Saudi oil giant Aramco to be floated on stock market

The initial public offering of Saudi Arabia’s state oil giant Saudi Aramco is planned for December 4, according to media reports.

The Dubai-based Saudi-owned news channel Al-Arabiya did not elaborate on its report based on unnamed sources.

The announcement on Tuesday comes as Saudi Arabia is hosting the Future Investment Forum in Riyadh, the brainchild of Saudi Crown Prince Mohammed bin Salman.

Prince Mohammed hopes offering a sliver of Aramco on stock markets will bring 100 billion US dollars he needs for redevelopment plans in the kingdom.

However, that requires a two trillion dollar valuation, something analysts say may not be possible.