Hosting the biggest IPO ever is a big incentive for Britain
and with a proposed new set of listing rules, the London Stock Exchange could attract state-backed companies beyond Saudi Aramco.
Global exchanges are competing to attract the floatation of Aramco next year
and the UK financial regulator has boosted London chances with a proposed new "premium" listing category for state-owned companies
The move though is controversial because the changes risk undoing reforms made in 2014
after a series of corporate scandals.
"I think the relaxation of listing rules is bad news unequivocally. We have been there before in terms of NRC and Bhumi. These were entities that raised capital had a listing in the UK and ultimately disadvantaged minority shareholders."
Those scandals led to rules dictating companies must ensure that all transactions made with a controlling shareholder are conducted fairly and on normal commercial terms.
But under the new proposed structure, they will not apply to sovereign-controlled companies when dealing with the parent state, as long as the government holds at least 30 percent of the shares.
"The rules were tightened very precisely to ensure the majority shareholders had to behave properly in the context of minority shareholders interests. Those rules are largely being waved away and it will be up to investors to mind their eye."
The benefits however are very appealing.
Weak crude prices are pushing various oil rich states to plan a series of asset sales.
Among them Saudi, Oman and Abu Dhabi but also Romania and Greece.
London wants to ride this wave of privatisations to confirm its role as a top financial hub.
And in the wake of the Brexit vote, it might feel even more pressed to so.