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Saudi Aramco steps closer to IPO

The world's largest oil company is now a step closer to an initial public offering after authorities clear IPO prospectus.

Photo: FAYEZ NURELDINE/AFP / AFP

Authorities in Saudi Arabia have approved the long-awaited initial public offering of the world's largest oil company, state-owned Saudi Aramco, according to an official statement.

As such, Aramco takes a step closer to the IPO that is expected to set new records in the capital markets.

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