Saudi Arabia has been embarking on a raft of economic reforms aimed at attracting more investment. But one of its most tantalizing offers, the listing of energy behemoth Saudi Aramco, has come to a standstill. Our reporter Jacob Greaves reports on what that means for the Kingdom's diversification efforts.

The much-anticipated listing of oil giant Saudi Aramco has been shelved for now. But if the crown jewel in Saudi Arabia's economy remains under lock, it could impact the country's cash hungry diversification drive dubbed "Vision 2030". For starters it might mean finding other sources of finance. Aramco's listing was expected to raise UP TO around $100 billion. The country's Public Investment Fund is tasked with delivering the reform plan. Ratings agency Moody says that could now be more challenging. 

ALEXANDER PERJESSY, SR. ANALYST MOODY'S SOVEREIGN RISK GROUP "The PIF will either have to scale back some of its plans or find alternative sources of funding rather than cutting back. We think more likely there will be some delays in the implementation of the project and the PIF will find some additional funding most likely through borrowing." 

For now Reuters sources have suggested that the Sovereign Wealth Fund is set to sign an $11 billion syndicated loan. All part of the planned move away from hydrocarbons that began in 2016.

"Saudi Arabia is after the sort of diversification seen here in Dubai where sectors such as tourism and trade have boomed in recent decades, meaning its economy is now only marginally dependent on oil and its price." 

But for the world's largest petroleum exporter, what happens with Aramco is likely to fuel investor confidence.

"Everyone knows it's an enormous challenge to IPO the crown jewels literally, but nonetheless because it was identified as the benchmark of 2030 of the liberalization of Saudi Arabia, the fact that it's not happening, it's delayed or it's stumbling in any way becomes a bit of a negative for anything relative to 2030."

One deal that looks more likely is the PIF's plans to sell its 70% stake in petrochemicals firm Sabic, raising yet more cash. Analysts say that could offer the Saudi government a short-term alternative to the Aramco IPO. But its delay is likely to knock back investor confidence. The sands in Saudi's economy appear to still be shifting. But with Aramco's listing postponed, the eventual outcome looks slightly less clear. Jacob Greaves, CGTN, in Dubai.