Saudi Aramco's $12B stock move reveals kingdom's economic plans — and struggles

Why it matters: The latest stock floatation can't be untethered from the kingdom's struggling economic diversification plans, Rice University's Jim Krane, a Middle East energy analyst, tells Axios.

Between the lines: "The Saudis have had a tough time persuading foreign investors to back their Vision 2030 gigaprojects," he said via email.

• "Despite numerous flashy project launches, non-Saudis are skeptical that these projects will be built as advertised and earn profits," he added, citing scaled-back plans for NEOM, a futuristic, high-tech industrial city.
• Krane says this need to self-fund these projects helps explain their hawkish stance on oil prices.

What we're watching: How much the stock sale brings in to the company that pays significant dividends — $98B last year — but faces an unpredictable market too.

• "The deal will test global investors' appetite for the world's biggest oil exporter amid questions about climate change and the future of fossil fuels," Bloomberg reports.