Saudi Aramco IPO subscriptions reach SR73bn in first 5 days

The logo of Saudi Aramco is seen at Aramco headquarters in Dhahran, Saudi Arabia. Picture taken May 23, 2018. (Reuters)
Updated 22 November 2019
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Saudi Aramco IPO subscriptions reach SR73bn in first 5 days

  • Institutional subscriptions in the first five days reached SR58.39 billion
  • Retail subscriptions during this period totalled SR14.59 billion

RIYADH: Institutional tranche and retail subscriptions to Saudi Aramco’s initial public offering have reached almost SR73 billion in less than a week, Samba Capital Vice-Chairman Rania Nashar said on Thursday.

“Retail and Institutional subscription levels for the first five days of the offering have reached an unprecedented scale, demonstrating the confidence of investors in Saudi Aramco, and we anticipate further increases in subscription levels during the remainder of the offering period,” she said.

Institutional subscriptions amounted to SR58.4 billion and 1.8 billion total subscribed shares. Retail subscriptions were worth SR14.6 billion, representing 1.8 million subscribers and 465 million total subscribed shares.




Samba Capital Vice-Chairman Rania Nashar

Earlier, it was announced that the Kingdom will sell 3 billion shares in Aramco during its stock market launch — representing about 1.5 percent of the total — at a valuation between SR30 ($8) and SR32 a share. This gives the business a total valuation of between $1.6 and $1.7 trillion, making it the most valuable company in history.

Investment professionals welcomed the valuation, which was below than the highest estimates of Aramco’s worth, as a “compromise” between the Kingdom and the financial world.

Setting a price range and the number of shares to be sold starts a “book-building” process during which Aramco and its advisers will consult potential investors and await bids from institutions and private investors to help decide at what price the shares will be sold. The final pricing decision will be announced on Dec. 5, with trading expected to start on the Tadawul shortly after.


Saudi jets fly solo at Bahrain airshow

Updated 7 sec ago
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Saudi jets fly solo at Bahrain airshow

  • Two Typhoon jets performed solo aerial maneuvers
  • An F-15SA aircraft in 24th Saudi National Day colors delivered a ground display

MANAMA: Aerial displays by the Royal Saudi Air Force and the Saudi Falcons Aerobatic Team thrilled audiences on Friday at the Bahrain International Airshow.
Two Typhoon jets performed solo aerial maneuvers, while an F-15SA aircraft in 24th Saudi National Day colors delivered a ground display.
The airshow at the Sakhir Air Base highlights the latest military technologies and the capabilities of the participating forces, while promoting cooperation between the Royal Saudi Air Force and the Royal Bahraini Air Force.
More than 125 types of aircraft were featured in the two-day show, which ended on Friday. Audiences were able to see the latest innovations and technologies in the aviation sector.


French, Saudi officials meet in Paris to advance AlUla development initiative

Updated 23 min 40 sec ago
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French, Saudi officials meet in Paris to advance AlUla development initiative

  • Focus of discussions was on assessing state of Franco-Saudi partnership and defining future direction for AlUla’s development

PARIS: French and Saudi officials gathered in Paris on Friday at the French foreign ministry for discussions about advancing the AlUla development initiative.

The AlUla Committee, a joint initiative established under an intergovernmental agreement signed in April 2018, is the coordinating body for a range of ambitious projects being carried out by the Kingdom and France.

The projects focus on cultural preservation, tourism enhancement, economic growth, and environmental sustainability in Saudi Arabia’s AlUla region. The committee’s mandate includes overseeing the implementation and monitoring of the comprehensive 2018 accord, aimed at fostering broad-based progress in the area.

The French delegation at the meeting included senior figures from the ministries of European affairs and foreign relations, economy, and culture.

On the Saudi side, high-ranking officials from the culture, foreign, and investment ministries participated, along with representatives such as the president of the French Agency for AlUla Development (AFALULA) and the chairperson of the Royal Commission for AlUla (RCU).

