Dubai/London, Nov. 18 -- Saudi Arabia put a valuation on oil giant Aramco of between $1.6 trillion and $1.71 trillion, well below the $2 trillion target sought by Crown Prince Mohammed bin Salman since he first mooted an initial public offering in 2016. Aramco will sell just 1.5% of its shares on the local stock exchange somewhat less than expected.

In a sign Aramco will rely heavily on local investors after receiving a tepid response from international money managers, the shares won't be marketed in the US and Canada as originally planned. P11

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