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Trump Urges Saudi Arabia To List Oil Company On U.S. Exchange


US President Donald Trump speaks during the Arabic Islamic American Summit at the King Abdulaziz Conference Center in Riyadh, May 21, 2017

U.S. President Donald Trump has urged Saudi Arabia to list its massive state-run oil company, Saudi Aramco, on the New York Stock Exchange.

In a Tweet on November 4, Trump said that he would "very much appreciate" if Saudi Aramco was listed in the United States.

Saudi Arabia is expected to take a small portion of Saudi Aramco, which controls some of the world's largest oil reserves, public some time in 2018.

While it is expected to list its shares on Saudi Arabia's own stock market, known as Tadawul, it's also expected to do what's known as a dual listing with another stock exchange internationally. When Saudi Aramco goes public, it is expected to be one of the world's most valuable companies.

Based on reporting by Reuters and AP

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