For many, the only surprising thing about Saudi Aramco’s announcement last week that its much-feted IPO had been put on hold indefinitely was the fact that it hadn’t happened earlier.

Ever since Muhammad bin Salman (MbS), now the crown prince, unveiled plans in early 2016 to float a 5% stake, the kingdom has seemed at a loss over how to proceed (MEES, 29 April 2016). The constant setbacks led it to acquire the less than flattering moniker: “the zombie IPO.” (CONTINUED - 1955 WORDS)