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Aramco to Give Green Light for World’s Biggest IPO Next Week

  • Saudi oil giant’s board to meet with advisers around Oct. 17
  • IPO is key to Saudi Arabia’s plans to divesify its economy
Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura. 

Saudi Aramco's Ras Tanura oil refinery and oil terminal in Ras Tanura. 

Photographer: Simon Dawson/Bloomberg

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Saudi Aramco’s board is expected to give final approvals to proceed with its mammoth share sale next week, according to people familiar with the matter.

The board is planning to meet with its advisers on the initial public offering around Oct. 17, the people said, asking not to be identified because the matter isn’t public. The oil giant will gauge market conditions and assess feedback from a roadshow for potential cornerstone investors that ends this week before giving the final go ahead, the people said.