Saudi Aramco’s initial public offering (IPO), slated for launch in early 2018, could improve corporate transparency in the Kingdom, draw additional foreign money into other Riyadh-listed stocks and enhance the country’s global standing.
The IPO, first outlined by Deputy Crown Prince Mohammed bin Salman earlier this year, would involve floating less than 5 percent of Aramco’s shares. Were it to raise $100 billion, as mooted by Bloomberg, it would be quadruple the size of the next largest IPO — China’s Alibaba, which generated $25 billion from its 2014 share sale.
Saudi officials have indicated Aramco, the Kingdom’s oil producer, would join Riyadh’s bourse and may also list on foreign exchanges; global markets will be scanning today’s 2017 budget announcement for any more details on the IPO.
“Obstacles in terms of transparency, depth of local markets and reservations about governance remain large,” Fitch Ratings wrote in a September note that gave a negative outlook for Saudi Arabia.
Aramco will float shares in the entire company, not just its refining or distribution units, its chief executive Amin Nasser told Bloomberg in October. Nasser said it would “very soon” reveal the investment banks advising on the flotation.
Aramco has appointed some IPO advisers including JPMorgan Chase and independent firm Michael Klein, according to media reports, with further advisers likely to be recruited. The oil producer has met banks including Rothschild & Co, Lazard and Moelis, Bloomberg reported in September.
One of the aims of listing Aramco on Riyadh’s stock exchange is that it would likely entice foreign investors to buy into other listed Saudi companies, especially in light of Deputy Crown Prince Mohammed bin Salman’s publicly stated aim to privatize other state-owned firms and international funds’ muted enthusiasm for Saudi equities since the market was opened up to direct foreign investment in June 2015.
“The Aramco IPO is not just going to help make the company more transparent but will also help the country become more transparent,” said John Sfakianakis, director of economic research at the Gulf Research Center in Riyadh.
“The economic impact is beyond just attracting foreign investors in the local market but also placing Saudi Arabia on the global map of reform, diversification and progress.”
Valuation?
Guessing Saudi Aramco’s value has almost become a dinner party game, with estimates ranging anywhere from $2 trillion to $10 trillion. Such variances are an implicit recognition that markets are uncertain as to true size of Saudi Arabia’s oil deposits.
Officially, the Kingdom has 266 billion barrels of proven oil reserves, 18 percent of the global total, according to OPEC. But that data comes from Aramco itself and estimating reserves involves more guesswork than producers would like to admit.
“If Aramco’s much-touted IPO does go through, it will be difficult to put a reliable dollar figure on its value,” Dr. Yasser Al-Saleh, a former Aramco engineer and now faculty member at Dubai’s Mohammed bin Rashid School of Government wrote in a blog post earlier this year.
To go public, Aramco will have put its accounts — and oil reserve data — under independent scrutiny and as a state-run company it is likely to be shown as less efficient than its privately-owned counterparts abroad.
OPEC cut
Saudi Arabia, which extracts oil at a fraction of the price of many rival producers, accounts for about one-ninth of all oil production globally.
In November, OPEC surprised markets by agreeing its first output cut in eight years. Previously, the Kingdom had refused to rein in production, instead prioritizing the winning of market share. The imminent output cut sent prices soaring and Brent crude now trades at around $55 a barrel, a 2016 high but still less than half the peak price of 2014.
That rise, of course, helps bolster Aramco’s perceived worth and with a global shift towards greater energy efficiency and away from hydrocarbons, the push to list Aramco could reflect anxiety over the long-term oil price outlook.
Saudi Aramco’s landmark IPO seen boosting transparency
Saudi Aramco’s landmark IPO seen boosting transparency
Eco-friendly and safer walkways expanded to 33% in Makkah Hajj sites
- Roads made of flexible rubber asphalt expanded to 33 percent this year
- Walking on regular roads linked to 38 percent of foot and ankle injuries during Hajj
MAKKAH: Muslims performing Hajj this year will be seeing better quality and safer walkways in Makkah, thanks to the increased use of a new road construction solution.
Saudi authorities have announced the expansion of roads made of flexible rubber asphalt by 33 percent this year, with work on the road extending from Namirah Mosque to Al-Mashaer train station in Arafat, raising the total area to 16,000 square meters.
"Instead of accumulating used tires, which are a major source of air pollution when burned, this technology recycles them and transforms them into a flexible asphalt layer that absorbs impact and provides comfortable walking paths," the Saudi Press Agency reported on Saturday.
The report quoted the Kingdom's Roads General Authority (RGA) as saying tests conducted on asphalt surfaces and regular sidewalks "cause strong reactions on pilgrims’ ankles and feet, especially the elderly, who constitute 53% of pilgrims."
About 38 percent of foot and ankle injuries that are dealt with by healthcare facilities during Hajj have been attributed to walking on regular walkways.
As explained, smart surfaces that come with the use of flexible rubber asphalt help absorb shock and relieve pressure on the human body’s joints, especially the ankles and feet.
The RGA experiment is in line with Saudi Arabia's Vision 2030’s commitment to sustainable development, smart cities, and enhancing the safety and comfort of all residents and visitors.
