Saudi Aramco shares soar at maximum 10% on market debut

Aramco’s indicative debut price is seen at 35.2 riyals, 10 per cent above IPO price. (AFP)
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Updated 11 December 2019
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Saudi Aramco shares soar at maximum 10% on market debut

  • Company is now world’s largest publicly traded company, bigger than Apple
  • More than top five oil companies combined

RIYADH: Saudi Aramco shares opened at 35.2 riyals ($9.39) on Wednesday at the Kingdom’s stock exchange, 10 percent above their IPO price of 32 riyals, in their first day of trading following a record $26.5 billion initial public offering.
Aramco had earlier priced its IPO at 32 riyals ($8.53) per share, the high end of the target range, surpassing the $25 billion raised by Chinese retail giant Alibaba in its 2014 Wall Street debut.
Aramco’s earlier indicative debut price was seen at 35.2 riyals, 10 per cent above IPO price, raising the company’s valuation to $1.88 trillion, Refintiv data showed.
At that price, Aramco is world’s most valuable listed company. That’s more than the top five oil companies – Exxon Mobil, Total, Royal Dutch Shell, Chevron and BP – combined.
“Today Aramco will become the largest listed company in the world and (Tadawul) among the top ten global financial markets,” Sarah Al-Suhaimi, chairwoman of the Saudi Arabian stock exchange, said during a ceremony marking the oil giant’s first day of trading.
“Aramco today is the largest integrated oil and gas company in the world. Before Saudi Arabia was the only shareholder of the company, now there are 5 million shareholders including citizens, residents and investors,” said Yasir Al-Rumayyan, the managing director and chief executive of the Saudi Public Investment Fund.
“Aramco’s IPO will enhance the company’s governance and strengthen its standards.”
Amin Nasser, the president and CEO of Saudi Aramco, meanwhile thanked the new shareholders for their confidence and trust of the oil company.
The sale of 1.5 percent of the firm, or three billion shares, is the bedrock of Crown Prince Mohammed bin Salman’s ambitious strategy to overhaul the oil-reliant economy.
Riyadh’s Tadawul stock exchange earlier said it will hold an opening auction for Aramco shares for an hour from 9:30 a.m. followed by continuous trading, with price changes limited to plus or minus 10 percent.

The company said Friday it could exercise a “greenshoe” option, selling additional shares to bring the total raised up to $29.4 billion.
The market launch puts the oil behemoth’s value at $1.7 trillion, far ahead of other firms in the trillion-dollar club, including Apple and Microsoft.
Two-thirds of the shares were offered to institutional investors. Saudi government bodies accounted for 13.2 percent of the institutional tranche, investing around $2.3 billion, according to lead IPO manager Samba Capital.
The IPO is a crucial part of Prince Mohammed’s plan to wean the economy away from oil by pumping funds into megaprojects and non-energy industries such as tourism and entertainment.
Watch the video marking Aramco’s opening trading:


Saudi ambassador presents credentials to Ukraine’s president

Updated 58 min 35 sec ago
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Saudi ambassador presents credentials to Ukraine’s president

RIYADH: Saudi Arabia’s ambassador to Ukraine, Mohammed bin Abdulaziz Al-Barakah, presented his credentials to Ukrainian President Volodymyr Zelensky, at a ceremony held in the capital, Kyiv.
Ambassador Al-Barakah conveyed the greetings of King Salman and Crown Prince Mohammed bin Salman to President Zelensky along with their wishes for continued progress and prosperity for the government and people of Ukraine.

 


 
 

 


Saudi artist crafts Madinah’s culture in resin 

Updated 24 December 2024
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Saudi artist crafts Madinah’s culture in resin 

RIYADH: Resin art, a crafting technique using the liquid form of the substance to create 3D objects or glossy coatings, has gained widespread popularity. When mixed with a hardener, resin solidifies, forming a glass-like finish.

Elyan Al-Aufi, a citizen from Madinah and a visual arts graduate of Taibah University, has significantly contributed to the medium, the Saudi Press Agency reported.

Her pieces reflect Madinah’s culture, incorporating local elements including Madani script, roses, mint and basil. 

Travelers to Madinah and the Prophet's Mosque often purchase her art as souvenirs, including keychains, jewelry, wall clocks, decorative pieces, and prayer beads, the SPA reported.

Resin art is versatile, used to create accessories and jewelry — such as necklaces, rings and earrings — via special molds. It is also key to paintings made with pouring techniques, producing distinctive results. 

Resin is popular in household items including tables and trays, often featuring natural elements such as flowers or wood. It also used to preserve memorabilia and natural objects including leaves, photos and other items. 

With its glass-like transparency and glossy finish, resin art allows creative use of colors, dyes, and natural elements such as flowers and shells. It produces durable, timeless pieces.


