Aramco’s Stalled IPO Tarnishes Saudi Prince’s Grand Vision - Bloomberg:
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.
Saudi Arabia’s acknowledgement this week that the initial public offering is on hold represents the most significant reversal in Prince Mohammed’s plans. While he will find other ways to fund his vision, it’s likely to give pause to investors considering other deals that depend on government commitments.
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