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Kuwait to Invest as Much as $1 Billion in Saudi Aramco IPO

Photographer: Simon Dawson/Bloomberg
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Kuwait’s government will invest as much as $1 billion in the initial public offering of Saudi Aramco as the kingdom asks regional allies to bolster the record share sale, according to people familiar with the matter.

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, the people said, asking not to be identified discussing a confidential matter. Kuwait communicated its decision to Aramco on Monday.