Deals
Aramco’s Stalled IPO Tarnishes Saudi Prince’s Grand Vision
One of the world’s biggest ever stock sales was supposed to underpin the economic transformation of the Gulf kingdom.
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The sale of shares in Saudi Arabia’s oil giant was supposed to underpin Crown Prince Mohammed bin Salman’s grand plan to transform an insular, oil-dependent kingdom into a 21st century economy. Floating Aramco abroad would expose the most important Saudi company to the scrutiny of global markets, a hard jolt toward the modern world.
So much for that.