Saudi Crown Prince Mohammed Bin Salman finally gave the go-ahead for the initial public offering of Aramco,on November 1,deciding there was enough support from local investors for what is likely to be a record share sale.First suggested by Prince Mohammed in 2016,the IPO was postponed several times as international investors balked at the $2 trillion valuation he placed on the company.Local asset managers,including those looking after government funds,have also been asked to make significant contributions,while domestic banks have been told to lend generously so retail investors can buy Aramco shares,according to people familiar with the situation.
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