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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

Scoop: Border officials project 13,000 child migrants in May

The "El Chaparral" border crossing at Tijuana. Photo: Stringer/Picture Alliance via Getty Images

A Customs and Border Protection staffer told top administration officials Thursday the agency is projecting a peak of 13,000 unaccompanied children crossing the border in May, sources directly familiar with the discussion told Axios.

Why it matters: That projection would exceed the height of the 2019 crisis, which led to the infamous "kids-in-cages" disaster. It also underscores a rapidly escalating crisis for the Biden administration.

1 hour ago - World

U.S. strikes Iran-backed militia facilities in Syria

President Biden at the Pentagon on Feb. 10. Photo: Alex Brandon - Pool/Getty Images

The United States on Thursday carried out an airstrike against facilities in Syria linked to an Iran-backed militia group, the Pentagon announced.

The state of play: The strike, approved by President Biden, comes "in response to recent attacks against American and Coalition personnel in Iraq, and to ongoing threats to those personnel," Pentagon press secretary John Kirby said in a statement.

Senate parliamentarian rules $15 minimum wage cannot be included in relief package

Photo: Al Drago/Getty Images

The Senate parliamentarian ruled Thursday that the provision to increase the minimum wage to $15/hour cannot be included in the broader $1.9 trillion COVID relief package.

Why it matters: It's now very likely that any increase in the minimum wage will need bipartisan support, as the provision cannot be passed with the simple Senate majority that Democrats are aiming to use for President Biden's rescue bill.