Saudi Aramco Is the WeWork of Energy with Pulled IPO
Saudi Arabia is economic time bomb. They want to sell because they need the money.Saudis have been running  budget deficits  4 - 5  percent of the GDP year after year. Might hit 7 percent this year.Cutting spending may not be politically possible because it's buying  peace. Official unemployment rate is less than 15% but it's estimated that only less than half  of working-age Saudis hold jobs or actively seek work.Foreign exchange funds provide buffers but their net foreign assets are gradually eaten away if oil price don't recover.