Title: Aramco Secondary Stock Offering Generates Strong Demand, Raising $11.2 Billion for Saudi Arabia

Shares of Saudi Arabia's state oil company, Aramco, surged on Sunday following a successful secondary stock sale that is projected to yield approximately $11.2 billion. The shares were trading at around 28.85 Saudi riyals ($7.69) on the Tadāwul Saudi stock exchange, surpassing the stock sale offer price of 27.25 Saudi riyals.

The secondary offering witnessed a significant demand, underlining investor confidence in Aramco. The company's decision to diversify its economy away from oil, as part of Crown Prince Mohammed bin Salman's Vision 2030 program, seems to have resonated positively with investors. The ambitious plan aims to reduce the country's reliance on oil revenue, with a focus on developing other sectors.

Announced on May 30, the secondary offering attracted strong interest, with Reuters reporting that demand exceeded $65 billion. While CNBC was unable to independently verify this number, it highlights the immense popularity of the offering. Foreign investors showed significant interest, as Aramco placed over half of the sale with them.

Saudi Arabia's economic diversification plan comes with considerable financial implications. The crown jewel of the Vision 2030 program, the futuristic city of Neom, is estimated to cost around $500 billion alone. However, with the successful stock offering, Saudi Arabia demonstrates its commitment to funding these ambitious projects.

Despite the positive momentum for Aramco, the global oil market remains volatile. Oil prices have declined for the third consecutive week, with uncertain demand outlooks and wavering expectations for a U.S. Federal Reserve interest rate cut dampening investor sentiment. Nonetheless, Aramco's noteworthy stock offering highlights the company's resilience and ability to attract investment in a challenging market environment.

As Saudi Arabia forges ahead with its economic diversification efforts, the success of the Aramco secondary offering serves as a significant milestone. It not only raises substantial funding but also signifies the confidence investors have in the country's long-term economic vision.