The process to make Saudi Aramco a publicly listed company has begun, with the company making the decision to list the company on Saudi Arabia’s stock exchange. The world’s most profitable company is likely to sell only 1-2% of its shares, which nevertheless is expected to raise between US$20-40 billion (€18-36 billion). The sale will be split into two phases, with one sale to institutional investors and the other to individuals, and funds from the listing are designed to be fed into an economic transformation of the country to be less dependent on oil. If 1% of the company is sold, it is estimated the listing will be the 11th largest in history; if 2% is sold, it is likely to be the largest. The decision to finally go public comes after years of speculation and negotiation about a 5% listing of the company on international markets. There is no indication yet as to the timing of the sale.