Buzz on Wall Street over Prince Mohammed’s visit

There has been a buzz on Wall Street about the arrival of Deputy Crown Prince Mohammad bin Salman to meet some of the world’s leading movers and shakers.
There has been widespread coverage in the media because of what is expected to be the largest-ever sovereign wealth fund in history of about $2 trillion, dwarfing the $800-billion Norwegian oil fund, a local publication reported Wednesday.
Analysts reportedly said that there is great interest in the expected privatization of part of Aramco, which is the largest crude oil producer in the world at 10.2 million barrels a day, and oil reserves of an estimated 261.1 billion barrels.
Simon Henderson, director of the Gulf and energy policy program at the Washington Institute for Near East Policies, said that Prince Mohammed is expected to visit investment banks in New York to discuss the partial sale of Aramco.
This comes after his meetings with political leaders in Washington and business leaders in Silicon Valley, which has the oldest and largest technology companies in the world, including Uber, which has benefited from a $3.5 billion Saudi investment.
A French newspaper commented on the impact of the Aramco floating, saying it was likely to break all records, with billions in profit for the Kingdom. In addition, it would break the record in value of $25 billion held by Ali Baba when it was listed on the New York Stock Exchange (NYSE), the report stated.
The NYSE is classified as the biggest stock market in the world in terms of market value, with 1,868 listed companies having capital of $19.69 trillion, and daily trading of $196 billion. The stock market is located on Wall Street.
It was established in 1792, which makes it the oldest stock market in the world. Because of its large size, the NYSE is often the target of terrorist attacks, and offers all services on the world’s stock, financial and bond markets.
Wall Street in Manhattan houses many major finance companies such as JP Morgan. It also has the headquarters of the US Securities and Exchange Commission, which is located in lower Manhattan.

Source: Arab News