DUBAI: When Khalid Al-Falih, Saudi Arabian oil minister and chairman of Saudi Aramco, told a TV interviewer of the “risk” and “concern” associated with New York financial markets, it was the first time a senior executive of the national oil company had spelled out, on the record, what others had been saying privately for some time: An American listing might not be best for Aramco.
The New York Stock Exchange had long been regarded as the front runner in the race to stage the biggest initial public offering in history. Ever since the IPO was first announced in late 2016, Wall Street’s Big Board was seen as the inevitable venue for the listing, not least because that was what the shareholder — the government of Saudi Arabia — wanted.
There were other very persuasive reasons to choose NYSE, or even its equally powerful city rival Nasdaq, over other contenders such as London or Hong Kong, for the international element of the IPO in addition to Riyadh’s Tadawul.
The New York exchanges are the two biggest stock markets in the world, by some way. On either, Aramco would be able to rate itself alongside the biggest companies in the energy and high-technology sectors. Each would have the liquidity and investor power to help Aramco to the ambitious $2 trillion valuation officials placed on it.
And, finally, President Trump — regarded as a friend of Saudi Arabia — made it obvious in a series of tweets that he wanted Aramco in New York, and would “appreciate” it if the Saudi company would list there.
Such big-name backing, for a while, made New York seem a shoo-in for the IPO, despite some qualms among Saudi officials and advisers about the threat from anti-terror financing laws and rigorous regulation and disclosure requirements, especially for oil companies and especially relating to reserve disclosures.
But Al-Falih spelt out a more serious worry for Aramco. It was not laws that concerned him, he said, in a reference to the Justice Against State Terrorism Act and Sarbanes Oxley laws, but “litigation and liabilities.”
He explained specifically that on his mind were the big lawsuits brought against five oil companies in New York City by the mayor Bill de Blasio on charges that they had misled the whole world on the effects of climate change over many years.
The charges were “frivolous,” he said, adding: “Quite frankly, Saudi Aramco is too big and too important for the Kingdom to be subjected to that kind of risk.”
Whatever Al-Falih thinks of the climate change actions, they are not seen as “frivolous” in the US. When the charges were leveled against BP, Chevron, ConocoPhilips, Exxon Mobil and Royal Dutch Shell earlier this year, they were just the latest in a barrage of legal actions in California, Texas, and New York State.
At the CERAWeek energy conference in Houston, Texas, last week, the climate change actions were spoken of as a serious threat to the oil companies and their basic product. They compared them to the onslaught against “Big Tobacco” in the 1990s that wiped billions of dollars off their valuations and threatened their very existence.
One oil expert, who did not wish to be named, said: “This legal campaign against the oil companies has all the signs of being carefully coordinated across the country, and is highly organized from state to state. It is a political campaign, masking as an environmental action.”
Some of the oil companies under investigation have had to go back decades in their records in an attempt to prove that they did not knowingly mislead shareholders, customers, and investors about climate change risks. The legal costs of defending the actions will be enormous and will last for years.
Aramco executives are said to regard being caught up in a US campaign against Big Oil with horror. “They could have lived with the Jasta laws — as Saudi business already does in the US — but this was the final straw,” said an oil industry analyst who did not want to be named.
The climate change threat does not necessarily amount to a deal-breaker for Aramco in New York. One expert on Saudi oil, Ellen Wald, author of the forthcoming book “Saudi Inc”, tweeted about Al-Falih’s comments: “He is posturing here — he’s preparing negotiations before (Crown Prince Mohamed bin Salman) visits New York. More than any exemptions from London Stock Exchange, NYSE or Securities and Exchange Commission, they (Aramco) want de Blasio and state attorney generals to quit with ‘frivolous’ climate lawsuits.”
Whether posturing or serious concerns, the climate change lawsuits look certain to be on the agenda of the official party accompanying the royal visit in talks with US politicians, Trump included.
It is difficult to see, however, what even the president can do to stop legal actions brought by city mayors or state legal officers, no matter how much he wants to get Aramco to list in his hometown.
New York allure fades for Saudi Aramco as ‘frivolous’ climate change actions loom
New York allure fades for Saudi Aramco as ‘frivolous’ climate change actions loom
- Threat of climate change lawsuits makes US listing for Aramco less attractive
- Aramco too big and too important for KSA to be subjected to that kind of risk — oil minister
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Misk City, Samsung Saudi Arabia to collaborate in smart city technology
- Partnership forms part of vision to create ‘integrated system that supports innovation and creativity among Saudi youth’
RIYADH: Mohammed bin Salman Nonprofit City, which is also known as Misk City, on Monday signed a memorandum of understanding with the tech giant Samsung Electronics to cooperate in the sectors of smart city technology, sustainability, and youth empowerment.
