Since taking office, the Trump administration has engaged in an aggressive courtship of Saudi Arabia, in part as a check against the ambitions of Iran. In May, as part of Trump’s maiden trip abroad, the U.S. inked a $350 billion arms deal with the world’s largest oil exporter, a move that solidified an alliance marred by controversy over the years.
Reportedly, Saudi Aramco has appointed JPMorgan Chase, Morgan Stanley and HSBC to assist with its mammoth IPO next year.
Last month, Saudi Aramco’s chief executive Amin Nasser told CNBC the plan to take a portion of the oil giant’s business public in 2018 remained on track.
–CNBC’s Sam Meredith and Holly Gamble contributed to this article.
