Saudi Arabia puts a value of up to $1.71 trillion on energy giant Aramco in what could be the world's biggest Initial Public Offering
A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia, October 12, 2019.
The much-delayed offering is scaled down from original plans, but it still rivals the world's biggest listing so far – the $25 billion float of Chinese retail giant Alibaba in 2014. Saudi Arabia is pulling out all the stops to ensure the success of the IPO, a cornerstone of de facto ruler Prince Mohammed's ambitious plan to diversify the economy by pumping funds into megaprojects and non-energy industries.
The government has reportedly pressed wealthy Saudi business families and institutions to invest, and many nationalists have labelled it a patriotic duty.
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