The initial public offering of Saudi Arabia’s state oil giant Saudi Aramco is planned for December 4, according to media reports.

The Dubai-based Saudi-owned news channel Al-Arabiya did not elaborate on its report based on unnamed sources.

Saudi participants at the Future Investment Initiative (Amr Nabil/AP)

The announcement on Tuesday comes as Saudi Arabia is hosting the Future Investment Forum in Riyadh, the brainchild of Saudi Crown Prince Mohammed bin Salman.

Prince Mohammed hopes offering a sliver of Aramco on stock markets will bring 100 billion US dollars he needs for redevelopment plans in the kingdom.

However, that requires a two trillion dollar valuation, something analysts say may not be possible.