Misk City’s CEO David Henry signed the memorandum with the President of Samsung Electronics Saudi Arabia Hendrick Lee, on the sidelines of the Misk Global Forum in Riyadh, which finishes on Tuesday.
Henry said that the partnership with Samsung “represents an important step in line with Misk City’s strategic vision of creating an integrated system that supports innovation and creativity among Saudi youth,” the Saudi Press Agency reported.
He stressed the importance of working with Samsung “to create a vibrant and innovative environment that presents a unique model for smart cities.”
Lee said that Samsung’s “cooperation with Misk City represents our unified commitment to leading innovation and sustainability with the aim of developing transformative solutions that enhance urban life and empower future generations in the field of technology, which benefits our communities.”
The two parties will also collaborate on developing training programs specifically designed to hone the skills of Saudi’s youth to help enhance smart city experiences. These programs will later be hosted and delivered in Misk City, the SPA added.
Samsung Electronics is also considering setting up a showroom in Misk City to showcase its latest artificial intelligence-powered smart technologies, providing visitors with a firsthand experience of smart homes and understanding of future innovations.
Steve Wozniak urges Saudi youth to dream, innovate, and conquer the future of AI
- Wozniak shared his insights on artificial intelligence, creativity, and the importance of ethics in technology
- Steve Wozniak: The greatest things happen when you take risks
RIYADH: Steve Wozniak, the co-founder of Apple and a pioneer of the modern computing era, delivered an inspiring talk titled “Me, Myself, and AI” at the Misk Global Forum in Riyadh.
Speaking to a packed audience of young Saudis and global tech enthusiasts, Wozniak shared his insights on artificial intelligence, creativity, and the importance of ethics in technology, emphasizing the unique potential of Saudi youth to lead the next wave of innovation.
The session, part of a larger series focused on innovation, opened with Wozniak reflecting on his journey in shaping the personal computing revolution. He encouraged the audience to embrace risks and challenges as integral to success.
“The greatest things happen when you take risks,” he said. “Even if they fail, we always hear that you learn from your failures. But I think step after step after step, the total number of hours that you have put into doing things, even the risks that don’t come through, they lead up to your own abilities.”
This emphasis on resilience and perseverance resonates with Saudi Arabia’s aspiration to become a global leader in technology and entrepreneurship under Vision 2030.
Addressing the rise of AI and its transformative power, Wozniak highlighted the need for ethical considerations in its development. He explained that while AI can serve as a valuable tool, human oversight remains crucial.
“AI should be like a reporter bringing the information and a human being should be the editor (who) looks at it and decides which of it is important,” he said.
Wozniak also warned about the dangers of misinformation and manipulation in the digital age, calling for greater transparency in AI systems.
He advocated for clear guidelines to ensure that AI-generated content is accurate and trustworthy. “When AI generates information, users should be able to click and see where it came from. Attribution and accuracy are critical for building trust,” he explained.
This call for transparency aligns with Saudi Arabia’s efforts to integrate cutting-edge technologies while ensuring they serve the public good.
Wozniak urged the young audience to approach AI not just as a tool for progress but as a responsibility to humanity, emphasizing the need to create systems that reflect ethical values.
Throughout the session, Wozniak’s advice to Saudi youth centered on embracing creativity and taking ownership of their ideas. He encouraged them to focus on meaningful projects and hands-on learning, which he believes are essential for fostering innovation. “Whether it’s robotics, AI, or another area of technology, young people should focus on building something meaningful,” he said.
Drawing from his experience as a fifth-grade teacher, Wozniak shared how empowering students through project-based learning can unlock their potential. “When students take ownership of a project, they learn skills that go beyond the classroom. They develop critical thinking and creativity, which are key to driving innovation,” he said.
Wozniak also emphasized the importance of creating an environment where students can experiment and explore without fear of failure.
He ended his session on a personal note, sharing his philosophy on life and success. For him, happiness and positivity take precedence over material accomplishments. “My formula for life is not about accomplishment. It’s about happiness,” he said. “Focus on the positive, that’s the optimistic side. Don’t argue with people … always look for constructive solutions.”
As the session ended, he urged young innovators to collaborate across disciplines and respect diverse perspectives. He emphasized the importance of teamwork in creating impactful solutions. “Engineering, marketing, and business must work together to create meaningful solutions. No single discipline can succeed alone,” he added.
As Saudi Arabia continues its journey toward becoming a global innovation leader, Wozniak’s message to its youth is clear: take risks, stay ethical, and build with purpose.
Young voices at heart of Misk forum
- Misk City ‘empowering and investing in youth,’ Misk Foundation CEO says
- Kadi Al-Khathaam: ‘Reading for me is the light out of any darkness or hesitance’
RIYADH: Misk City is poised to be a transformative hub for young people, blending creativity with opportunity, according to the CEO of the Misk Foundation.
