Saudi cancels plan to sell shares of state oil company Aramco

The public stock offering was being billed as the biggest in history and the IPO was also forecast to return trillions of dollars to the kingdom.

by

    Saudi Arabia has reportedly called off plans to sell shares of its state oil company, Aramco.

    The kingdom would bring in trillions of dollars by selling a mere 5 percent of Aramco on national and international stock exchanges.

    The public stock offering was being billed as the biggest in history.

    The IPO was also forecast to return trillions of dollars to the kingdom, enabling it to restructure its economy and reduce dependency on oil revenue.

    Al Jazeera's Paul Chaderjian reports.


    YOU MIGHT ALSO LIKE

    Interactive: Coding like a girl

    Interactive: Coding like a girl

    What obstacles do young women in technology have to overcome to achieve their dreams? Play this retro game to find out.

    Heron Gate mass eviction: 'We never expected this in Canada'

    Hundreds face mass eviction in Canada's capital

    About 150 homes in one of Ottawa's most diverse and affordable communities are expected to be torn down in coming months

    I remember the day … I designed the Nigerian flag

    I remember the day … I designed the Nigerian flag

    In 1959, a year before Nigeria's independence, a 23-year-old student helped colour the country's identity.