Saudi Arabia’s largest share offering in almost five years is due to start trading Wednesday amid rising geopolitical tensions and a looming trade war between the US and China that have rattled global markets.

The flotation of Arabian Centres is a key test of international investor sentiment in the Kingdom following the death of dissident journalist Jamal Khashoggi last year and values the country’s largest shopping mall developer at around 12.6bn riyals ($3.3bn). It will be the biggest initial public offering since the $6bn listing of lender National Commercial Bank in late 2014.