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
Project to save Historic Jeddah buildings completed thanks to SR50m from Saudi crown prince
- The work on the ‘architecturally important’ structures was carried out as part of the Ministry of Culture’s Historic Jeddah restoration program
- Many buildings and sites in the district are being restored to help preserve and illustrate the history of the Hajj since the dawn of Islam
RIYADH: Several historic buildings in Jeddah that were on the verge of collapse have been saved thanks to a Ministry of Culture project personally funded by Crown Prince Mohammed bin Salman, the Saudi Press Agency reported on Thursday.
The ministry said the work on the “architecturally important” structures was carried out as part of its Historic Jeddah restoration program. The funding for the project included a personal donation of SR50 million ($13.3 million) from the crown prince, officials said.
The Historic Jeddah district contains more than 600 buildings, including 36 mosques, as well as five marketplace sites, ancient squares, and other locations of historical importance, such as the Waterfront, that were vital stopping-off points for Muslim pilgrims in days gone by. Many are being restored and renovated to help preserve and illustrate the history of the Hajj since the dawn of Islam.
Based on directives from the crown prince, the restoration work was carried out by five specialist companies based in Saudi Arabia, officials said, under the supervision of technicians experienced in the preservation of historic buildings. Special care was taken to maintain the unique design and distinctive urban characteristics of the district, they added.
Some of the buildings that were saved, which belong to Jeddah families, have archaeological features dating back as far as 500 years.
Saudi Arabia to be guest of honor at Beijing Book Fair
BEIJING: The Saudi Literature, Publishing and Translation Commission and the China National Publications Import and Export Group Corporation have signed a contract to host Saudi Arabia as the guest of honor at the Beijing International Book Fair, to be held this year between June 19 and 23 in the Chinese capital.
The signing ceremony was attended by Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan, Literature, Publishing, and Translation Commission CEO Dr. Mohammed Hasan Alwan, and officials from the Chinese side.
Saudi participation in the fair is astep toward strengthening cultural exchange, boosting cooperation in literature, culture, and the arts, and promoting dialogue and boosting friendship and cooperation between the two countries.
Several other Saudi entities will participate in the fair to highlight the heritage, knowledge, and cultural diversity of the Kingdom through a diverse cultural program, including seminars, dialogue sessions, workshops, and artistic performances.
The Kingdom was the guest of honor at the New Delhi International Book Fair, held between Feb. 10 and 18; and will be the guest of honor, after Beijing, at the Seoul International Book Fair, from June 26 to 30, 2024.
Saudi Green Initiative in Makkah aims to promote sustainable development, afforestation
RIYADH: The State Properties General Authority has provided the Ministry of Environment, Water and Agriculture, and the Alahyaa Centers Association with seedlings produced at its agricultural nursery in Makkah.
The contribution is part of the authority’s efforts to support sustainable development and afforestation while upgrading the vegetation cover, and took place on Saudi Green Initiative Day on March 27.
Schemes include building and operating an agricultural nursery and equipping it with the newest systems to enhance production capacity and create an enabling environment for plant growth.
The project has led to the creation of 110,000 square meters of green spaces within the authority’s government compounds in Makkah, in addition to the distribution of plants, large trees and shrubs to more than 40 government entities.
The authority said that the nursery’s annual production includes 1.2 million plants that bloom in winter and in summer; 200,000 perennials and vines; 20,000 outdoor trees; 30,000 shrubs; and 5,000 indoor plants.
Saudi, Azerbaijani ministers discussed climate action cooperation
Saudi Minister of Energy Prince Abdulaziz bin Salman met in Jeddah Mukhtar Babayev, Azerbaijan’s minister of ecology and natural resources, and also president of the 29th session of the Conference of the Parties to the UN’s Framework Convention on Climate Change.
The COP29 Conference takes place in November in Baku, Azerbaijan.
The two ministers discussed opportunities for cooperation in the field of climate action. They also spoke about working together to achieve the goals and principles of the UN’s Framework Convention on Climate Change, and the Paris Agreement.
The parties also looked at the Kingdom’s efforts and initiatives to address the effects of climate change.
Saudi Arabia announces cultural cooperation award with China
- The Prince Mohammed bin Salman Award for Cultural Cooperation culminate in an annual ceremony honoring the two countries’ shared cultural talent
RIYADH: The Saudi Ministry of Culture announced on Thursday the launch of the Prince Mohammed bin Salman Award for Cultural Cooperation between Saudi Arabia and China, at the King Abdulaziz Public Library branch in Beijing, Saudi Press Agency reported.
This award aims to acknowledge the efforts of researchers, artists and translators from both countries, offering grants to support their continuing work. It is designed to spur enhanced collaboration and shared creative efforts.
The award includes several categories — cultural research and studies, artistic and creative works, translations, and a cultural personality of the year from each country, recognizing significant contributions to culture.
Additional categories target young researchers, creators and translators, encouraging youth engagement in cross-cultural communication. An annual ceremony will highlight the cultural achievements and award winners.
The award will promote creative cooperation and cultural dialogue between Saudi Arabia and China by highlighting the two countries’ achievements in the academic, cultural, media, literary and artistic communities.
It will culminate in an annual ceremony honoring the two countries’ shared cultural talent and announcing the winners in each category.
Saudi Culture Minister Prince Bader bin Abdullah said that the award was a critical component in bridging cultural divides and strengthening ties between China and Saudi Arabia through the arts, literature and academic research.
Individuals from Saudi Arabia and China, as well as government, private and non-profit institutions, may submit nominations. They can be submitted by filling out the nomination form, which will be posted on the award website.
On the same day, the Saudi Film Commission, a government body under the culture ministry, signed a framework memorandum of understanding with China’s Bona Film Group to explore collaborative opportunities in movie distribution, exhibition and talent development.
Bona Film Group, founded in 1999, has emerged as one of China’s leading movie distribution and production companies.
The signing ceremony in Beijing was attended by Prince Badr, Film Commission CEO Abdullah Al-Eyaf, and Bona Film Group CFO Qi Zhi.
The MoU outlines key areas of cooperation, such as investment in the film industry, the possibility of establishing a joint film fund dedicated to cinematic endeavors, and collaboration on Saudi film distribution in China. It also looks into talent development opportunities for Saudi filmmakers through Bona Film Group productions and Chinese film education institutions.
In accordance with this agreement, the Film Commission intends to develop the movie industry, improve local production and showcase Saudi productions. The commission also promotes investment, content production, talent development and regulatory frameworks.
The historic agreement reflects the commission’s commitment to fostering global partnerships and leveraging cultural exchanges as a key component of Saudi Vision 2030 objectives.