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Saudi Arabia Is Favoring This City for an Expected $2 Trillion IPO

February 20, 2017

King Abdulaziz Center For World CultureKing Abdulaziz Center For World Culture
Prince Muqrin bin Abdulaziz, former deputy premier of Saudi Arabia, center, reacts as he walks through the interior of the King Abdulaziz Center for World Culture during a tour of the project designed for Aramco in Dhahran, Saudi Arabia, on Nov. 25, 2016.Simon Dawson/Bloomberg via Getty Images

Saudi Arabia is favoring New York to list state oil giant Saudi Aramco, while also considering London and Toronto for the prospect of floating the firm, the Wall Street Journal reported on Monday.

Saudi officials also talked to exchanges in Singapore, Hong Kong, Tokyo, and Shanghai but are unlikely to pursue listing in those places, the newspaper said, citing people familiar with the matter.

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The listing is the centerpiece of a Saudi Arabian government plan to transform the kingdom by enticing investment and diversifying the economy away from a reliance on oil.

Saudi officials expect the IPO to value Aramco at a minimum of $2 trillion.

Saudi Arabian Oil Co, known as Saudi Aramco, was not immediately available for comment.