency of the sector’s supply chains, from farms to local and international consumers, and is involved in highlighting palm and date-related investment opportunities in areas such as services, technology, and bi-products.
Al-Nuwairan and his NCPD team have been working to transform the sector’s digital offering with the launch of electronic platforms covering aspects of the business including e-marketing, quality marks, government support, and subsidies.
Under his stewardship, the center has established strategic partnerships with companies such as Saudi Basic Industries Corp. (SABIC), Takamol Holding, and Taibah Valley along with other major international firms.