French ministers Jean-Noel Barrot and Rachida Dati met with Prince Badr bin Abdullah bin Farhan, Saudi Arabia’s culture minister, Foreign Minister Prince Faisal bin Farhan and Khaled Al-Faleh, investment minister.

Jean-Yves Le Drian, executive president of AFALULA, and Abeer Al-Akel, acting CEO of the RCU, also took part in the meeting.

The focus of the discussions was on assessing the state of the Franco-Saudi partnership and defining the future direction for AlUla’s development.

Participants reviewed collaborative projects that draw on French expertise, particularly in archaeological research — highlighted by the involvement of 120 French archaeologists and researchers in the region. Other focal points included cultural initiatives such as the Villa Hegra project, as well as advances in hospitality, transport and infrastructure.

Additionally, the meeting addressed the French Heritage Endowment Fund, which was established as part of the 2018 agreement, and reinforced its continued commitment to supporting heritage conservation and cultural initiatives tied to AlUla’s unique historical significance.


Pediatric neurology conference to draw top health experts to Riyadh

Updated 15 November 2024
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Pediatric neurology conference to draw top health experts to Riyadh

  • Saudi Pediatric Neurology Society conference and workshops will be held from Nov. 20-23

RIYADH: The 9th Saudi Pediatric Neurology Society conference and workshops will be held from Nov. 20-23 at the Crowne Plaza RDC in Riyadh.


The SPNS, established in 2012, is an official non-profit scientific association under the auspices of the Saudi Commission for Health Specialties.

This year’s conference promises insights into various topics, including neonatal neurology, spinal muscular atrophy, neuro inflammatory disorders, neuromuscular diseases, brain and spinal injuries and infections, epilepsy, brain and spinal tumors, cerebrovascular disease, autism, movement disorders, and metabolic and genetic disorders.

Top healthcare officials, dignitaries, industry leaders, analysts and other experts will participate.

Fahad Al-Bashiri, president of SPNS and a professor and consultant pediatric neurologist at the College of Medicine, King Saud University, will share pivotal insights on the opening day of the event with two presentations addressing some of the most pressing challenges in the field.

The first presentation will cover findings from a recent clinical trial examining the role of vitamin D in managing epilepsy. This research explores how vitamin D supplementation may influence seizure frequency and severity, potentially offering a new approach to epilepsy care.

The second presentation will focus on the newly developed Gulf Cooperation Council guidelines for managing Neurofibromatosis Type 1. This talk will discuss the standardized approach proposed for the region, aiming to optimize patient care and outcomes for individuals with NF1.

Dr. Ahmad Alanazi, chairman of the conference and an assistant professor, pediatric neurologist and epileptologist at the College of Medicine, KSU, said: “I am honoured to lead a forum where leading experts will address the latest challenges and breakthroughs in pediatric neurology.

“This year’s conference will spotlight transformative advancements, including the role of artificial intelligence and machine learning in diagnosing and managing epilepsy and neurorehabilitation, signaling a new era in precision care.”

He added: “The SPNS conference remains a premier platform for advancing pediatric neurology, fostering collaboration, and setting new standards of care for young patients in the Kingdom and beyond.”


Asir historic landmark among UN best tourism villages

Updated 15 November 2024
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Asir historic landmark among UN best tourism villages

RIYADH: A landmark location in Saudi Arabia’s Asir region has been selected by UN Tourism as one if its best tourism villages 2024.

Abo Noghta and historic Tabab was chosen for its rich heritage, including ancient castles and forts.

The location was named alongside 54 other rural villages worldwide under the theme of “Rural Communities Shaping the Future of Sustainable Travel.”

In a statement, UN Tourism said that the Abo Noghta community has displayed a commitment to eco-friendly renovation techniques by recycling old materials, setting a remarkable standard for sustainable restoration across Asir.

This innovative approach has created new opportunities for the community to flourish, it added.

