By Ellen R. Wald & Farah Alalami


At the beginning of 2018, Saudi Aramco released a charter in Arabic that includes components typically associated with articles of incorporation and bylaws. The charter includes information about Aramco’s future operations, the direction of the company, control of the board of directors, dividends, and stock classes. Significantly, the charter provides insight into the future Aramco initial public offering and the ways it will benefit the Saudi economy and Saudi people during and after the state-led economic transformation. Although the charter does not directly inform on Aramco’s potential valuation, it raises important questions for future valuation.