Saudi Aramco says to offer shares worth over $10 billion on Saudi bourse

Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion. (Aramco)
Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion. (Aramco)
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Updated 30 May 2024
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Saudi Aramco says to offer shares worth over $10 billion on Saudi bourse

Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion. (Aramco)
  • It is the firm’s second listing after an initial public offering in December 2019 that raised $25.6 billion

RIYADH: Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion, one of the biggest such offerings in recent years.
In a statement posted to the Saudi stock exchange, Aramco announced a “secondary public offering of 1.545 billion shares,” with an expected price range between 26.70 and 29 Saudi riyals ($7 to $7.70).
The sale on the local bourse, which represents approximately 0.64 percent of the company’s issued shares, will commence on Sunday, Aramco said.
It is the firm’s second listing after an initial public offering in December 2019 that raised $25.6 billion, the biggest flotation in history.
Saudi Arabia is the world’s largest crude oil exporter and, before the announcement on Thursday, the government owned about 82 percent of its shares.


Saudi content creators win big at TikTok Awards in Dubai 

Saudi content creators win big at TikTok Awards in Dubai 
Updated 3 min 21 sec ago
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Saudi content creators win big at TikTok Awards in Dubai 

Saudi content creators win big at TikTok Awards in Dubai 

DUBAI: Two Saudi content creators made a mark at the TikTok Awards ceremony on Wednesday.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by TikTok MENA (@tiktokmena)

Mohammed Hemex was honored with the Sports Creator of the Year Award, while Emad Ramen earned the title of Food Creator of the Year.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by TikTok MENA (@tiktokmena)

The event drew a star-studded crowd, including US-Iraqi entrepreneur and fragrance mogul Mona Kattan, accompanied by her co-stars from Netflix’s “Dubai Bling.” Among them were Ebraheem Alsamadi, who decorated the venue with centerpieces from his brand Forever Rose, Safa Siddiqui, Danya Mohammed, Marwan Al-Awadhi (DJ Bliss), and Jwana Karim. Also in attendance were “Love is Blind Habibi” stars Mohammed AlKiswani and Nour El-Hajj.

The Creator of the Year award was presented to Yara Aziz. Ahead of her win, Aziz, who boasts 6.5 million TikTok followers, told Arab News: “I started everything on TikTok. It’s been five years now, and this is my first award ever with them. I am nervous, I am excited, I am happy, I am content and I am grateful.”

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

A post shared by TikTok MENA (@tiktokmena)

Originally a medical student, the TikToker attended the event wearing a dress handmade by her grandmother, a process she documented on TikTok for her followers. 

Reflecting on the experience, Aziz described the process as “extremely stressful.” She explained, “Honestly, it was stressful for my grandma, she felt like she was under pressure to make something quick and fast. But honestly, it turned out perfect.”

Before the announcement, Aziz mentioned that winning this award would mark the most memorable moment of her social media career — and it did.

The night included performances by Haitian-French artist Naika, known for the viral hit “Sauce,” and Egyptian rapper Marwan Moussa, a TikTok favorite, who thrilled the audience with tracks such as “Tesla,” “Batal Alam” and “Hob Khenaa,” joined by co-singer Nourine Abouseada for the latter.

Egyptian rapper Marwan Moussa thrilled the audience with tracks such as “Tesla,” “Batal Alam” and “Hob Khenaa.” (AN/ Mohammed Fawzy) 

The night celebrated other talents including Syrian Canadian Osama Marwah, who won the Video of the Year, while Egyptian singer Tul8te was named Breakthrough Artist of the Year. Lebanese chef Abir El Saghir received the Visionary Content Award, Abdullah Annan was honored as Changemaker of the Year, Shihab Al-Hashemy won Education Creator of the Year, and Nouran El-Sayed took home the Fashion & Beauty Creator of the Year award.


Saudi authorities warn of heavy rain, thunderstorms until Monday

Saudi authorities warn of heavy rain, thunderstorms until Monday
Updated 5 min 43 sec ago
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Saudi authorities warn of heavy rain, thunderstorms until Monday

Saudi authorities warn of heavy rain, thunderstorms until Monday
  • The Saudi capital region will experience moderate to heavy rain on Saturday and Sunday
  • It will rain on Thursday in southern and northwestern regions, and on Friday in northern and southern regions

RIYADH: Saudi Arabia’s meteorology authorities have forecast moderate to heavy rain and thunderstorms across the Kingdom with the inclement weather to continue until Monday.

