The oil giant Saudi Aramco announced that the majority of the shares sold in its most recent sale, which was expected to raise $11.2 billion, had been snapped up by foreign investors. As part of a reform effort to get ready for a future without oil, the Gulf state is building large-scale projects like stadiums and resorts; thus, the secondary offering was expected to give Saudi Arabia's finances a temporary boost. Most of the shares that made up the offering's institutional tranche were allotted to investors who weren't based in the Kingdom. After beginning at SAR 27.95 per share, Aramco closed trading on Sunday at $7.63, giving it a market capitalization of almost $1.85 trillion. The company's initial public offering (IPO) in 2019 was the largest flotation in history, with around 23% of shares going to foreign investors. However, sources close to the issue informed AFP that over 58% of shares were allotted to foreign investors. According to the individuals, who spoke under anonymity to discuss sensitive information, almost 70% of orders placed outside of the local market originated in the US and the EU, with further orders coming from Australia, Japan, and Hong Kong. The crown jewel of the Saudi economy, Aramco, which is primarily held by the state, declared on May 30 that it will list $1.545 billion worth of shares, or around 0.64% of all shares it has issued, for sale on the Saudi stock exchange. More than halfway through the kingdom's Vision 2030 campaign, whose goals are mirrored in so-called giga projects like NEOM, a projected futuristic megacity in the desert, it was largely perceived as a test of interest for international investors. Aramco stated on Friday that the price of its secondary offering will be 27.25 Saudi riyals per share, which is the lower end of the 26.70 to 29 Saudi riyals range that was disclosed on May 30. Ellen Wald, a senior fellow at the Atlantic Council and author of a history of Aramco, stated that it came as no surprise that eligible traders were interested in purchasing shares, particularly after observing the consistent dividend payments irrespective of the company's earnings. She mentioned that Saudi Arabia, being the world's largest crude oil exporter, held approximately 81.5% of the government's stake in Aramco after the second share sale. Additionally, she noted that the kingdom's sovereign wealth fund, the Public Investment Fund, and its subsidiaries controlled approximately 16% of the firm. Wald further explained that Aramco had reported record profits in 2022 following the surge in oil prices triggered by Russia's invasion of Ukraine, enabling Saudi Arabia to achieve its first budget surplus in nearly a decade. However, she pointed out that the company's profits had declined by a quarter the previous year due to lower oil prices and production cuts.