World’s most profitable company set to go public after Saudi crown prince gives final nod

Saudi Crown Prince Mohammed bin Salman has greenlighted the initial public offering (IPO) of state oil giant Aramco. It could set a new record if the company’s ambitious valuation is achieved. The final decision was made during a meeting on Friday, as bin Salman, commonly known as MbS, concluded that there is enough support from local investors for Aramco’s long-awaited stock market debut, Reuters and Bloomberg reported, citing sources. The official statement on the IPO launch is expected on Sunday, when the new trading week starts at the Saudi stock exchange. Also on rt.com

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