First shares in Aramco will be sold on Saudi stock exchange

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia. (Reuters)
Updated 11 September 2019
Follow

First shares in Aramco will be sold on Saudi stock exchange

  • State oil company’s IPO coming ‘very soon,’ chief executive says at energy congress
  • The planned IPO forms the cornerstone of a reform program Vision 2030

ABU DHABI: Saudi Aramco’s long awaited initial public offering (IPO) will take place “very soon” on the Tadawul, the Kingdom’s stock market, the state oil company’s chief executive Amin Nasser said on Tuesday.

There was also likely to be a later listing on a foreign market, Nasser said, but he declined to say where.

“The primary listing is to list locally but we are also ready for listing outside in other districts,” Nasser said at the World Energy Congress in Abu Dhabi. “We are ready to list wherever shareholders decide.”

Nasser echoed remarks by Prince Abdul Aziz bin Salman, the Kingdom’s new energy minister, on the first day of the congress. “As you heard from Prince Abdul Aziz yesterday, it is going to be very soon. So, we are ready — that is the bottom line,” Nasser said.

His comments were the first confirmation by an Aramco official of a two-stage IPO, with the first tranche of shares — perhaps about 1 per cent of the company —offered to investors on the Tadawul.

New York, London and Hong Kong have all said they would like to stage the foreign tranche of the IPO, but Tokyo has also emerged as a strong candidate. There has been speculation the IPO would be announced at the Future Investment Initiative summit in Riyadh next month, but some bankers believe it could be unveiled even sooner.

“Listing even a small number of shares of Aramco on Tadawul will provide Saudi citizens with an opportunity to invest in the Kingdom’s crown jewel,” Ellen Wald, energy consultant and author of the book Saudi Inc, told Arab News. “However, there are risks associated with this, as Tadawul is a relatively small exchange and Aramco is a large company.”

The Aramco IPO is expected to be among the largest in corporate history, and a raft of global banks last week paraded their credentials to be chosen for the prestigious and lucrative jobs advising the company and the Saudi government on the share sale. Once the winners are named, there is little to stop the IPO process from beginning immediately.

Addressing the congress on Tuesday, Nasser also said there was no limit to the oil industry’s potential if it could meet society’s demand for “ultra clean” energy. “The world faces an incredible climate challenge and we need a bold response to match,” he said.


Saudi Arabia welcomes independent committee’s report on UNRWA’s performance

Updated 24 April 2024
Follow

Saudi Arabia welcomes independent committee’s report on UNRWA’s performance

  • Saudi Ministry of Foreign Affairs stresses importance of the commitment of donor countries to the organization

RIYADH: Saudi Arabia has welcomed an independent committee’s report on the performance of the UN Relief and Works Agency for Palestine Refugees, the Saudi Press Agency reported on Wednesday.
The Saudi Ministry of Foreign Affairs said the Kingdom backed the report, which confirmed UNRWA’s main role in supporting the relief, humanitarian and developmental efforts of the Palestinian people.
The ministry further reiterated Saudi Arabia’s emphasis on the importance of the commitment of donor countries to UNRWA to ensure the sustainability and effectiveness of all forms of support for refugees in a way that reduces their suffering, especially in light of the Israeli occupation’s continued violations of international law and international humanitarian law.


EU Embassy, Arab News honor makers of Saudi ‘Horizon’ documentary

Updated 25 April 2024
Follow

EU Embassy, Arab News honor makers of Saudi ‘Horizon’ documentary

  • Princess Lamia: ‘Screening is a reminder of our shared responsibility to protect precious ecosystems’
  • Ambassador Farnaud: ‘The Saudi Green Initiative and the European Green Deal have shared goals’
  • Abbas: ‘We are delighted to partner with the EU envoy to showcase Saudi Arabian wildlife in a captivating manner’

RIYADH: The makers of a recently produced, highly acclaimed documentary on Saudi wildlife were honored at a special screening of the film “Horizon” at the residence of the EU ambassador in Riyadh.

The new documentary, produced by the Konoz Initiative, is part of a collaboration between the Saudi Ministry of Media’s Center for Government Communication and the National Center for Wildlife.

It explores the ecological treasures and unique habitats of the Kingdom.

Princess Lamia bint Majed Saud Al-Saud, secretary-general of Alwaleed Philanthropies, was a guest of honor. Princess Lamia, through her work with Alwaleed Philanthropies, has recently announced an initiative called Atlai, an innovative artificial intelligence platform to support global efforts to combat deforestation.

