Abu Dhabi and Kuwait funds to invest in Aramo IPO

News Network
November 27, 2019

Dubai/Abu Dhabi, Nov 27: The sovereign wealth funds of Abu Dhabi and Kuwait plan to invest in the initial public offering (IPO) of Saudi Aramco, which is relying mainly on Saudi and Gulf investors to raise up to $25.6 billion, sources familiar with the matter said.

Abu Dhabi Investment Authority (ADIA) is weighing an investment of at least $1 billion, five sources familiar with the matter told Reuters. A final decision on the amount requires board approval, one of the sources said.

Kuwait Investment Authority (KIA) also plans to invest in the IPO, two of the sources said. The size of the potential deal was not immediately known.

An ADIA spokesman and Aramco declined to comment. KIA did not immediately respond to a request for comment.

State oil giant Aramco has struggled to attract a major cornerstone or anchor investor for its IPO, which could be potentially the world's biggest if it exceeds $25 billion.

Aramco officials have visited Kuwait and Abu Dhabi, which have strong political ties with Riyadh, to discuss participating in the offering.

Aramco had cancelled marketing roadshows for its listing outside the Gulf region due to a lack of interest from foreign institutional investors, many of whom see Aramco's valuation as expensive given concern over political, governance and environment issues.

ADIA and KIA manage a combined total of about $1.3 trillion in assets, according to the Sovereign Wealth Fund Institute, making them among the biggest sovereign funds in the world.

Two of the sources said ADIA was considering an investment of at least $1 billion, while two other sources gave a range of between $1.5 billion and $2 billion.

ADIA, estimated to have assets of nearly $700 billion, is chaired by the president of the United Arab Emirates. Its deputy chairman is Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan, a close ally of Saudi Arabia's crown prince.

Saudi Arabia aims to sell 1.5% of Aramco, valuing the company at between $1.6 trillion and $1.7 trillion - lower than the $2 trillion target initially sought by Crown Prince Mohammed bin Salman, who has made the offering a pillar of his ambitious drive for economic diversification.

Aramco kicked off the sale process on Nov. 3. Retail subscription hit 27.04 billion riyals ($7.21 billion) on Tuesday, lead manager Samba Capital said.

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News Network
April 13,2024

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New Delhi, May 13: Warmongering Israel is bracing for a potential direct attack by Iran as warnings grow of retaliation for the provocative killing last week of a senior officer in Iran's embassy in Damascus. US and other intelligence assessments have said the retaliation could come as soon as Sunday. The unprecedented attack could trigger an all-out regional war.

US President Joe Biden has also warned Israel that he expects a strike from Iran soon, but has warned the clerical state not to attack.

"I don't want to get into secure information but my expectation is sooner than later," Biden told reporters after an event.

Asked what his message was to Iran on striking Israel, Biden said, "Don't."

An assault from Iranian soil has emerged as one of the main scenarios expected by the Jewish state and its allies, according to reports by the Wall Street Journal and Bloomberg. A bombardment with drones and precision missiles could come within the next 24 hours, the reports said citing people familiar with the matter.

Any Iranian attack on Israel would likely be a combination of missiles and drones, based on current capabilities outlined in a new Defense Intelligence Agency Worldwide Threat assessment released late Thursday.

The regime "has a substantial inventory of ballistic and cruise missiles capable of striking targets as far as 2,000 kilometers from its borders," the agency said.

The US has rushed additional military assets to protect Israel and American forces in the region. The country has moved two Navy destroyers to the Eastern Mediterranean Sea, according to a Navy official. One is the USS Carney, which was recently in the Red Sea performing air defence against Houthi drones and anti-ship missiles.

America has also doubled down its diplomatic efforts to rein in hostilities in the region, which has been on the edge since Israel launched a mega offensive on Palestine to destroy the militant organisation Hamas.

US officials have been working to send messages to Iran, including through an established Swiss channel, while talking to Israel, Saudi Arabia, Qatar, and other governments. Biden has also sent the head of US Central Command, General Michael Kurilla, to Israel for urgent talks on the threat from Iran.

