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Saudi launches long-delayed Aramco IPO

The Saudi oil giant Aramco launched its first public offering of what is expected to be the world’s largest ever share sale. Crown Prince Mohammed bin Salman gave the listing the green light after four years of delays. The first shares go on the kingdom’s domestic market on Nov. 9. After that Aramco executives will go overseas to woo investors. The prince hopes the flotation will bankroll his ambitious program to remake and diversity the kingdom’s economy away from oil. Bin Salman has pushed Aramco’s value close to $2 trillion, but most analysts rate it as no higher the $1.5 trillion.