Aramco set to be floated on stock market

Saudi oil giant Aramco are set to be floated on the stock market on 4 December, according to media reports.

The Dubai-based Saudi-owned news channel Al-Arabiya did not elaborate on their report of the initial public offering (IPO) based on unnamed sources.

Saudi Crown Prince Mohammed bin Salman is hoping the IPO will bring in more than $100bn for development plans he has for the Saudi Kingdom.

Aramco said to the news wire, “The company continues to engage with the shareholders on IPO readiness activities.

“The company is ready and timing will depend on market conditions and be at a time of the shareholders’ choosing.”