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 Aramco shares soar at maximum 10% on market debut
https://arab.news/8pgf7
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
French creatives bring enchanting art experience to Jeddah
- For ‘ETH3R,’ Paul Marlier translates dancer Jeanne Morel’s graceful movements into digital art
JEDDAH: Artist Paul Marlier and dancer Jeanne Morel have brought an interactive digital art display dubbed “ETH3R” to Jeddah’s cultural hub, Hayy Jameel.
The French creatives feature immersive artworks generated using the biometric data of Morel captured during her movement in extreme environments — including in zero-gravity.
The unique blend of technology and creativity has captivated audiences with its perspectives on reality, and contrasts with the often mundane nature of daily life.
In an interview with Arab News, Marlier spoke about the creative process behind their digital artwork. He also highlighted the production of artworks inspired by the human and scientific data he had gathered.
“It is a real pleasure to be here, particularly in Hayy Jameel, where we blend art and science to create a sensory experience like no other,” he said. “It represents the DNA imprint of the world — the dance of our souls.”
He added: “ETH3R encompasses paintings and dynamic installations derived from the biometric data of my wife, Jeanne Morel, who dances in diverse and extreme environments, from beneath the ocean depths to high-altitude astronaut training.”
Marlier has amalgamated this scientific data regarding human physiology with other information, including air quality, satellite imagery, and even facts from the Red Sea. “These artworks serve as emotional imprints, reminiscent of moments of grace. It’s truly a collaborative effort.”
Explaining the process, he added: “With Jeanne as the catalyst, adorned with sensors akin to a paintbrush, her dance emotions are translated through code into the digital art seen in the paintings. We explore themes of fragility, spirituality, and the inherent unity between humans and nature — the universal dance.”
“We approach data not as mere codification, but as sensations, enabling us to specify and share the experience. By capturing a wealth of information from this singular dancer, we endeavor to materialize the essence of grace,” Marlier said.
Morel added: “Dance is the way to express your deepest emotions, sometimes simpler than words.”
“Dance is the allegory of life. It allows me to stay alive, connected to the movements of the world. Our bodies are constantly dancing, moving, on this earth which itself dances around the sun and remains in balance thanks to gravity,” she added.
Of their first visit to the Kingdom, Marlier said: “The people are absolutely welcoming here. And spirituality and poetry are so present.”
Morel added: “We admire the spirituality and also the open-mindedness of this country regarding art and especially digital art.”
Waleed Harthi, an art enthusiast, said: “Witnessing art that exceeds boundaries was a mesmerizing journey, captivating our senses and sparking wonder at the fusion of art and technology. The live demonstration and dance were incredibly relaxing and offered a serene escape to some other imaginary world.”
The exhibition runs until May 11.
Saudi FM discusses developments in Sudan with army chief, RSF leader
- During the separate calls, the latest developments in the situation in Sudan and their repercussions on the Sudanese people were discussed
RIYADH: Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan spoke with Sudan’s Sovereign Council Chief General Abdel Fattah Al-Burhan and the leader of Sudanese paramilitary Rapid Support Forces Mohamed Hamdan Dagalo on Wednesday.
During the separate calls, the latest developments in the situation in Sudan and their repercussions on the Sudanese people were discussed, Saudi Press Agency reported.
Prince Faisal stressed the importance of working to protect Sudan and its people from further destruction and preventing the worsening of the humanitarian conditions there.
The minister also said it was important to prioritise the interests of the Sudanese people and stop the fighting to protect state institutions and bring about safety in Sudan.
Farasan Island celebrates 20th Hareed Fishing Festival
- Event showcases tourist activities such as parasailing, traditional folk dances
RIYADH: Fishermen from the Jazan region have started preparing for the 20th Hareed Fishing Festival, which begins on Thursday.
The festival, which takes place on Farasan Island and lasts for two days, celebrates the fishing of parrotfish, otherwise known as hareed.
It showcases various tourist activities such as parasailing, traditional folk dances, and competitions for catching the fish, which is difficult due to their survival instinct which leads them to hide by corals.
Hareed are traditionally caught close to the shore in nets. The brightly colored fish come in different sizes and change color as they grow, the color varying according to their sex. They are considered parrot-like as they have teeth that they use to scrape food off coral reefs.
The fishing season varies across the region’s waters. In the past, the people of Farasan celebrated the event by visiting newlywed brides wearing traditional dress, while women and children joined in the festivities at her home.
Visitors to the festival will also get the chance to explore the heritage sites in Farasan, which include Wadi Matar, Al-Qassar village and Bait Al-Jarmal, along with several historic houses.
