Saudi stock exchange chairwoman on gearing up for giant Aramco IPO

Fayez Nureldine | AFP | Getty Images

Sarah al-Suhaimi, chairwoman of the Saudi Stock Exchange.

Aramco, the world’s largest oil company, intended to go public in a major financial city such as New York or London. It was expected to be the largest ever share listing with a valuation of $1 trillion to $2 trillion.

But CNBC reported earlier this month that Aramco has delayed plans for any international listing and is now expected to hold its public offering domestically, possibly as soon as the second half of this year, according to sources familiar with the situation.

Nasdaq has been particularly close with the Saudi exchange. “We’ve been a technology partner for the Saudi exchange for 20 years,” Nasdaq CEO Adena Friedman also said Tuesday on CNBC’s “Power Lunch.” For the “last two years we’ve really focused on what are the core elements of infrastructure to develop to really welcome in foreign investment.”

As for the Aramco IPO’s international ambitions, “we certainly are making sure that we’re well positioned to be the choice for the kingdom if they make the decision to list outside Saudi Arabia,” Friedman said.

— CNBC’s Patti Domm and Tom DiChristopher contributed to this report.