Saudi officials expect the number of pilgrims in this year's Hajj to surpass last year's figure, which the General Authority for Statistics (GASTAT) counted at 1.83 million. Of that number, 1.61 million arrived from outside the Kingdom through various entry points, while 221,854 were internal pilgrims, including citizens and expatriates.
Hajj 2025 is expected to start on June 4, subject to confirmation by Saudi Arabia’s official moon-sighting authorities.
As of May 21, 2025, a total of 755,344 pilgrims arrived in the Kingdom from abroad through all air, land, and sea entry points, according to the General Directorate of Passports, also known as the Jawazath.
Indonesian pilgrims are anticipated to lead the biggest delegation again for Hajj 2025. Last year, a total of 221,000 Indonesian pilgrims arrived in the Kingdom for Hajj, followed by Pakistan with 180,000. India came third at 175,025, Bangladesh was fourth at 127,198, and Nigeria completed the top 5 with 95,000 pilgrims.
Over 1,245 wild animals resettled so far in Saudi Arabia’s largest natural reserve
- More than 120 wildlife births also recorded at King Salman bin Abdulaziz Royal Natural Reserve
TURAIF: King Salman bin Abdulaziz Royal Natural Reserve (KSRNR), Saudi Arabia’s largest, has so far resettled more than 1,245 wild animals, according to the Saudi Press Agency.
The reserve has also recorded over 120 births among its wildlife, SPA said, citing records of the KSRNR Development Authority as it marked International Day for Biological Diversity on May 22.
Located in the Kingdom’s north, the reserve is home to over 290 species of migratory birds, more than 550 types of wild and grazing plants, and over 350 species of various mammals, reptiles, and amphibians.
Among these animals are the rare deer, the Arabian gazelle, the Arabia oryx, and the kestrel, a medium-sized bird of prey.
KSRNR covers an area of 130,000 square kilometers, spanning the provinces of Hail, Tabuk, Jouf, and the Northern Borders.
The reserve hosts a diversity of physical geography, consisting of 14 geographic formations of mountains, plains, and plateaus, and rare monuments dating back to about 8,000 BC.
Also within the reserve are villages, such as Al Qurayyat and Tubarjal towns in the Jouf and the city of Turaif in the Northern Borders.
The authority has said the reserve is dedicated to preserving unique natural habitats, transforming into a haven for wildlife, a crucial stopover for migratory birds each year, and a natural sanctuary with its balanced environment and diverse landscapes.
Since its inception, the authority has focused on raising environmental awareness within the local community to bolster its conservation efforts.
Last year, the KSRNR authority also reported having planted more than 2,400,000 seedlings, rehabilitated 700,000 hectares, removed 119 tons of hazardous waste, and scattered 4 tons of local seeds in the reserve.
The voluntary seed scattering initiative covered six valleys on reserve territory, including Nayal Valley of Niall Shuaib Abu Talihat, Fager Valley, Shaib al Qilayyib, Sarbout Plath, Mot and Masaha Valleys.
“The two-month initiative aims to develop vegetation and increase the green area of the reserve, with the participation of several voluntary associations and volunteers, by scattering an estimated four tons of seeds,” the authority posted on its website.
The Saudi artist giving traditional crafts a new voice
- Fatimah Al-Nemer honors generational knowledge through collaborations with Saudi craftswomen
RIYADH: What if traditional crafts were not relics of the past but blueprints for the future? Saudi artist Fatimah Al-Nemer, whose work is on show at Riyadh’s Naila Art Gallery, transforms ancestral materials into contemporary narratives, blending palm fronds, clay, and wool with concept and meaning.
For Al-Nemer, heritage is not something to simply preserve behind glass. It is something to touch, reshape and retell. And traditional crafts are far more than manual skills; they are living archives.
“In the Arabian Peninsula, people adapted to their environment by turning clay, palm fronds, and wool into tools for survival and then into objects of timeless beauty,” she told Arab News.
These crafts, shaped over generations, carry stories that Al-Nemer reinterprets through contemporary art.
Her project, Al-Kar, exemplifies this approach. Named after the traditional climbing tool used by date harvesters, the piece was created in collaboration with Saudi craftswomen.
Al-Nemer transformed humble palm fibers into a three-meter-long rug, elevating simple material into a conceptual installation.
HIGHLIGHTS
• Through her work, Fatimah Al-Nemer dissolves the boundaries between craft and art, heritage and modernity.
• Those curious about the artist’s work can view some of her pieces at solo exhibition ‘Memory of Clay,’ held at Naila Art Gallery until May 30.
“This is not merely an aesthetic celebration,” she said. “It’s a rewriting of our communal identity. Our heritage is rich — not only in materials, but in stories.”
Her work goes beyond decorative craft; she treats traditional practices as conceptual frameworks, weaving narratives through textiles, clay and palm fiber.
Her collaborations with artisans ensure that generational knowledge is embedded in each piece. “The material is never separate from the experience,” she added. “It becomes witness — marked by the presence of women, place and memory.”
Participation in international exhibitions has expanded Al-Nemer’s artistic outlook, allowing her to view local materials like clay and textiles as globally resonant.