The island boasts a unique cultural heritage which centers on sailing and pearl-diving experiences in the past.
Jazan Gov. Prince Mohammed bin Nasser is launching the festival, which is organized by the region’s branch of the Ministry of Environment, Water and Agriculture, in partnership with the islands’ governorate.
Mohammed Al-Atif, the general director of the branch, said that the festival embodied the customs and traditions of the people of the Farasan Islands and was considered an annual event to highlight the region’s tourism potential.
He added that the festival also celebrates hareed, which appears at the same time each year and proves a major attraction for people in the Jazan region.
Riyadh hosts food technology and innovation show
- Industry giants showcase latest in processing, sustainability
RIYADH: More than 400 companies from 35 countries are taking part in the first Saudi Food Manufacturing show, which opened in Riyadh on Tuesday.
Held under the patronage of Saudi Minister of Industry and Mineral Resources Bandar Al-Khorayef, the event focuses on processing, packaging and ingredients and aims to facilitate high level business deals, connections and collaborations.
Three companies that won a Saudi Food Manufacturing Award at the event — Multivac, DC Norris and Brenntag — spoke to Arab News.
Amir Sotoudeh, managing director of Multivac, said the German firm won the Best Processing Innovation Award for its TX series and smart services at Gulfood Manufacturing.
The company has had a branch office in Riyadh since 2009 and the Kingdom is the company’s largest market in the Middle East.
“Saudi Arabia is a significant market, especially in recent years, with major developments focusing on local production and manufacturing. That’s where our technology and expertise as a market leader in processing and packaging are essential.”
DC Norris is a UK-based process equipment company serving 62 countries. It provides solutions for food, dairy and beverage manufacturing and won the Best Processing Manufacturing Award.
Stuart Rigby, product and process technology manager at DC Norris, said the company’s jet cook system, which is used in Saudi Arabia, Qatar, Dubai and Azerbaijan, was able to cook meals two to three times faster than traditional methods.
“It also uses considerably less water, resulting in zero burns, requiring less cleaning and reducing costs. Additionally, it consumes up to 55 percent less energy than traditional cooking methods,” he said.
Brenntag, a 150-year-old German company, is the global market leader in chemical and ingredient distribution. It won the Best Ingredients Innovation Award.
Mahaboob Shaik, technical sales manager at Brenntag, said: “We have replicated the characteristics of regular milk-based proteins and constituents using plant-based alternatives. We’ve developed a Greek-style feta cheese made from plant-based ingredients.
“This helps to reduce allergens like milk proteins in dishes like Caesar salad. Now, when you order a salad at a restaurant, you can enjoy a plant-based cheese, which is entirely vegan.”
Several Saudi manufacturers, including Sapin, Anasia and Memco, are taking part in the show, which provides a platform for companies to exchange ideas.
Majed Al-Argoubi, CEO of the Saudi Authority for Industrial Cities and Technology Zones, said: “The industrial sector is going to increase both the GDP and abilities of youth in the Kingdom.
“We are making impressive growth through Saudi Vision 2030 and Made in Saudi is remarkable for expanding cities across the country and achieving our goals.”
Among the most innovative products on display are the Novamyl BestBite from Novozymes, which improves texture and softness in baked goods while extending shelf life to reduce food waste. Others include sustainable packaging for dates from Napco, a sugar reduction method for fruit juice from Austria Juice, Lactosan, a natural culinary booster from FSL and Biopap, a range of renewable, compostable, high-performance food containers.
Pavilions from Italy, Germany, the Netherlands, US, France, Turkiye and China reflect the international scope of the show, which runs until Thursday.
Saudi Arabia expresses condolences after dam bursts in flood-hit Kenya
- Floods and landslides across Kenya have killed 181 people since March, with hundreds of thousands forced to leave their homes
- The ministry said the Kingdom stands with the government and people of Kenya during this painful time
RIYADH: The Saudi Foreign Ministry expressed on Wednesday the Kingdom’s condolences to the families of those who died after a makeshift dam burst its banks in Kenya’s Rift Valley on Monday.
At least 48 people including children died as a result of the incident.
Residents said the accident occurred in the dead of night when the dam burst near the town of Mai Mahiu in Nakuru county, sending torrents of water and mud gushing down a hill and engulfing everything in its path.
The ministry said the Kingdom stands with the government and people of Kenya during this painful time.
Torrential rains and floods continue to batter the country and 181 people have been killed since March, with hundreds of thousands forced to leave their homes.
