Saudi Arabia Starts IPO Of State-Run Oil Firm

DUBAI, United Arab Emirates (AP) – Saudi Arabia has formally announced the start of its initial public offering of the state-run oil giant Saudi Aramco. The kingdom’s Capital Market Authority made the announcement in a statement posted on its website early Sunday. The authority said its “board has issued its resolution approving the Saudi Arabian Oil Co. application for the registration and offering of part of its shares.” It did not immediately offer any timeline for the IPO. Saudi Crown Prince Mohammed bin Salman has been pushing the IPO since 2016. However, it has seen repeated delays. The kingdom hopes for a $2 trillion valuation for the firm, in order to raise some $100 billion for development programs. The valuation may be lower, however, as analysts have said $2 trillion may be too much.