The chief executive of the London Stock Exchange has launched a robust defence of public markets at Saudi Arabia’s high-profile investment conference — just as reports suggest that the flotation of the kingdom’s state-owned oil major, Saudi Aramco, is back on.

Addressing Saudi’s Future Investment Initiative event on October 29, LSE chief executive David Schwimmer conceded that an extended period of ultra-low interest rates has kept many companies away from public listings, because they can raise money far more cheaply by borrowing. But he predicted that the cycle will turn eventually.