Princess Lamia bint Majed Saud Al-Saud (L), secretary-general of Alwaleed Philanthropies, was a guest of honor at the event. (AN photo/ Huda Bashatah)

The screening was followed by a presentation of an honorary certificate to Abdullah Alahmari, CEO of Konoz initiative, and Yazeed Albader, associate producer of “Horizon.” This was presented by EU Ambassador to Saudi Arabia Christophe Farnaud, Princess Lamia and Arab News Editor-in-Chief Faisal Abbas.

Farnaud said: “The ‘Horizon’ documentary captures the breathtaking beauty of Saudi Arabia’s diverse natural landscapes and wildlife.

“For centuries, much of the Arabian Peninsula, including Saudi Arabia, held a mysterious attraction for European explorers and travelers.”

The ambassador spoke of the significance of protecting the environment due to basic human needs such as food and water, and dependency on the health of our global environment.

An honorary certificate is presented to Abdullah Alahmari, CEO of Konoz initiative, and Yazeed Albader, associate producer of “Horizon.” (AN photo/ Huda Bashatah) 

“The Saudi Green Initiative and the European Green Deal have shared goals. We all depend on nature for our food, air, water, energy and raw materials. Nature and biodiversity make life possible, provide health, and drive our economy. Nature is also our best ally in tackling the climate crisis,” he said.

“Climate change, economic diversification and transitioning to renewables remain priority areas for both the EU with its policy of European Green Deal as well as for Saudi Arabia with its Vision 2030.”

Princess Lamia gave her thoughts on Saudi Arabia’s fascinating natural wonders that are featured in the film.

“Through ‘Horizon’ we are transported to the breathtaking beauty and rich biodiversity of Saudi Arabia. This documentary promises to immerse us in the heart of the Kingdom’s diverse wildlife and scenery,” she said.

The makers of a documentary on Saudi wildlife were honored at a special screening of the film “Horizon” at the residence of the EU ambassador in Riyadh. (AN photo/ Huda Bashatah)

“Tonight’s screening is not only a celebration of Saudi Arabia’s rich natural heritage but also a call to action — a reminder of our shared responsibility to protect and conserve the precious ecosystems that define our world.

“In a time where our forests and natural ecosystems are disappearing at an alarming rate, Atlai, created by Alwaleed Philanthropies, is a testament to the power of innovation and collaboration. It’s about igniting a passion for preservation, a fervor for conservation, and a commitment to safeguarding our planet for generations to come.”

Abbas expressed appreciation for the Saudi team behind the “Horizon” documentary, saying: “We are delighted to have partnered with the EU delegation to host a special screening of this remarkable documentary which showcases Saudi Arabian wildlife in a truly captivating manner.”

Arab News Editor-in-Chief Faisal Abbas. (AN photo/ Huda Bashatah)

He added: “As part of Arab News Green and Blue initiative, which focuses on environment and sustainability, we are also proud to present the Saudi team behind the ‘Horizon’ documentary with a certificate of appreciation, and thank them for their contribution in preserving and showcasing the wonders our beloved Kingdom has to offer.”

Arab News has recently launched its Green And Blue, an initiative which discusses environmental subjects regarding climate change, desertification, wildlife preservation, sustainability, and green energy, with a close emphasis on the environment in Saudi Arabia.

The CEO of Konoz initiative expressed how thrilled he was to attend the screening of the movie.

“This documentary sheds light on the beauty of Saudi Arabia, its versatile terrain and highlights the wildlife we are blessed to have in the Kingdom,” Said Alahmari.

The makers of a documentary on Saudi wildlife were honored at a special screening of the film “Horizon” at the residence of the EU ambassador in Riyadh. (AN photo/ Huda Bashatah)

He expressed his appreciation to the Minister of Media Salman bin Yousef Al-Dossary for his constant support in ensuring that the movie highlights the Kingdom and reaches a broader audience.

The associate producer of the work explained how the documentary took more than 260 days of shooting and more than 2,000 hours of recording because it covered all the regions.

“If you want to shoot some of the animals, you may not get luck on the spot. So, you have to do some scouting, you have to arrive a couple of days before, stay for weeks to spot a nice shot, or to get that perfect skyline with the clouds, sunset or sunrise,” said Albader.

