Saudi Arabia running out of money

Saudi Arabia started the initial public offering of its national oil company, Aramco on Sunday.

Riyadh put a value of slightly over 1.70 trillion dollars on the energy giant, making the IPO potentially the biggest in history. But the valuation of the company was far below the 2-trillion-dollar target that the Saudi Crown Prince, Mohammed Bin Salman, was after.

Aramco says it is planning to sell 1.5 percent of the company’s shares, following a four-year delay.

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