Wealth Fund: Bond Sale and Bin Vision

wealth fund: The huge sovereign wealth fund is central to Bin Salman's Vision 2030 to diversify Saudi Arabia's economy, according to CNN. The leadership change is the latest in a string of developments to prepare Aramco to go public in what could be the world's biggest IPO. Aramco attracted huge interest with its debut international bond sale in April. Energy minister Khalid-Al Falih was succeeded as chairman of the state-owned oil company by Yasir Al Rumayyan, head of Saudi Arabia's Public Investment Fund, Aramco said in a statement Tuesday. It commissioned an independent audit of the kingdom's oil reserves and has started publishing earnings. Al-Falih had never been enthusiastic about an IPO for Aramco, a senior Organization of the Petroleum Exporting Countries OPEC source told CNN Business. Leadership changes at Aramco were a necessary step towards the IPO, said Olivier Jakob, managing director at consultant Petromatrix. (news.financializer.com). As reported in the news.