Saudi Arabia pushes ahead with IPO

The state firm is making the right noises about its privatisation, but the clock is ticking and market fundamentals could still shift

Lower oil prices have exposed Saudi Arabia's Achilles' heel and, as global environmental legislation tightens, the kingdom must deal with the problem. The 84-page Vision 2030 is designed to do just this, breaking the country's addiction to oil (and especially oil revenue). The part privatisation of Aramco, as anyone who follows global energy now knows, is part of the effort. A firm that currently provides 90% of government revenue, hope Riyadh's strategists, will evolve into an energy and industrial conglomerate operating under the umbrella of the Public Investment Fund (PIF), generating wealth indefinitely. Aramco will follow the right path in an age-old fork in the road-change, or be chang