An oil tank is seen at the Saudi Aramco headquarters during a media tour at Damam city Nov. 11, 2007. REUTERS/ Ali Jarekji
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Money managers in the Middle East are confident the sale of government-owned Saudi Arabian Oil Co. this year will shake up the global stock market with a record initial public offering that gives the world's biggest company a valuation of about $1.5 trillion.The market capitalization of Aramco will be almost twice that of Apple Inc., four times bigger than Exxon Mobil Co. and at least one-fifth of the $5.8 trillion MSCI Emerging Markets Index, the benchmark for emerging markets, according to data compiled by Bloomberg. Aramco is ready for its IPO in the second half, Chief Executive Officer Amin Nasser said last week.The Tadawul All Share Index lagged behind developing economies last year, climbing 0.2 percent, compared with the MSCI Emerging Market index's 34 percent rally.
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