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Photo: Rainer Jensen/picture alliance via Getty Images

Saudi Arabia has abandoned its stalled plan for going public with a portion of state oil giant Aramco, Reuters reports, citing "four senior industry sources."

A source familiar with the company's work with outside advisers and banks tells Axios: "It has been officially dead for a month or so — everyone got sent home for Ramadan and of course Eid just broke, but no one was invited back."

Why it matters: The kingdom had hoped to raise tens of billions of dollars through the IPO to help fund initiatives to diversify its oil-dependent economy away from crude oil sales.

But the plan to sell about 5% of the company has been beset with delays and indecision about an international listing venue, while multiple analysts believe the company would not achieve the kingdom's hoped-for $2 trillion valuation.

An Aramco representative did not immediately respond to an inquiry from Axios.

What they're saying: per Reuters, "The financial advisors working on the proposed listing have been disbanded, as Saudi Arabia shifts its attention to a proposed acquisition of a 'strategic stake' in local petrochemicals maker Saudi Basic Industries Corp 2010."

Yes, but: Even without the IPO, Saudi officials are making moves to diversify their economy, such as investments by their sovereign wealth fund in companies including Uber and the SoftBank Group.

Go deeper: What Saudi Arabia's interest in Tesla says about its long-term plans

This story has been updated to reflect information a source provided to Axios about the IPO planning.

Go deeper

Erica Pandey, author of @Work
1 hour ago - Economy & Business

The winners and losers of the pandemic holiday season

Illustration: Sarah Grillo/Axios

The pandemic has upended Thanksgiving and the shopping season that the holiday kicks off, creating a new crop of economic winners and losers.

The big picture: Just as it has exacerbated inequality in every other facet of American life, the coronavirus pandemic is deepening inequities in the business world, with the biggest and most powerful companies rapidly outpacing the smaller players.

Coronavirus cases rose 10% in the week before Thanksgiving

Expand chart
Data: The COVID Tracking Project, state health departments; Map: Andrew Witherspoon, Sara Wise/Axios

The daily rate of new coronavirus infections rose by about 10 percent in the final week before Thanksgiving, continuing a dismal trend that may get even worse in the weeks to come.

Why it matters: Travel and large holiday celebrations are most dangerous in places where the virus is spreading widely — and right now, that includes the entire U.S.

Updated 7 hours ago - Politics & Policy

Supreme Court backs religious groups on New York coronavirus restrictions

Photo: Saul Loeb/AFP via Getty Images

The U.S. Supreme Court ruled late Wednesday that restrictions previously imposed on New York places of worship by Gov. Andrew Cuomo (D) during the coronavirus pandemic violated the First Amendment.

Why it matters: The decision in a 5-4 vote heralds the first significant action by the new President Trump-appointed conservative Justice Amy Coney Barrett, who cast the deciding vote in favor of the Catholic Church and Orthodox Jewish synagogues.