Abu Dhabi could invest up to US$1.5 billion in the initial public offering of Saudi Aramco, Bloomberg reported on Tuesday, citing people familiar with the matter. Saudi Arabia now relies on nearby friends to bring home a success in the world’s largest listing ever, after seeing that foreign investors are not exactly rushing to buy into its giant oil company. The oil-rich emirate of the United Arab Emirates (UAE) is preparing to invest in Saudi Aramco via one or more state-controlled entities, Bloomberg’s sources said. Officials from Abu Dhabi and Aramco are meeting this week to hammer out a potential agreement about the emirate’s investment. Saudi Arabia will be offering up to 0.5 percent in Aramco to retail investors, while in total the Kingdom plans to list 1.5 percent of the company on the Saudi stock exchange, the Tadawul, as early as in early December. The Saudis, however, have […]