3. No. What has been billed as the largest ever IPO is a cornerstone of de facto leader Mohammed bin Salman’s grand economic restructuring, so it must happen. Shares in Aramco will be quoted on the local stock exchange. The international element of the IPO is unlikely to be a public listing, however. Donald Trump has lobbied for New York, and London is pulling all the stops. Hong Kong and Tokyo are also under consideration. But the Saudis will opt instead for a private sale, or choose to list internationally later than anticipated.