Saudi King ‘killed listing’

SAUDI Arabia’s King Salman intervened to scupper plans to float the country’s national oil company, it was claimed last night.

The 82-year-old monarch’s decision to block Saudi Aramco’s planned £1.6trillion listing came after meetings with family members, bankers and oil executives. They are said to have warned it would undermine the kingdom by leading to disclosures about Aramco’s finances.

The proposal by Saudi Arabia to place up to 5pc of Aramco on the stock market had been in the works for two years, and would have been the biggest stock market listing of all time.