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Saudi Arabia has planned to call off listing of the oil group Aramco from both international and domestic front. It is to going to be one of the biggest deals in history.

The decision was taken some time ago regarding the IPO plans but no one was supposed to disclose this information. It has come to notice first by delaying and then calling off.

Saudi Aramco had not made any comments regarding any mail requests and not even the Saudi Royal Court had issued any immediate statement. It was all planned by the central government under the reform drive of Prince Mohammed bin Salman.

The prince has taken this decision to reduce the country’s dependency on oil revenues. The decision has been taken to restructure economy of the kingdom as the deal is going to be profitable for the nation. But the firm decision has to be made yet.

In 2016, the prince had put forth the proposition to sell off 5 percent of Aramco, which would have valued the company for more than $2 trillion. Due to the hindrance from the advisers, the plan was called off.

London, New York, Hong Kong, and other countries are all set to be host of such great share sale to gather some portion of this international oil giant.

Bankers, auditors, and lawyers are going to play an important role in providing the essential information regarding the company in order to make a formal document.

In end of the last year, Khalid Al Falih, chairman of Aramco, remarked that the company is preparing itself for the listing of shares that is going to be a landmark event in the history.

Due to the disagreements between the Saudi officials and advisers, the venue for the international listing has not decided yet. That could be the reason of delaying of the IPO as the sources.

While some of the sources are predicting that there are more chances of getting it cancelled rather than being on.