It’s finally happening: after months of delays and mixed signals, Saudi Arabia is in the final stage of preparing for the launch of what most see as the biggest listing in history. This biggest listing in history, however, may turn out to be confined to the Kingdom of Saudi Arabia alone. Aramco was clear in its prospectus that it will target mostly Saudi investors, both institutional and retail. According to media reports, wealthy Saudi families were being bullied into becoming anchor investors in the company. For retail investors, Riyadh this month doubled the leverage limits for loans to motivate more people to become shareholders in the world’s largest oil company. The one thing Aramco and the Saudi government have not done is advertise the listing to foreign investors. For all the hype surrounding the listing in the early days, when the $2-trillion valuation was not yet a subject of […]