The 'shadow war' between the two Middle Eastern countries heated up when an Israeli airstrike hit the Iran consulate in Damascus, killing seven people, including two generals. Iran immediately issued a statement saying that it is prepared for war and will deliver a "slap" to Israel.

Israel has been on alert since then, canceling home leave for combat troops, calling up reserves, and bolstering air defenses. Its military scrambled navigational signals over Tel Aviv on Thursday to disrupt GPS-navigated drones or missiles that might be fired at the country.

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News Network
April 14,2024

Riyadh: Saudi Arabia on Sunday expressed deep concern over the military escalation in the Middle East and urged all parties involved to exercise restraint, the Saudi Press Agency reported, citing a statement of the Ministry of Foreign Affairs.

The Ministry of Foreign Affairs warned of "serious repercussions" on the region and its peoples from the dangers of a wider war, according to SPA.

Iran on Saturday launched drones and missiles against Israel, making good its threat to retaliate against the Israeli air strike that destroyed an Iranian embassy annex building in Damascus, Syria, killing at least 13 people, including two generals of Iran's elite Revolutionary Guard.

The Saudi ministry "affirmed the Kingdom’s position calling for the need for the Security Council to assume its responsibility towards maintaining international peace and security, especially in this region that is extremely sensitive to global peace and security, and to prevent the escalation of the crisis that will have serious consequences if it expands," said the SPA report. 

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News Network
April 14,2024

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Tehran: Iran’s Islamic Revolution Guards Corps (IRGC) has launched “extensive” retaliatory missile and drone strikes against the occupied territories in response to the Israeli regime’s terrorist attack of April 1 against the Islamic Republic’s diplomatic premises in the Syrian capital Damascus.

The Corps announced launching the strikes in a statement on Saturday night, defining the mission as "Operation True Promise."

“In response to the Zionist regime’s numerous crimes, including the attack on the consular section of Iran’s Embassy in Damascus and the martyrdom of a number of our country’s commanders and military advisors in Syria, the IRGC’s Aerospace Division launched tens of missiles and drones against certain targets inside the occupied territories,” the statement read.

Iran's Defense Minister Brigadier General Mohammad Reza Ashtiani, meanwhile, warned that “Whatever country that could open its soil or airspace to Israel for a [potential] attack on Iran, will receive our decisive response.”

The Israeli attack had resulted in the martyrdom of Brigadier General Mohammad Reza Zahedi, a commander of the IRGC's Quds Force, his deputy, General Mohammad Hadi Haji Rahimi, and five of their accompanying officers.

The terrorist attack drew sharp condemnation from senior Iranian political and military leaders, who vowed "definitive revenge."

During a speech in Tehran on Wednesday after leading the Eid al-Fitr prayers, Leader of the Islamic Revolution Ayatollah Seyyed Ali Khamenei said the Israeli regime “must be punished and will be punished” for the deadly strike on the Iranian diplomatic premises.

The Leader added, “The evil Zionist regime committed another mistake ...  and that was the attack on the Iranian consulate in Syria. The consulate and diplomatic missions in any country are considered to be the territory of that country. When they attack our consulate, it means they have attacked our soil."

In a subsequent statement, the IRGC said the retaliation came after 10 days of "silence and neglect" on the part of the international organizations, especially the United Nations Security Council, to condemn the Israeli aggression or punish the regime in line with Article 7 of the UN Charter.

Iran then resorted to the retaliatory strikes, the Corps added, "using its strategic intelligence capabilities, missiles, and drones" to attack "targets of the Zionist terrorist army in the occupied territories, successfully hitting and destroying them."

The statement, meanwhile, warned the United States -- the Israeli regime's biggest supporter -- that "any support or participation in harming Iran's interests will result in a decisive and regrettable response by the Armed Forces of the Islamic Republic."

"Furthermore, America is held responsible for the evil actions of the Zionist regime, and if this child-killing regime is not restrained in the region, it will bear the consequences," it noted.

The Corps concluded the statement by cautioning third countries against letting their soil or airspace be used for attacks against the Islamic Republic.

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