The National Center for Meteorology said in its forecast: “There are chances of moderate to heavy rain in most areas of the Kingdom starting Thursday. Cloudy weather will continue until Monday.”

It will rain on Thursday in southern and northwestern regions, and on Friday in northern and southern regions, the NCM said.

The Saudi capital region will experience moderate to heavy rain on Saturday and Sunday, it added.

The General Directorate of Civil Defense also issued a weather warning for most regions of the Kingdom, with heavy thunderstorms expected to continue until Monday.

The Makkah and Riyadh regions may experience moderate to heavy rainfall, hailstorms and dust-stirring winds, it said.

Moderate to heavy rain is also forecast for Al-Baha, Asir, Jazan, the Eastern Region, Qassim, Hail, Al-Jouf and the Northern Borders.

Light to moderate rain may fall in Madinah. Najran and Tabuk may experience light rain showers, it added.

The Civil Defense urged all residents to take necessary precautions and avoid areas prone to flash flooding, such as valleys.

“During rain, stay away from low-lying areas, water pools and deep valleys,” it said.

It also called on the public to stay informed about the latest weather updates through Civil Defense channels as well as the NCM.

Meanwhile, in preparation for the upcoming holy month of Ramadan and Hajj seasons, the NCM launched training programs for employees of the Presidency for Religious Affairs at the Two Holy Mosques to enhance precautions against extreme weather phenomena.

 


Davos Panel: How to Lower the Temperature in the Middle East

Davos Panel: How to Lower the Temperature in the Middle East
Updated 14 min 38 sec ago
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Davos Panel: How to Lower the Temperature in the Middle East

Davos Panel: How to Lower the Temperature in the Middle East

The ongoing war in Gaza, a delicate ceasefire in Lebanon, a political changeover in Syria and heightened tensions in the Red Sea and Horn of Africa threaten to spill over into a wider regional conflict in the Middle East.

At the same time, the region finds itself caught in the middle of a geoeconomic competition between superpowers.


Iconic composer Hans Zimmer working on new interpretation of Saudi national anthem

Iconic composer Hans Zimmer working on new interpretation of Saudi national anthem
Updated 27 min 6 sec ago
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Iconic composer Hans Zimmer working on new interpretation of Saudi national anthem

Iconic composer Hans Zimmer working on new interpretation of Saudi national anthem
  • Announcement by General Entertainment Authority’s Turki Alalshikh
  • Original composition ‘Arabia’ inspired by the Kingdom also planned

DUBAI: Oscar-winning film composer Hans Zimmer — who will perform live in Riyadh on Jan. 24 — is working on a new interpretation of Saudi Arabia’s national anthem, according Turki Alalshikh, chairman of the General Entertainment Authority.

Alalshikh revealed on X recently that he had also spoken with Zimmer about ideas for a new Riyadh Season concert and an original composition called “Arabia,” inspired by the Kingdom.

“Today I met someone who is considered one of the greatest musicians of our time … the legend Hans Zimmer,” Alalshikh wrote.

The post continued that the German composer — known for his work on films including “The Lion King,” “Interstellar,” “Gladiator” and “Dune” — was also offered the chance to create the soundtrack for the upcoming Saudi Arabia film, “The Battle of Yarmouk.”

Alalshikh concluded the post by saying that Zimmer had promised he would visit the country again with his family and friends.

Zimmer attended the Kingdom’s Joy Awards over the weekend which honors the achievements of artists in the Arab world.

He will take to the stage for his “Hans Zimmer Live” show at the Mohammed Abdo Arena in Saudi Arabia as a part of Riyadh Season.