This is not merely an aesthetic celebration. It’s a rewriting of our communal identity. Our heritage is rich — not only in materials, but in stories.
Fatimah Al-Nemer, Saudi artist
“The global art scene recontextualizes challenges like the marginalization of craft, and transforms them into dialogues about identity and memory,” she said.
For Al-Nemer, craftswomen are not merely implementers, but collaborators. “They carry manual intelligence honed across generations,” she added, commending institutions like Saudi Arabia’s Heritage Commission and Herfa Association that are now empowering artisans in alignment with the Kingdom’s cultural transformation.
“Craft is no longer confined to the past — it is a living contemporary practice with global relevance,” she said.
Those curious about the artist’s work can view some of her items at solo exhibition “Memory of Clay,” held at Naila Art Gallery until May 30.
The exhibition offers a contemplative journey into themes of memory, belonging and identity transformation, using clay as a visual and cultural symbol.
Featuring 12 works created through mixed media and a combination of traditional and contemporary techniques, Al-Nemer reimagines ancient Saudi crafts through a modernist lens, presenting clay not simply as raw material, but as a timekeeper and silent witness to human evolution.
“Clay is not just a medium,” she said. “It is a mirror of our collective memory, shaped as we are shaped, cracking to reveal hidden layers of nostalgia and wisdom.”
This philosophy materializes in the tactile depth, earthy hues and intricate details that define her works — each piece echoing the raw pulse of life.
To young Saudi women hoping to innovate through craft, Al-Nemer offers this message: “Believe in the value of what you hold. The world doesn’t just want the product — it wants the story behind it.”
With expanding institutional support and evolving creative spaces, the artist sees an opportunity: “Craft can thrive as both art and enterprise as long as authenticity remains at its core.”
Through her work, Al-Nemer dissolves the boundaries between craft and art, heritage and modernity.
Every thread and every texture becomes a testament to identity — crafted by hand, read by the eye and understood by the heart.
City Walk brings wildlife encounters to Jeddah
- More than 50 rare and exotic bird species from Indonesia, Australia, Africa, and South America are part of the experience this year
JEDDAH: Nature lovers are heading to the Birds and Reptiles Cave, part of Jeddah Season, at City Walk for a wild experience.
The exhibit, which runs until June 14, presents visitors with an array of exotic animals, from vibrant, free-flying birds to reptiles housed in carefully crafted enclosures. Visitors can touch, feed, and observe tame species under the supervision of experts and handlers.
More than 50 rare and exotic bird species from Indonesia, Australia, Africa, and South America are part of the experience this year.
Mohammed Bukhari, one of the exhibit’s wildlife experts, said, “We offer a unique experience that weaves together the magic and diversity of nature’s wildlife within an entertaining and consumer-friendly environment.”
FASTFACT
More than 50 rare and exotic bird species from Indonesia, Australia, Africa, and South America are part of the Birds and Reptiles Cave.
He emphasized the cave’s broad appeal, noting that it caters to both wildlife enthusiasts and casual visitors. “Parents are increasingly bringing their kids to connect with nature and experience wildlife,” Bukhari added. “From schoolchildren to the elderly, everyone gets rejuvenated and energized after spending some time exploring nature with such birds and reptiles.”
Hamdaan Al Buadaani from Taif, who visited the cave with his son, said: “My son was very happy to see birds flying over his head, holding little snakes in his hand, touching the big and small turtles and getting up close with macaws, owls, kangaroo and monkeys.”
Adel Al-Mansouri, who visited with his family, praised the cave as a great outing for children. “It is an ideal place to view reptiles and birds,” he said. “There is a good variety of birds and reptiles and my kids were so happy to touch and play with birds.”
Saudi e-game developers shine at Riyadh’s ‘Zero to Hero’ bootcamp
- The 12-week bootcamp aimed to enhance participants’s skills in game design and development while exploring industry trends, challenges, and opportunities
RIYADH: Saudi Arabia’s Small and Medium Enterprises General Authority concluded the “Zero to Hero” gaming bootcamp by recognizing three winning teams for their standout entrepreneurial ideas in the electronic gaming sector.
Held at the authority’s support center in Riyadh, the event was attended by Deputy Gov. for Entrepreneurship Saud Al-Sabhan, along with industry experts and specialists.
Teams Hanka, Nomad, and AlUla were honored for their excellence in game design, development, and innovation, the Saudi Press Agency reported on Saturday.
The event drew wide participation, with attendees showcasing their projects to a select group of experts and investors, the SPA added.
The 12-week bootcamp aimed to enhance participants’s skills in game design and development while exploring industry trends, challenges, and opportunities.
Out of 148 applicants, 10 projects advanced, benefiting from 47 specialized workshops that boosted their technical and creative capabilities.
The program unfolded in four phases: an introduction to the bootcamp, intensive game development training, prototype creation, and final project presentations before a panel of experts and investors.
The initiative reflects the authority’s commitment to advancing the Kingdom’s gaming industry by nurturing local talent, fostering innovation, and empowering entrepreneurs to compete on regional and global levels.
