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Saudi Arabia may be forcing its businessmen to boost Aramco

The kingdom is reportedly trying to pressure some of its richest families to invest in the national oil giant’s forthcoming I.P.O., according to the FT, citing unnamed sources. If true, that would indicate how much it wants Saudi Aramco’s stock sale to work.

“Four of the sources said the aim was to ‘strong-arm,’ ‘coerce’ or ‘bully’ some of the wealthiest families in the kingdom to become cornerstone investors in what has been billed as the world’s biggest ever I.P.O.,” the FT adds.

Among those reported to have been tapped is Prince Alwaleed bin Talal, the well-known billionaire who was one of hundreds of Saudi royals detained by the government two years ago and forced to hand over huge parts of their fortunes.

Another is an unidentified businessman who was asked to invest as much as $100 million, as his “patriotic duty,” the report added. An adviser to the mogul said, “There is a limit on how patriotic he wants to be.”