“Misk City is not just a place filled with buildings and roads, it is an exceptional place for an exceptional city,” Badr Al-Bader said on the first day of the Misk Global Forum 2024.
The purpose-built destination was committed to fostering talent and innovation, he said.
The eighth Misk Global Forum is showcasing the foundation’s dedication to engaging young minds.
“With over 150,000 visitors and more than 1,000 speakers from 130 countries, this edition was notable for its youthful demographic,” Al-Bader said.
“This is the largest and smallest in terms of average age. We are proud to see so many young voices contributing to the dialogue.”
This year, Misk City welcomed students from Misk Schools and plans to extend its reach to schools across Riyadh and beyond.
“The city mirrors the youth growing alongside them, day by day. Misk has been empowering and investing in youth, making their support its highest priority,” Al-Bader said.
With the “unwavering support” of Crown Prince Mohammed bin Salman, more than 7 million young men and women had benefited from Misk programs, he said.
Kadi Al-Khathaam, the Saudi winner of the 2024 Arab Reading Challenge, was part of the “Leadership in a Future-Led Generation” panel at the forum.
“Reading is a transformation phase and it’s an enlightenment process where I can expand the horizon of my knowledge,” she said.
“Reading for me is the light out of any darkness or hesitance.”
Al-Khathaam said that the ability to communicate effectively allowed individuals to share their insights and experiences with others.
“I read, I discuss, I give the outcome to the world with the best of what I have.”
The crown prince’s advocacy for the education of all Saudi children was a source of inspiration for her, she said.
Saudi Minister of Communication, Information and Technology Abdullah Al-Swaha shared insights on youth-driven leadership and innovation, in line with the forum’s theme of “By Youth For Youth” and commented on Shawn Achor’s book “The Happiness Advantage.”
“We often link happiness with external factors, but we must realize that happiness and ambition are the main drivers of hard work,” he said.
“Let us take it the other way around: If we work with happiness in our hearts, success will follow.”
Al-Swaha shared the story of Dr. Firas Khalil, the first Saudi surgeon to perform heart surgery using AI and robotics.
“This procedure not only reduces recovery times but also saves lives,” he said.
He also spoke about Rayyanah Barnawi, the Kingdom’s first female astronaut.
“Her love and ambition to serve humanity made her the perfect candidate,” he said.
“Nothing is impossible from the Kingdom of Saudi Arabia as the greatest country in the world.”
The forum ends on Tuesday.
Indonesian artist fuses art, technology at Jeddah showcase
JEDDAH: Works by an Indonesian artist who blends creativity with technology have been on show at Hayy Jameel in Jeddah.
The exhibition, by Andry Boy Kurniawan, was organized by the Indonesian Consulate and included a talk by the artist in which he explained how he fuses traditional painting techniques with augmented reality.
Based in Yogyakarta, Kurniawan said he drew inspiration from the larger-than-life characters, both real and imagined, that shape modern culture. His style features bulbous-headed figures with small, beady eyes.
Other common elements include gummies and gemstones that reflect the light and add a dynamic, whimsical quality to his art.
The event reflected the advancements in Indonesia’s contemporary art scene and highlighted Saudi Arabia’s emerging role as a hub for creative exchanges.
The consulate said it hoped it would also help foster greater innovation and collaboration between the two countries.
New museums campaign focuses on Saudi heritage
- To preserve Saudi heritage, the commission announced the development of museums in 11 regions
RIYADH: The Museums Commission launched the “Telling Tomorrow’s Story” campaign on Monday to raise awareness of museums’ role in preserving history, strengthening national identity, and promoting creative expression.
The campaign reflects the commission’s vision, which focuses on innovation, the preservation of cultural treasures, and fostering creativity for future generations.
It features digital content highlighting the commission’s museums and cultural centers, including the National Museum, Al-Masmak Palace Museum, Saudi Arabia Museum of Contemporary Art at Jax, Diriyah Art Futures, and the Tariq Abdulhakim Museum in Jeddah.
It also introduces future museums, such as the Black Gold Museum in Riyadh and the Red Sea Museum in Jeddah, which will enrich the Kingdom’s cultural landscape.
To preserve Saudi heritage, the commission announced the development of museums in 11 regions: Qassim, Jouf, Asir, Tabuk, Hail, Najran, Arar, Dammam, Makkah, Jazan, and Baha.
The regional museums, under the motto “Our Saudi Story,” will celebrate Saudi history, heritage, and identity, weaving a collective narrative of the Kingdom’s diverse cultural tapestry and rich history.
These museums will offer permanent collections, temporary exhibitions, educational programs, and cultural events, becoming inclusive spaces for knowledge, creativity, and community.