Kingdom honors Qur’an contest winners in Nepal

Updated 24 December 2024
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Kingdom honors Qur’an contest winners in Nepal

RIYADH: Saudi Arabia’s Ministry of Islamic Affairs recently honored winners of a Qur’an memorization competition in Nepal, involving more than 750 contestants and with 18 winners in four categories for boys and girls.

The competition, supervised by the Saudi Embassy in Kathmandu and coordinated with Nepal’s Muslim Commission, concluded with awards presented by the ministry’s undersecretary, Awad Al-Anzi.

Saudi Ambassador to Nepal Saad Nasser Abu Haimed and Nepal’s Speaker of the House of Representatives Dev Raj Ghimire attended the ceremony, alongside Islamic leaders, diplomats and parliamentarians.

The event featured Qur’an recitations by contestants and highlighted the Kingdom’s efforts to promote the Qur’an globally, the Saudi Press Agency reported.

Al-Anzi reiterated the Kingdom’s commitment to Islam’s values of justice, mercy and kindness and emphasized its longstanding support for Qur’an-related initiatives, including competitions and free distribution through the King Fahd Qur’an Printing Complex in Madinah.

Abu Haimed praised the competition as part of Saudi Arabia’s dedication to the Qur’an and congratulated the winners.

Participants expressed gratitude for the Kingdom’s support of Islam and encouragement of Qur’an memorization and recitation.


Qassim craftsmen shine at Security Oasis exhibition

Updated 24 December 2024
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Qassim craftsmen shine at Security Oasis exhibition

RIYADH: The Qassim municipality pavilion at the Ministry of Interior’s Security Oasis exhibition, held alongside the King Abdulaziz Camel Festival, impressed visitors with a stunning display of wooden sculptures.

The intricate works show the region’s cultural heritage and the exceptional craftsmanship of local artisans, the Saudi Press Agency reported on Tuesday.

Characterized by exquisite detail, the sculptures demonstrate the remarkable skill of Qassim’s craftsmen in transforming wood into captivating art that blends authenticity and creativity.

The display reflects the strong support provided by the municipality and the Heritage Commission to local artisans, according to the SPA.

By fostering this talent, the region promotes a thriving creative environment and ensures Qassim’s heritage reaches a wider audience through events such as this festival.

The exhibition runs in Al-Sayahid, northeast of Riyadh, until Dec. 31.


Saudi Arabia chairs first meeting of Council of Arab Cybersecurity Ministers in Riyadh

Updated 24 December 2024
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Saudi Arabia chairs first meeting of Council of Arab Cybersecurity Ministers in Riyadh

  • Head of Kingdom’s National Cybersecurity Authority says aim of Saudi proposal to establish council is to safeguard vital regional interests and foster cooperation
  • Participants include senior officials and ministers in Arab League states, and the organization’s secretary-general, Ahmed Aboul Gheit

RIYADH: Saudi Arabia, represented by Majid Al-Mazid, governor of the National Cybersecurity Authority, chaired the inaugural session of the Council of Arab Cybersecurity Ministers in Riyadh on Monday.

The participants included senior officials and ministers responsible for cybersecurity in member states of the Arab League, as well as Ahmed Aboul Gheit, the organization’s secretary-general.

In his opening speech, Al-Mazid emphasized the Kingdom’s commitment to enhancing Arab security through collaboration in the cybersecurity sector, the Saudi Press Agency reported.

He added that the Saudi proposal that led to the establishment of the council was rooted in a vision for safeguarding the vital interests of the region and fostering cooperation among Arab nations.

Al-Mazid said cybersecurity is not only a pillar of national security but essential for ensuring prosperity, development and stability across the Arab world.

“The Arab leaders’ support for the establishment of this council is a clear affirmation of the importance of cybersecurity in creating a secure and prosperous future for our countries,” he added.

Al-Mazid thanked King Salman and Crown Prince Mohammed bin Salman for their support and guidance in promoting Arab cooperation and enhancing regional security.

Aboul Gheit underscored the sense of urgency required in efforts to strengthen joint Arab efforts relating to cybersecurity, particularly in the face of evolving global threats and challenges.

He said that collective action will be key to building a resilient and secure cybersecurity framework for the region, expressed confidence that the council will prove to be a vital addition to Arab national security systems, and commended Saudi Arabia for its leadership in launching the initiative.

The council reviewed a number of working papers submitted by member states and made several key decisions during its inaugural session. One of the primary outcomes was the initiation of efforts to develop an Arab Cybersecurity Strategy, with the aim of providing a unified approach to challenges across the region.

The council also approved plans for member states to conduct joint cyber-related exercises, and the operational structure and mechanisms of the council were formalized.