DUBAI: Saudi Arabian and international investors have subscribed to the initial public offering of Saudi Aramco in huge numbers, with demand for shares in the world’s most profitable company exceeding the number of shares on offer.
Financial advisers to the biggest IPO in history announced that bids to the value of $44.3bn (166.275bn riyals) have been received in total from institutional and private investors for the $25.6bn worth of shares on offer.
With the order books open to institutions until next Wednesday, that means the IPO will definitely be the biggest in financial history, and should, in theory, lead to a jump in the share price when trading starts on Tadawul the following week.
Institutional demand for the shares even bigger than from private individuals. Corporates in the Kingdom account for more than half (54 percent) of the bid value, with Saudi funds and investment institutions comprising another big chunk (24.1 percent).
Non-Saudi investors are looking for 10 percent of the offer - a comparatively big figure given the fact the IPO was not marketed outside the region.
Rania Nashar, deputy chairman of Samba Capital, one of the advisers, said the IPO was “a source of pride” for the Kingdom.
“It is an indication of success and a signal of confidence, further bolstering the reputation and prestige of a company that has unrivaled standing globally in the energy sector. This success corroborates the foresight and depth of the strategic decision behind this landmark moment not just in Aramco’s history, but also in the development of the Kingdom’s economy,” she added.
Sarah Al Suhaimi, chief executive officer of NCB Capital and chair of the Tadawul where Aramco will be listed, said: “The success of the retail tranche is mirrored in the institutional tranche where bids reflect strong demand coming from across the spectrum of investor categories, reflective of Saudi Aramco’s compelling investment proposition.
“We are confident that this will be maintained throughout the remainder of the institutional book-building period. This institutional demand also speaks well of the depth and diversification of the Saudi capital markets and its investor base,” she added.
‘Source of pride’ as investors scramble for Saudi Aramco shares
‘Source of pride’ as investors scramble for Saudi Aramco shares
- Institutional orders in the IPO included 54% from Saudi cooperates, 24.1% from Saudi funds and 10.5% from non-Saudi investors
- The subscription period for institutional investors remains open to Dec. 4
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
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
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.
New Saudi envoy to Oman presents credentials to Sultan Haitham
MUSCAT: Saudi Arabia’s new envoy to Oman, Ibrahim bin Saad bin Bishan, presented his credentials to Sultan Haitham bin Tariq at the Al Baraka Palace on Thursday, the Saudi Press Agency reported.
During their meeting, Sultan Haitham commended the historical Saudi-Omani ties and the two nations’ continued progress across various sectors.
The ambassador also conveyed greetings from King Salman and Crown Prince Mohammed bin Salman to the sultan, wishing the Omani people continued prosperity.
Saudi Arabia and Oman are both members of the Gulf Cooperation Council, which also includes Bahrain, Kuwait, Qatar and the UAE.
There was also a meeting between the ambassador and Omani Foreign Minister Sayyid Badr bin Hamad Al-Busaidy, reported the Oman News Agency.
Previously, bin Bishan was supervisor of the Yemen operations room and minister plenipotentiary at the Saudi Ministry of Foreign Affairs.
4th Global Ministerial Conference on Antimicrobial Resistance kicks off in Jeddah
- Three-day conference aims to enhance international efforts to confront challenges associated with antimicrobial resistance
RIYADH: The fourth high-level Global Ministerial Conference on Antimicrobial Resistance kicked off in Jeddah on Thursday under the theme “From declaration to implementation – accelerating actions through multi-sectoral partnerships for the containment of AMR.”
The three-day conference, being held under the patronage of the Ministry of Health, includes ministers of health, environment and agriculture from various countries, besides the participation of a number of heads of international organizations such as the World Health Organization, the Food and Agriculture Organization, the World Organization for Animal Health, and non-governmental organizations such as the Bill and Melinda Gates Foundation, in a move to enhance international efforts to confront the escalating challenges associated with antimicrobial resistance, which has become a threat to global health.
Saudi Minister of Health Fahd Al-Jalajel stressed that the conference is an opportunity for the international community to commit to a unified roadmap and set clear guidelines that will help address the increasing drug resistance in humans and animals.
Antimicrobial resistance poses a threat to all age groups, as it affects human, animal and plant health, as well as the environment and food security.
To curb the spread of antimicrobial resistance, the minister explained that we must adopt a comprehensive approach that systematically addresses the challenges that hinder progress, including sharing best practices, innovative financing initiatives, and developing new tools to combat antimicrobial resistance, stressing that the meeting is a vital opportunity to strengthen our collective global response to the risks of this growing “silent epidemic.”
Director General of the World Health Organization Dr Tedros Adhanom Ghebreyesus said that antimicrobial resistance is not a future threat but a present one, making many of the antibiotics and other medicines we rely on less effective, and routine infections more difficult to treat.
He praised Saudi leadership in hosting the conference, stressing that the world must work together across a range of sectors, health, environment and agriculture, to stop the spread of antimicrobial resistance.
He pointed out that the Jeddah meeting will help coordinate global efforts across diverse ecosystems, including human, animal and agricultural health, in addition to protecting the environment.
A number of countries have already resorted to imposing laws that prevent the dispensing of antibiotics in pharmacies without a prescription, and the use of antibiotics in animal farms such as poultry and livestock has been regulated in a bid to slow resistance.
