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		</div><p>The long-planned initial public offering of a sliver of Saudi Arabia’s state-run oil giant Saudi Aramco will see shares traded on Riyadh’s stock exchange in December, a Saudi-owned satellite news channel has reported.</p>
<p>The report by Dubai-based Al-Arabiya offered a crackle of life to the Future Investment Initiative in the kingdom’s capital, an event created by Saudi Crown Prince Mohammed bin Salman.</p>
<p>Prince Mohammed hopes for an optimistic 2 trillion dollar (£1.5 trillion) valuation for Aramco, which produces 10 million barrels of crude oil a day and provides 10% of global demand.</p>
<p>That would raise 100 billion dollars (£78 billion) he needs for ambitious redevelopment plans for Saudi Arabia.</p>
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<p lang="en" dir="ltr">We are a strategic partner at <a href="https://twitter.com/hashtag/FII2019?src=hash&;ref_src=twsrc%5Etfw">#FII2019</a> <a href="https://t.co/sQRmInDWEH">pic.twitter.com/sQRmInDWEH</a></p>
<p>&mdash; Aramco (@Aramco) <a href="https://twitter.com/Aramco/status/1189073919745150976?ref_src=twsrc%5Etfw">October 29, 2019</a></p></blockquote>
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<p>However, economic worries, the trade war between China and the US and increased crude oil production by the US has depressed energy prices. A September 14 attack on the heart of Aramco had already spooked some investors, with one ratings company downgrading the oil giant.</p>
<p>Meanwhile, questions persist over how the initial public offering will be handled even as Saudi Aramco offers sweeteners and promises of an estimated 75 billion dollar (£58 billion) dividend next year.</p>
<p>The report by Al-Arabiya did not elaborate and cited anonymous sources for the information, but the channel often breaks news before even the kingdom’s state-run media and is widely believed to have a direct line to the Al Saud royal family.</p>
<p>The station’s English arm offered more details, saying a final price for the stock will be set on December 4, with shares then beginning to be traded on the Riyadh-based Tadawul stock market on December 11.</p>
<p>It added that the Saudi Capital Markets Authority will make a formal announcement about the IPO plans on Sunday. Pricing will begin on November 17, it said.</p>
<p>Saudi state media and government officials did not immediately acknowledge the report. There have been other delays in the IPO, which has analysts still sceptical.</p>
<p>There have also been decisions seemingly forced on to Aramco recently, including the nearly 70 billion dollars (£54 billion) purchase in March of the petrochemical firm Saudi Basic Industries just before it announced a plunge in its quarterly profits.</p>
<p>That has seen a change in the long-standing perception that a “strong Saudi Aramco is a strong Saudi Arabia” to viewing the company as a “great source of capital”, said Ellen R Wald, an Aramco expert who wrote the recent book on the firm called Saudi, Inc.</p>
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