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Saudi Aramco raised $26 billion in 2019 IPO compared to SpaceX to raise $80 billion in 2026.

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Plans for an IPO by Saudi Aramco, and a WSJ interview with Aramco's chairman Khalid al-Falih in Jan. 2016.

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Saudi Arabia is accelerating the IPO of Saudi Aramco after the attack on Saudi oil facilities by missiles and drones. Saudis decided to import oil to keep their commitments to supply oil to other countries as the attack took out half the country's oil production. The IP instead of floating 5% of Saudi oil company Aramco will now float 10%, double the initial target. The 10% could raise $200 billion and help the company recover. This depends on the valuation being close to the Saudi estimate of $2 trillion. Analysts estimate valuation at $1.5 trillion which would raise $150 billion.  There are differences in how large the IPO should be in Saudi Arabia, between the government and the management of Aramco. Mr. Falih, head of Aramco was removed after working for a 5% limited float of Aramco, when the government favored 10% because of growing needs in defense and industrial, and new city sectors.  The broad contours of the plan are to float 1% in 2019, and another 1% on the Saudi domestic stock market, Tadawul. Followed by a 3% listing on an international stock exchange, Tokyo a possible choice. The Saudi government wants to float another 5% after this. Saudi officials and contractors estimate it will take months for production to be restored to levels before the attacks.  ...

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Prince Salman's efforts to launch an IPO of Saudi Arabian National Oil Company faces resistance from Saudi bureaucrats. Prince Salman wants to reduce the country's dependence on oil revenue, and hoped to use the IPO generated $100 billion to make investments in other industries. Saudi technocrats see risks in the plan- as costing consumers billions of dollars in higher gasoline prices, legal risks and public scrutiny. The IPO has been pushed back to 2021. Large new investments such as solar generation hub also face passive resistance in the bureaucracy. New investments policies have led to a Saudi recession in 2017, and reduced investment and consumer spending. Prince Salman sees it differently, once telling Theresa May of Britain that even if he got 50 of the 100 things he wanted done, that would be 50 not done otherwise. Salman has a disdain for the bureaucracy and has tight control over the country. He has led popular social changes such as letting women drive and taking away the power of religious police to make arrests. The Economy Minister has slowed down a plan to sell state assets such as government owned hospitals,airports, because conditions are not ideal. A plan to invest $7 billion in Uber was shelved. Aramco chairman Mr. Falih has reduced the size of investmetns including for the solar energy generation project. A plan to have ARAMCO listed on the New York Stock Exchange preferred by Prince Salman has been changed with advisers suggesting the London Stock Exchange as a place with lower risks of law suits under U.S. tort laws. Saudi executives at ARAMCO also pointed out that to reach the $2 trillion valuation that the Prince has in mind for ARAMCO the company would have to sell gasoline to Saudis at market rates, tripling oil prices in the kingdom -costing consumers $98 billion. The advisers believe it is more prudent financially to raise debt. Under that plan ARAMCO could raise debt to buy the Public Investment Fund's (PIF) 70% stake in state owned chemicals company Saudi Basic Industries Corp. which would infuse PIF with $70 billion, almost as much as generated by a IPO for ARAMCO. On solar energy Mr. Falih lowered the plan from 1500 gigawatts to 200 at a cost of $200 billion. Under a new plan this is at 60 gigawatts from solar and wind with 70% produced by the Public Investment Fund, the state's investment fund.   ...

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Khalid al-Falih, chairman of Saudi Aramco, says at the World Economic Forum in Davos, on Jan. 26, 2016- "If prices continue to be low, we will be able to withstand it for a long, long time." With $630 billion in foreign currency reserves the Saudis are following a long term policy of full production. Gasoline subsidies are being reduced, IPO of Saudi Aramco being discussed to raise additional capital, and other steps being taken to plan for long term oil prices. Flexibility for a change in policy is diminished with the addition of Iranian oil production to supplies following the lifting of sanctions. The events in 2015-2016 of Russian bombing campaign in Syria, and the cutoff of diplomatic relations with Iran, have worsened the standoff with Iran and Russia in the Middle East conflict. As a result it appears that the Saudis are settling down for a long term policy of full production which would keep oil prices low for the long term. India, Japan, China, the U.S. and the European Union, Turkey and other countries benefit from low oil prices when their economies need a boost in 2016-2017....

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A anti-corruption campaign in Saudi Arabia that led to settlements reaching $106 billion and a series of prosecutions in 2017, as reported in the WSJ. The government says this was done to ensure transparency, and a better business environment.  The effort was unusual compared to anti-corruption efforts in other countries such as China because it was conducted with the use of the Ritz Carlton and the settlements made with the most affluent Saudis, as covered in the WSJ. It happened as the Saudi government needed to raise funds including through sale in IPO of state assets such as the Saudi oil company Aramco. The Aramco IPO did not take place. Saudis lost oil revenue with the collapse of negotiations to set oil prices, and the lack of cooperation from Russia. 

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Prince Mohammed bin Salman, son of the Saudi king Salman, oversees economic policy. He says stock sales of 5% of Saudi Aramco will be used to create a sovereign wealth fund of about $2 trillion that would help create the jobs with income from overseas investments and projects at home. About three times the jobs created in 2003-2013 will be needed with the demographic changes, according to McKinsey consultants. This will act as a diversification away from oil income dependence.