Saudi cancels plan to sell shares of state oil company Aramco
The public stock offering was being billed as the biggest in history and the IPO was also forecast to return trillions of dollars to the kingdom.
Saudi Arabia has reportedly called off plans to sell shares of its state oil company, Aramco.
The kingdom would bring in trillions of dollars by selling a mere 5 percent of Aramco on national and international stock exchanges.
The public stock offering was being billed as the biggest in history.
The IPO was also forecast to return trillions of dollars to the kingdom, enabling it to restructure its economy and reduce dependency on oil revenue.
Al Jazeera’s Paul Chaderjian reports.
Published On 23 Aug 2018