US president tweets he would ‘very much appreciate’ if Saudi Arabia would list its state-run oil company Saudi Aramco, due to go public in 2018, on NYSEDonald Trump pleaded on Saturday for Saudi Arabia to list its massive state-run oil company, Saudi Aramco, on the New York Stock Exchange (NYSE). Highest stock Market ever, up $5.4 trill.”Saudi Arabia is expected to take a small portion of Saudi Aramco, which controls some of the world’s largest oil reserves, public some time in 2018. When Saudi Aramco goes public, it is expected to be one of the world’s most valuable companies. The NYSE is the world’s largest stock exchange by market value, with more than $21tn in market value of the companies listed there. The Saudi Aramco flotation is part of a broad effort to raise Saudi Arabia’s profile and boost government revenues after a sharp drop in global energy prices hindered its ability to pay for large infrastructure projects and subsidies that citizens have come to rely on.

Source: The Guardian November 04, 2017 16:41 UTC