“I was honored to be here, the screening was great. It is a pleasure to be here with the ambassadors, and to see how a lot of people care about nature and wildlife. This is just the beginning of many events to come.”

“Horizon” is now available on Netflix internationally.


Inaugural Umrah and Ziyarah Forum focuses on innovative ways to enhance pilgrim experience

Updated 24 April 2024
Follow

Inaugural Umrah and Ziyarah Forum focuses on innovative ways to enhance pilgrim experience

  • The 3-day event, which concluded on Wednesday, included 6 discussion sessions and 24 workshops led by 29 experts

JEDDAH: The inaugural Umrah and Ziyarah Forum concluded on Wednesday at the King Salman International Convention Center in Madinah. During the three-day event, participants discussed ways to foster collaborations, enhance the pilgrimage experience and improve the services provided for pilgrims.

The agenda for the forum, organized by the Ministry of Hajj and Umrah in partnership with the Pilgrim Experience Program, included six discussion sessions and 24 workshops led by 29 experts and specialists.

The topics they covered included services for pilgrims and other visitors, advancements in air travel services for pilgrims, financial systems in the Umrah and ziyarah sectors, and development opportunities in housing and hospitality services.

Other discussions focused on services at ports, the automation of operations, ways to improve the efficiency of workers, and the important role of services provided for visitors at holy sites and throughout their journeys in Makkah and Madinah.

One of the key topics was air travel services, with discussions about the growth in flight numbers and the need to provide a comprehensive range of services throughout pilgrims’ journeys beyond those purely focusing on their rituals. For example, participants highlighted plans for the expansion of Madinah Airport to better accommodate the increasing numbers of pilgrims and other visitors arriving there.

Another discussion examined financial services in the Umrah and ziyarah sector, and explored the options for international money transfers, ways to develop financial procedures, and innovative digital solutions for processing transactions.

Other topics included development opportunities in housing and hospitality services, during which speakers emphasized the importance of transparency and the need for full compliance by service providers with the terms of their contracts.

The final day of the event featured two panel discussions, one about the role of technology in finding solutions to the challenges in guest services, and the other on ways to carefully develop historical sites to enrich the historical and spiritual experiences for visitors to Makkah and Madinah.


Who’s Who: Swaied Al-Zahrani, CEO of Saudi Credit Bureau

Updated 24 April 2024
Follow

Who’s Who: Swaied Al-Zahrani, CEO of Saudi Credit Bureau

Swaied Al-Zahrani has been the CEO of the Saudi Credit Bureau, also known as SIMAH, since March 2018.

As CEO, Al-Zahrani has guided SIMAH’s short and long-term strategies, ensuring a competitive landscape within the market.

He led major restructuring to enable a future-proof operating model and enhance customer experience. He is focused on improving the governance, risk management, and data management framework and practices.

Al-Zahrani is also a board member of Qarar, a decision analytics company specializing in tailored customer management and lending process automation solutions based in Riyadh, and a board member at Tassnief, the first local credit rating agency licensed by the Capital Market Authority.

He has nearly two decades of experience in the financial sector and is known for his ability to maximize shareholder value through effective strategies, committed to driving innovation and excellence in the financial industry.

Prior to his current role, he worked as chief operations officer at the Social Development Bank in Riyadh from January 2016 to March 2018. He led the bank’s transformation program, focusing on building a new strategy, organizational restructuring, automation and digitalization, customer experience, and risk controls while promoting a savings culture aligned with national strategies.

Al-Zahrani worked for nine years at Al-Rajhi Bank in various domains including IT, business, and banking operations groups, where he participated in major transformation programs.

He holds a bachelor’s degree in computer science from King Abdulaziz University in Jeddah.


Saudi embassy in Cairo receives Kingdom’s first female astronaut

Updated 24 April 2024
Follow

Saudi embassy in Cairo receives Kingdom’s first female astronaut

Saudi Arabia’s Ambassador to Egypt Osama Nugali on Wednesday received Saudi astronaut Rayyanah Barnawi, who is currently visiting Egypt, at the embassy in Cairo.

Nugali congratulated Barnawi, the first Saudi female astronaut, on her achievement which affirmed the progress Saudi Arabia is witnessing in all fields, including the space sector and its technologies, in light of its ambitious Vision 2030.

Barnawi, who is a scientist specializing in cancer stem-cell research, traveled into space as part of the Axiom Mission 2 to the International Space Station last year.