Saudi Arabia’s financial advisors are recommending that London, not New York, should host Saudi Aramco’s initial public offering, set to take place next year, according to sources who spoke to Reuters. Earlier rumors had it that newly crowned Prince Mohammed bin Salman preferred New York for the listing due to its connections to deep-pocketed investors, Oil Price reported. London stock market authorities have previously proposed creating a new category of listings on the exchange to accommodate Aramco’s requirements, sparking much controversy. A final decision on the location of the IPO's foreign listing had been due before the Muslim fasting month of Ramadan (May 27), but no decision has been made yet. The latest update on the listing suggests that a final proposal could be presented to the government in the fourth quarter 2017. More information on Aramco’s IPO is expected to come out of a conference organized by Saudi Arabia’s Public Investment Fund on October 24 through 26 in Riyadh, according to sources.
