Aramco's IPO retreat
The Wall Street Journal has the latest evidence that Saudi Arabia is delaying and potentially scaling back plans for the IPO of state oil giant Aramco. The paper reported yesterday that the Saudis will move ahead next year with a listing only on their domestic exchange, called the Tadawul, while "taking more time to decide if an international venue is worth it."
The intrigue: The WSJ story arrived on the eve of President Trump's meeting today with Crown Prince Mohammed bin Salman. Trump has urged the Saudis to select the U.S. as the international venue for what could be the largest IPO ever.