the king always can change the taxes Yes. That's always struck me as the central problem. Outside investors have a claim on Aramco's earnings power, until they

the king always can change the taxes Yes. That's always struck me as the central problem. Outside investors have a claim on Aramco's earnings power, until they don't. Since you don't really get meaningful voting rights, you could end up with a certificate that's comically irrelevant to the way Aramco's governance (and money flows) really work.