Prince Alwaleed Plots Next Act With Billions Riding on Elon Musk
The flamboyant billionaire founder of Saudi conglomerate Kingdom Holding Co., in a literal sense, never really went anywhere. But since he was caught up in Crown Prince Mohammed bin Salman's 2017 detention of hundreds of the country's elite in the Ritz-Carlton Riyadh, he has laid uncharacteristically low.
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Neom Ski Resort Strains Saudi Prince's $1.5 Trillion Plan
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CNBC
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Saudi PIF's $8B write-down shows "strategic maturity"
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Bloomberg
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Saudi Aramco Gets Wall Street's Thumbs Down — Again
Initial public offerings are often extravagant affairs. But even by their hyperbolic standards, with bankers desperately drumming up interest, the Saudi royal family went the extra mile when it sold shares in oil giant Aramco. But it didn't work at the time – and it isn't working now. On the eve of the 2019 IPO, one of the most senior Saudi royals warned 'those who have not subscribed' to the listing would be left 'chewing their thumb' with regret. The $2 trillion valuation the Saudis sought would materialize in 'a few months.' The message: buy now or miss out. Wall Street didn't buy, and it hasn't missed out. Over the last five and a half years, Aramco stock has underperformed all its peers. Now, it's taking on debt to cover its dividend; its shares have fallen to a five-year low and volume is falling, a sign that local and foreign investors are shunning the stock. On a total return basis, including re-invested dividends, Aramco has delivered a paltry 16% since its IPO; the worst among a selection of the world's largest companies, according to data compiled by Bloomberg. Even Russia's sanctioned Rosneft Oil Co. PJSC, has done better. Exxon Mobil Corp., Chevron Corp., and Shell Plc have all delivered total returns of more than 50%.
