{"id":1413,"date":"2017-11-10T11:59:04","date_gmt":"2017-11-10T11:59:04","guid":{"rendered":"https:\/\/www.legitgambling.com\/news\/?p=1413"},"modified":"2017-11-10T19:15:52","modified_gmt":"2017-11-10T19:15:52","slug":"uk-denies-proposed-2-billion-loan-to-attract-saudi-aramco-ipo","status":"publish","type":"post","link":"https:\/\/www.legitgambling.com\/news\/uk-denies-proposed-2-billion-loan-to-attract-saudi-aramco-ipo\/","title":{"rendered":"UK Denies Proposed $2bn Loan To Attract Saudi Aramco IPO"},"content":{"rendered":"

\"\"There were reports that the UK Export and Finance (UKEF)<\/strong> was on the verge of signing a loan guarantee worth $2 billion as the United Kingdom is very interested in getting Saudi Aramco to list its initial public offering (IPO)<\/a> on a London Stock Exchange. The Saudi Aramco IPO is being billed as the biggest IPO in the world and is expected to raise billions of dollars. Saudi Arabia's Crown Prince Mohammad bin Salman<\/strong> estimates that the sale of 5 percent of Aramco will raise as much as $100 billion.<\/p>\n

The UK Treasury said recently that it is finalizing the credit backstop with Aramco through its UKEF group<\/a>. This is in line with UKEF\u2019s thrust of providing credit lines for overseas purchasers of UK goods and services. The $2-billion loan comes on top of the already \u00a3500m granted to Saudi Aramco in the last five years, tied mostly to the company\u2019s joint venture with Dow Chemicals, named the Sadara chemicals project.<\/p>\n

According to a person privy to the details of the deal, the government loan is UK\u2019s desperate attempt to attract the Saudi Aramco IPO<\/strong>. Many have expressed their criticism over the proposed deal, saying that the timing of the loan is too close to UK\u2019s bid for the IPO. However thee UK Treasury has denied that the loan is connected to the country\u2019s bid for what will become the biggest flotation in history.<\/p>\n

Fox Business<\/strong><\/p>\n

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