Saudi Aramco IPO likely to be delayed until 2019

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The state has also reportedly taken "large sums" and real estate from Mohammed al-Tobaishi, former head of royal court protocol; Fawaz Alhokair, a businessman; Khalid al-Tuwaijery, former chief of the royal court; Adel Fakieh, former economic minister; and Dabbagh, a businessman who once oversaw the country's foreign investment authority.

Prince Mohammed has wanted to list the company in NY as well, although Saudi officials have expressed concern about scrutiny from USA regulators.

How a listing would be structured also remains under discussion.

FT yesterday cited several officials as saying they have been "warned by their Saudi counterparts" of the delay.

A public offering overseas was meant, in part, to send a signal that the country was changing.

Infielder Walker, Yankees agree to 1-year deal
Now Walker joins a Yankees team that has plenty of depth within its infield, though he will likely be the starter at second base. Walker, 32, is a 9-year Major League Baseball veteran who is a career.272 hitter and is known for his above-average defense.

Saudi Energy Minister Khalid al-Falih said last week that Aramco was too important to risk listing in the United States because of litigation concerns, such as existing lawsuits against rival oil companies for their role in climate change.

London will compete with NY for the $2trn foreign flotation, along with a Riyadh listing. Bankers and analysts said an Aramco float risked drowning out other shares listed on Tadawul, given daily turnover now is about $1.6 billion.

Saudi Public Prosecutor Sheikh Saud al-Moajab said the new anti-corruption prosecutorial units were created "within the framework of King Salman's keenness to combat corruption in all its forms", and will be supported with a conference of local and foreign experts in April focusing on "the protection of integrity and fighting corruption in privatization programs". In the region, speculation has turned to a possible sale of a stake to a sovereign wealth fund, possibly the Chinese.

Aramco itself has worked to prepare itself for a listing, though all the major decisions - including when and where the company will be listed - will ultimately be made by its current shareholder, the Saudi government.

"We are waiting for the reforms to be in place and to join MSCI and Aramco listing in Tadawul will be catalytic for that capital market as we bring worldwide capital to the kingdom", he told the USA channel last week.

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