Figure 3. Aramco 2019 ownership structure. Notes: 1. Last year that PIF will receive SABIC dividends. After selling SABIC share to Aramco in 2020, PIF will receive a one-time payment of $69.1 billion. 2. SABIC trades on Saudi Stock Exchange (Tadawul), and agrees 29 March 2019 to deal which transfers PIF stake to Saudi Aramco by 2020. 3. Aramco starts issuing bonds in 2019 to raise cash for the 2020 acquisition of SABIC (©Authors)

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Saudi Aramco Privatization in Perspective: Financial Analysis and Future Implications

Ruud Weijermars, Jonathan Moeller

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