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If and when Aramco shares are open for sale to international investors on Western stock exchanges, we will then know the true value of Aramco shares.
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Listing Aramco on Tadawul not only thwarted thorny disclosure requirements, but was also a symbolic win for MBS’ nationalist vision of his country’s future. The sale of Aramco put the Saudi stock exchange on the global map. Saudi’s stock exchange was now trading a volume of market capitalization that was equivalent to that of Germany’s. This was a moment of great pride in Saudi Arabia.
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