Zurab Pololikashvili, UN Tourism secretary-general, said that tourism can help rural communities to protect and value their rich cultural heritage while driving sustainable development.

“By leveraging their unique assets, these communities can foster economic growth, promote local traditions, and enhance the quality of life for their residents. We celebrate the villages that have embraced tourism as a pathway to empowerment and community well-being,” he said.

With a legacy of thousands of years in agriculture, Abo Noghta cultivates a diverse range of crops, from wheat and corn to fruit and vegetables. The community also excels in cattle rearing, making it a center for traditional and sustainable farming practices.

To preserve seeds for future planting, Abo Noghta employs a centuries-old technique that involves creating rock structures of varying depths known as “Al-mdafin.” These natural, cool storage spaces protect the seeds, ensuring they remain fresh and ready for the next season.

The best tourism village initiative resulted in 260 applications from more than 60 UN Tourism member states.

The initiative is part of UN Tourism’s rural development program aimed at encouraging development in rural areas, as well as combating depopulation and encouraging sustainable practices.

Previously, the villages were evaluated under nine key areas: cultural and natural resources; promotion and conservation of cultural resources; economic sustainability; social sustainability; environmental sustainability; tourism development and value chain integration; governance and prioritization of tourism; infrastructure and connectivity; and health, safety, and security.


King Salman Global Academy for Arabic Language honors winners of “Harf” competition

Updated 15 November 2024
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King Salman Global Academy for Arabic Language honors winners of “Harf” competition

RIYADH: Contestants from Italy, Malaysia, Nigeria and India have won the four categories of the second “Harf Arabic Language Competition,” dedicated to non-native Arabic speakers.

The second Harf competition began on Nov. 3.

The final results of the “Harf” competition, organized by King Salman Global Academy for Arabic Language, or KSGAAL, were announced at a special ceremony in Riyadh.

The event was attended by experts and enthusiasts in the field of Arabic language, along with representatives from various linguistic institutions.

Abdullah bin Saleh Al-Washmi, KSGAAL secretary-general, said that the “Harf” competition had showcased the beauty and richness of the Arabic language, and had created a competitive environment among learners, motivating them to excel in  language skills. The competition had helped in developing solutions to support non-Arab speakers in overcoming the challenges they faced, he said.

Nearly 1,000 contestants participated in the competition, representing more than 20 educational institutions from universities and colleges across Saudi Arabia. More than 600 participants qualified to compete, with 70 advancing to the final stage.

The closing ceremony was distinguished by performance and poetry presentations, as well as success stories shared by the winners.

The KSGAAL allocated prizes for the top three winners in each category of the competition, with a total prize pool of SR100,000 ($26,624). Additionally, the remaining finalists were honored with cash prizes totaling SR22,000 ($5,857).

Simon Focazola from Italy, a student at Qassim University, was ranked first in the vocabulary proficiency category. Shah Jahan Ansari, an Indian student at Taif University, was ranked second, while Abu Ubaidah Othman, a Filipino student at Northern Borders University, came in third place.

First prize in the language and technology category was awarded to Nooraludada Binti Asmi Anwar, a Malaysian student at King Abdulaziz University. Khadijah Abdul-Muttalib Jalo, a student from Mali at Princess Nourah University, won second place, while Ahmad Mo Zakir Kheral, an Indonesian student at Qassim University, came in third place.

The top three winners of the language and cultural communication category were, respectively, Abdulkadir Mohammed Mirashikh, a Nigerian student at the Islamic University of Madinah, Mwatinah Adam Yusuf Amobolaji, a student at Qassim University, and Suniya Yayiour, a Thai student at Princess Nourah University.

First place, in the “research paper” category, was awarded to Junaid Yusuf Abdulraqib, an Indian student at King Saud University. Second and third places went to Asma Abdul-Muttalib Yahya Jalo, a student at Princess Nourah University, and El-Sisi Bangali, an Ivorian student at Imam Mohammad ibn Saud Islamic University.