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  • Saudi: Fourth Milling’s IPO registers $27.25bln order book; final offer price unveiled

    Fourth Milling Company has completed the institutional bookbuilding process, setting the final offer price for its initial public offering (IPO) on the Saudi Exchange (Tadawul) at SAR 5.30 per share. The IPO implied a market cap of SAR 2.86 billion ($763.20 million) at listing after the price range was set between SAR 5 and SAR 5.30. The institutional bookbuilding process generated an order book of around SAR 102.20 billion ($27.26 billion) and was 119 oversubscribed. Meanwhile, the total offering size hit SAR 858.6 million ($228.96 million)

  • Robot Dogs, UGVs and Apaches Downing Drones with Hellfires at the US-Saudi Counter-UAS Exercise

    This year’s iteration of the Red Sands exercise between the U.S. and KSA (Kingdom of Saudi Arabia), in the CENTCOM (Central Command) area of responsibility, saw the participation of robot dogs, AH-64 Apache helicopters firing Hellfire missiles to shoot down drones, UGV (Unmanned Ground Vehicles) and a quadcopter for tactical resupply. The exercise, which focuses on counter-UAS (Unmanned Aerial Systems) defense, was held earlier this month and also saw the participation of the U.S. Army’s DEVCOM-AC (Development Command-Armaments Center), which arranged the presence of some new advanced systems.

  • Intersec Saudi Arabia: A safer tomorrow for Saudi Arabia

    The sixth edition of Intersec Saudi Arabia will be held in association with the High Commission of Industrial Security and Saudi Civil Defence. Organised by 1st Arabia under the license of Messe Frankfurt, the event has seen substantial growth year-on-year, with the 2024 edition set to cover 25,000 square metres of exhibition space – a 50% overall increase from the previous year. This expansion is a direct response to the overwhelming demand from exhibitors and the anticipated 14% increase in visitors, with over 17,000 industry professionals expected to attend.

  • Commentary: The War That Would Not End

    The administration faced an impossible situation, and for nearly a year, it has somehow managed to forestall a regional expansion of the war. But it has yet to find a way to release the hostages, bring the fighting to a halt, or put a broader peace process back on track. That makes this history an anatomy of a failure—the story of an overextended superpower and its aging president, unable to exert themselves decisively in a moment of crisis.

  • Aster’s Gulf Unit Eyes $250 Million Health-Care Deals for Saudi Expansion

    Aster DM Healthcare Ltd.’s newly-hived off Gulf entity is considering acquiring assets worth as much as $250 million in a bid to expand its footprint in Saudi Arabia. The deals are likely to be for medical centers and hospitals and completed in the next three to five years, said Alisha Moopen, managing director and group chief executive officer of Aster’s Gulf Cooperation Council unit.

  • Who were the 7 high-ranking Hezbollah officials killed over the past week?

    Lebanon’s most powerful military and political force now finds itself trying to recuperate from severe blows, having lost key members who have been part of Hezbollah since its establishment in the early 1980s. Chief among them was Nasrallah, who was killed in a series of airstrikes that leveled several buildings in southern Beirut. Others were lesser-known in the outside world, but still key to Hezbollah’s operations.

  • ‘It’s an Earthquake’

    Nasrallah was more than a political leader. After 32 years in power, he had become synonymous with Hezbollah, the most well-armed nonstate actor in the world and the linchpin of Iran’s tentacular “Axis of Resistance” to Israel and the United States.  Nasrallah was such a central figure for so long—the most powerful man in Lebanon and Israel’s greatest foe; loved, hated, and imitated by anti-Western insurgent leaders across the Middle East—that his absence left many Lebanese feeling profoundly rudderless. There were occasional bursts of gunfire throughout the day. Whether it came from mourners or celebrators was impossible to say.

  • Iran After the Lebanon Debacle: Suppress Domestic Dissent and Dash for the Bomb?

    Iran’s recent debacle in Lebanon bears some resemblance to the Argentine military junta’s defeat in the 1982 Falklands War between Argentina and Britian over the Falkland Islands. In an appeal to Argentine nationalism, the junta “reclaimed” the islands, was defeated by Britain after 74 days, and relinquished power in 1983. In similar fashion, the Islamic Republic of Iran dedicated considerable time and effort to forge the much-heralded “axis of resistance,” with Lebanese Hezbollah at its core, to encircle Israel and deter Israeli bombardment of Iran’s nuclear infrastructure. However, since September 17, Israel has seemingly managed to neutralize hundreds of Hezbollah fighters and operatives and assassinated the top military and political leadership of the Lebanese militia.

  • Saudi giga-project Diriyah agrees deals worth $1 bln with European firms

    Diriyah, one of Saudi Arabia's so-called giga-projects, has agreed deals worth nearly $1 billion with European firms and is in talks to attract more foreign capital, its CEO said. The $63 billion project is one of the Public Investment Fund's giant construction efforts aimed at boosting economic growth and diversifying the oil-reliant kingdom's economy. Diriyah, located at a UNESCO World Heritage site outside the capital Riyadh, has been backed by PIF investments worth a total of around 20 billion riyals ($5.33 billion) in 2023 and 2024, and should get 12 billion riyals more next year, its CEO said.

  • Saudi Arabia Signals Oil Policy Shift

    The revised plan, according to the unnamed sources, is for the kingdom to increase incrementally its monthly production from December, adding a total of 1 million barrels per day (bpd) by December 2025. Even as this will weaken prices, the impact on Saudi Arabia may be limited, with the report making clear that the kingdom has other funding options for its infrastructure plans—namely, its foreign exchange reserves and the issuance of sovereign debt.