Saudi Aramco said it has awarded the first major contract in the planned construction of a $5.2 billion (4 billion pounds) shipyard complex designed to reduce Saudi Arabia's dependence on oil exports. The national oil company said on Tuesday it awarded the contract for dredging, reclamation and marine structures to a consortium comprising Saudi Archirodon Co and Huta Hegerfeld AG Saudia Co.

Aramco, which is leading construction of the shipyard, did not reveal the value of the contract but said it would be completed by 2020. Among other things, it includes building 4,500 metres of concrete quay walls and wharves, as well as breakwaters, at Ras Al Khair on the east coast.

On the other hand, The New York Stock Exchange, the world’s biggest stock market, has launched a campaign to convince Middle East companies that it is the best place for big initial public offerings (IPOs), including the record-breaking forthcoming listing of Saudi Aramco.

Alexandre Ibrahim, the NYSE’s head of international capital markets, was in the UAE last week meeting advisers and corporate executives to persuade regional companies to consider New York ahead of global rivals like London for IPOs.

“We’re talking more now with Middle East chief executives than we were a year ago. If there is going to be a wave of IPOs here we want to explain that there are alternatives around the world. If there’s a planned listing anywhere in the world, we want to be part of that conversation,” he said.

His visit comes as at least six companies in the UAE are believed to be considering IPOs, with some of them looking at the London Stock Exchange as a possible listing venue, in some cases alongside a listing on regional markets.