The country's state-owned Aramco, the world's largest oil producer, will begin selling shares for Saudi Arabia's Tadawul stock market next month, the kingdom announced today. The initial public offering could be history's largest, even thought it will represent a small fraction of the company's ownership. Aramco's total value is expected to be pegged at $1.5 trillion, and last year it recorded $111 billion in revenue — nearly twice that of Apple.
What are the caveats? Although investors seem unfazed by the kingdom's murder of a dissident journalist in 2018, its refineries were crippled by a September drone and missile attack, raising questions about Aramco's vulnerability to further assaults.