FILE - In this Oct. 22, 2018, file photo, Saudi employees print badges of participants of the Future Investment Initiative in Riyadh, Saudi Arabia. Lured by a long-looming stock offering of Saudi Arabia's massive state-run oil company, investors and business leaders have returned to the kingdom's capital for an investment forum overshadowed last year by the assassination of Washington Post columnist Jamal Khashoggi. (AP Photo/Amr Nabil, File)

Saudi-owned TV: Public offering for Aramco coming next month

October 29, 2019 - 3:34 am

RIYADH, Saudi Arabia (AP) — The Saudi-owned satellite news channel Al-Arabiya, citing unnamed sources, is reporting that the initial public offering of state oil giant Saudi Aramco is planned for Dec. 4.

The Dubai-based channel did not elaborate.

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 he needs for redevelopment plans in the kingdom.

However, that requires a $2 trillion valuation, something analysts say may not be possible.

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