There are three principal areas in which Saudi Arabia will require foreign capital: privatisation, debt, and foreign direct investment (FDI). Perhaps the boldest plank of the transformation programme announced so far is the sale of a minority stake in the Saudi Arabian Oil Company, popularly known as Aramco, the national oil company. If the crown jewel of the country's petroleum resources is open to foreign investment, then it is hard to imagine any other state-owned enterprise off-limits. Current plans call for a dual listing of a minority stake in Aramco on the local bourse and one or more international exchanges. Listing on a foreign exchange will force Aramco to comply with international practices in dealing with shareholders, even if they are minority owners. The Aramco privatisation will also herald a new era of transparency for the oil giant, as its oil reserves will likely have to be independently audited for the first time.