Abu Dhabi is planning to invest as much as $1.5 billion in Saudi Aramco’s initial public offering, as the oil giant taps friendly neighbors to prop up a deal that’s failed to draw foreign money managers, people with knowledge of the matter said.
The emirate is seeking to make the investment through one or more state-linked entities, according to the people, who asked not to be identified because the information is private. Aramco representatives are meeting officials of some top Abu Dhabi funds and companies this week to discuss the potential commitments, the people said.
The Abu Dhabi government hasn’t made a final decision on which state entities will participate in the deal, and the precise size of the investment could change, the people said. Aramco and the Abu Dhabi government’s media office didn’t immediately respond to requests for comment.
