Saudi Arabia is reportedly collaborating with advisors to relaunch a new stock offering for the oil giant Aramco on the domestic market, aiming to generate at least $10 billion from this subsequent offering, according to insiders who spoke to Bloomberg on Wednesday.

Currently, Saudi Arabia holds slightly over 98% of Aramco, following the initial public offering (IPO) in December 2019, where 1.7% was divested. Within the 98% ownership held by the Kingdom, the Saudi government possesses 90% of Aramco, while the remaining 8% is owned by the sovereign wealth fund.

Initially, Saudi Arabia sought to list Aramco on the Tadawul, the Saudi stock exchange, and one major international market. Cities such as London, New York, Tokyo, and Hong Kong were all rumored or reported to have been contenders in this listing race.

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