Saudi Arabia’s transformation attracting rising number of students in India

Saudi Arabia’s transformation attracting rising number of students in India
Updated 30 min 39 sec ago
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Saudi Arabia’s transformation attracting rising number of students in India

Saudi Arabia’s transformation attracting rising number of students in India
  • India’s Education Ministry sponsored a university program on the Kingdom’s development programs
  • Sessions in New Delhi also garnered interest from students in other parts of India, coordinator says

NEW DELHI: Saudi Arabia’s transformation programs and Vision 2030 are gaining interest among university students in India, as one of the country’s most prestigious educational institutions hosts a special course on the topic this week.

The five-day course — organized by Jawaharlal Nehru University in New Delhi in cooperation with the Ministry of Education — is part of the Indian government’s Global Initiative of Academic Networks program aimed at encouraging exchanges with the world’s top faculty members and scientists.

The special course that will conclude on Friday has been led by Prof. Joseph Albert Kechichian, senior fellow at the King Faisal Center for Research and Islamic Studies in Riyadh, who specializes in West Asian politics and foreign policy, especially of the Gulf region.

The sessions have attracted students from different parts of India, said Prof. Sameena Hameed from the JNU’s Centre for West Asian Studies, who coordinates the course.

“It’s a very niche course focused on one country and a specific region but to our surprise it has gained traction,” Hameed told Arab News, adding that the number of registered participants was double the initial expectation of 50 students.

“I’m still receiving the request from students … down south in Kerala and other states as well, so it means these kind of subjects are gaining traction because it moves in tandem with India’s increasing bilateral interest and relations in the region.”

The rising interest among Indian students was also evident for Kechichian, who was visiting India for a third time after previous speaking engagements at JNU in 2006 and 2016.

“In 2025, I’m beginning to notice sharp improvements, sharp interests in terms of young scholars who are looking at Saudi Arabia in very different eyes; no longer looking at it only as the mere oil producer, but also as a dynamic society with which Indian communities must come to terms (with), and that’s a positive development,” Kechichian told Arab News on the sidelines of the sessions on Tuesday.

The course, which was also livestreamed to registered participants, aims to provide people with “a comprehensive understanding of the changes that are taking place in the Kingdom,” he added.

“Saudi Arabia is is a young country; the majority of the population is relatively young and they are in the process of acquiring new skills, opening new opportunities in terms of entrepreneurship and others, and, obviously, all of these young people need to have contacts with the rest of the world, among whom India, of course, plays an important role as well.”

Saudi-Indian ties have steadily gained prominence over the past three decades, and reached a new level of engagement in 2019, following Crown Prince Mohammed bin Salman’s visit to New Delhi and the establishment of the Strategic Partnership Council.

These aspects set the stage for further collaboration, which gained momentum when Saudi Arabia presided over the Group of 20 largest economies in 2020, followed by India’s presidency of the bloc in 2023.

The evolving relationship has not only deepened strategic ties, but also fostered cooperation in trade, security, new technologies and regional stability.

Amid “tremendous interest” to improve ties between Saudi and Indian business communities, Kechichian said that such courses will help both sides to get to know each other better and pave the way for future cooperation.

“All indications are, in fact, that both sides are trying to encourage business leaders to create entrepreneurship and to do as much as possible to benefit both sides,” he said.

For Aarya R. Sardesai, a political science student at the Janki Devi Memorial College in the University of Delhi, understanding Saudi Arabia better was integral to her education.

“Obviously, it will benefit me to know in terms of how my country and Saudi Arabia can have better relations and stronger ties in future,” Sardesai told Arab News.

“I think Saudi Arabia is trying to set a new trend; it is trying to incline itself with the fast-paced globalized world and the attempts that they are making to bring these shifts … are quite commendable.”

The changes happening in Saudi Arabia were a point of attraction for many of the participants.

“This is more about the future parts of Gulf countries and how they are going to go about diversifying their economies … it is very close to my research,” said Ph.D. student Deepika Matangi.

Kelvin Benny, a Ph.D. candidate at JNU, said that he took part in the course because of Saudi Arabia’s importance in India’s Act West Policy, a government strategy aimed at strengthening relations with Arab countries.

“So, for our academic input we need deep research on Saudi, and especially Saudi is a country undergoing a huge transformation from a typical oil-based economy to a modern economy,” Benny told Arab News. “So, in this context, Saudi is very essential.”