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Mon 1 Apr 2019 12:34 PM

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Video: Aramco and SABIC sign record Middle East deal

Saudi state oil giant Aramco said Wednesday it is buying a majority stake in petrochemicals behemoth SABIC for $69.1 billion, a deal that gives the crown prince's ambitious reform programme a massive cash boost.

The 70-percent stake purchase effectively merges the kingdom's two largest companies, handing its top sovereign wealth fund around the same amount it had expected from a much-delayed Aramco IPO.

The deal, mooted last year, lends Crown Prince Mohammed bin Salman greater fiscal flexibility to pursue his "Vision 2030" reforms agenda.

Arabian Business' Shruthi Nair and Bernd Debusmann discuss the top story coming from Saudi Arabia on Aramco buying a major stake in SABIC.

(Source: Arabianbusiness.com YouTube channel)