Saudi Aramco’s CEO, Amin Nasser, made the announcement of an initial public offering (IPO) on the 6th of March. Aramco will be publicly listed both in Saudi Kingdom and abroad in the second half of 2018, reported Energy Voice.

This comes in line with Saudi government’s ambitious plans to diversify the economy away from its reliance on oil.

Accordingly, KSA is considering investments of as much as $5b in renewable energy, which may lure investors who would otherwise be forced to stay away, reported Bloomberg.

Up to 5% of Aramco’s shares is likely to be listed on both the Saudi stock exchange and on one or more international markets.

Nasser stated: “We have always said the listing will happen in the second half of 2018, everything is going very smoothly, we are evaluating different stock exchanges.” He added: “There is a lot of work which is ongoing but everything is going as planned.”

He said the listing would be both locally on Saudi Arabia’s stock exchange the Tadawul and internationally on “one or perhaps two” foreign stock exchanges.