Kuwait to invest up to $1B in Saudi Aramco IPO - Bloomberg

Kuwait’s government will invest as much as $1B in Saudi Aramco’s (ARMCO) IPO, Bloomberg reports, as the kingdom continues to ask regional allies to bolster the share sale.

The Kuwait Investment Authority had been reluctant to commit significant funds to the IPO, but was told by the government that a stake was in the country’s strategic interest, according to the report.

Kuwait’s move follows Abu Dhabi, which reportedly will invest $1.5B in Aramco, and would be a relief for Saudi Arabia after plans to market the IPO globally were abandoned.