Saudi oil giant Aramco heads for record-setting market debut

, with tens of billions of dollars needed to fund megaprojects and new industries.

The final offer price and the number of shares to be sold"will be determined at the end of the book-building period," said the firm headquartered in the eastern city of Dhahran. "But doing it domestically encounters no meaningful obstacle. It allows Prince Mohammed to show he keeps his promises and gets things done.", reportedly due to his dissatisfaction with the valuation of the firm, which fell short of the hoped-for $2 trillion.

"As the process has been delayed repeatedly and built up as such an integral component of the crown prince's plan to transform Saudi Arabia, international investors will pay very close attention to how Aramco performs on the domestic exchange," Ulrichsen told Agence France-Presse .Aramco, which makes Saudi Arabia the world's top energy exporter, is seen as the kingdom's crown jewel and the backbone of its economic and social stability.

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