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  • Investors flock to Aramco share sale that could raise $13 billion

    Saudi Arabia's sale of shares in oil giant Aramco (2223.SE), opens new tab drew more demand than the stock on offer within hours of kicking off on Sunday, a deal that could raise up to $13.1 billion in a major test of international appetite for the kingdom's assets.
    The banks on the deal will take institutional orders through Thursday and will price the shares the following day, with trading expected to start next Sunday on Riyadh's Saudi Exchange.

  • Saudi Aramco’s $12 Billion Stock Offer Sells Out in Hours

    The government had demand for all shares on offer in a few hours after books opened, according to terms of the deal seen by Bloomberg News. Books were covered within the price range of 26.70 riyals to 29 riyals.

    While it wasn’t immediately clear how much of the demand came from overseas, the order book reflected a mix of local and foreign investors, three people familiar with the matter said, declining to be identified as the information is private.

  • Saudi Arabia continues Hajj 2024 preparations as pilgrims arrive

    Sheikh Aima Diakite, president of the Superior Council of Imams of Mosques and Islamic Affairs in Ivory Coast, praised the services and facilities provided by the Makkah Route Initiative. Diakite said the program has enabled pilgrims to perform Hajj rituals easily and comfortably. The Makkah Route Initiative has developed procedures for Ivorian and other pilgrims and worked on overcoming difficulties and obstacles to alleviate the hardship of Hajj, Diakite told the Saudi Press Agency.

  • Cristiano Ronaldo in tears after losing King’s Cup final in penalty shootout

    Cristiano Ronaldo was left sobbing on the pitch after Al-Nassr lost the Saudi King’s Cup final in a penalty shootout to rival Al-Hilal on Friday.

    The agonizing defeat, after the penalty shootout finished 5-4, meant that Al-Nassr finished the season without a trophy, while Al-Hilal triumphed in three competitions – the Roshn Saudi League, the Saudi Super Cup and the Saudi King’s Cup

  • Saudi startups take lead in MENA funding space

    Saudi Arabia’s startup ecosystem has affirmed its leading position in the funding space, capturing over 53 percent of the region’s venture debt financing in 2023, according to MAGNiTT’s latest report. The venture data platform revealed that Saudi startups raised a total of $400 million in venture debt last year, a 602 percent growth compared to $57 million in 2022.

  • Saudi Arabia is trying to build the largest linear city ever. It’s a visionary but flawed concept, urban planners say.

    The Spanish architect Arturo Soria is widely credited with designing the first linear city, "La Ciudad Lineal," in 1882 on the outskirts of Madrid. Around forty years later, in 1924, renowned Swiss-French architect Le Corbusier offered another radical alternative with his "Ville Radieuse," a linear, ordered metropolis full of green space.

  • Saudi FM Discusses Gaza Truce Proposal with US Counterpart

    Saudi Foreign Minister Prince Faisal bin Farhan discussed in a telephone conversation on Saturday with his US counterpart, Antony Blinken, the Gaza truce proposal announced by President Joe Biden a day earlier. The Saudi minister expressed during the call the Kingdom’s support for all efforts aimed at an immediate ceasefire, the complete withdrawal of Israeli occupation forces, the urgent entry of humanitarian aid to civilians affected by the Israeli offensive, and the safe return of displaced persons to their homes. Farhan emphasized the need to seriously address any proposal that achieves a permanent ceasefire and ends the suffering of the Palestinian people in Gaza

  • Saudi Arabia provides $129 billion in aid to 169 countries since 1996

     Saudi Arabia has provided over $129 billion in aid to 169 countries worldwide since 1996, the Supervisor General of the King Salman Humanitarian Aid and Relief Center (KSrelief) Dr. Abdullah Al Rabeeah said. Al Rabeeah, emphasized that Saudi Arabia, through KSrelief, is actively involved in removing unexploded ordnance as part of its humanitarian efforts. These efforts aim to improve the environment, protect civilians, particularly women and children, build capabilities, provide a safe environment, preserve public health, and reduce the dangerous effects of explosives on individuals and society.

  • Hezbollah downs Israeli drone over Lebanon with missile

    An Israeli pilotless plane was shot down over Lebanese territory by a surface-to-air missile on Saturday, Israel's military said, and Hezbollah claimed responsibility for the interception.
    In a statement, Hezbollah said it downed a Hermes 900 drone in solidarity with Gaza, where Israel has been waging an almost eight-month-old war against Hamas, another Iranian-backed group.
    Video circulated online appeared to show a plane of a size corresponding to that of a Hermes, aflame and gyring earthward.

  • Blinken discusses Israel’s Gaza ceasefire proposal with Middle East counterparts

    US Secretary of State Antony Blinken has discussed a three-phase Israeli proposal for a ceasefire in Gaza in a series of phone calls with his UAE, Saudi, Jordanian and Turkish counterparts.

    Sheikh Abdullah bin Zayed, UAE Minister of Foreign Affairs, said the ceasefire deal announced by US President Joe Biden on Friday should be treated seriously and positively, Wam reported on Saturday.

    In a phone call with Mr Blinken on Saturday, Saudi Foreign Minister Prince Faisal bin Farhan emphasised the kingdom’s support for immediate ceasefire efforts in Gaza, as well as a complete Israeli withdrawal from the strip.

    Israel's proposal for a ceasefire, in return for the release of Israeli hostages, was announced by US President Joe Biden at the White House on Friday.