Trump pleads with Saudi Aramco over potential New York listing

US President Donald Trump has urged Saudi Arabia’s state-run oil company Saudi Aramco to consider listing on the New York Stock Exchange in what would be the biggest IPO in history.

Trump appealed to Saudi Arabia through twitter, posting the following message on the website: “Would very much appreciate Saudi Arabia doing their IPO of Aramco with the New York Stock Exchange. Important to the United States!”

Saudi Aramco aims to list around 5% of the company in 2018 as part of Crown Prince Mohammed bin Salman’s economic reform programme. The listing has been estimated to be worth an eye-watering US$2 trillion.

Over the past year a number of global exchanges have been vying for the right to host the mega-listing, including primary markets in London, Tokyo, Singapore and Hong Kong.

“I know they’re looking at London, I know they’re looking at others, they’re probably looking at themselves, they have a much smaller stock market,” Trump later told reporters. “I just spoke to the King a little while ago, and they will consider it.”

However, in recent weeks it has emerged that Saudi Arabia is considering dropping the international leg of the IPO in favour of a domestic listing and a private sale to strategic investors.

Saudi authorities are expected to make a final decision on the IPO at the end of the year.

@RGNonline