GEA launches Saudi talent competition with SR20 million prize

Updated 13 July 2019

GEA launches Saudi talent competition with SR20 million prize

  • The program will accept applicants until the end of July before evaluations and nominations start in August.
  • The winners will take home SR20 million ($5.3 million)

JEDDAH: The General Entertainment Authority (GEA) is offering young Saudis a chance to shine with GEA Challenges, a national program to discover talent in Saudi Arabia.

The program will accept applicants until the end of July before evaluations and nominations start in August. The winners will take home SR20 million ($5.3 million).

It hopes to provide training opportunities to the Kingdom’s rising stars to develop them into global artists.

GEA Challenges will cover 20 entertainment categories, including playing instruments and singing, comedy scripts and content, graffiti, animation, films, acting, on-screen fashion, culinary arts, and circus and acrobatic talents. 

In August, GEA Challenges will move on to its second phase, which is evaluation and nomination. This will be followed by talent judging in September and voting, before the winners are announced in October.

Winners will be notified by e-mail and mobile. Prizes will include training programs, tools and resources to enable their professional development.

The applicants are not expected to be professionals in their field. The committee will be taking passion, originality and relevance towards the selected challenge into consideration.

The GEA Challenges is sponsored by the GEA and supervised by Tam Hub, a Saudi media and information sciences company.

A full list of the competition regulations can be found on www.geachallenges.com.


Saudi Aramco IPO subscriptions reach SR73bn in first 5 days

Updated 22 November 2019

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.