Saudi Aramco declares $1.71 tn valuation in blockbuster IPO

News Network
November 17, 2019

Riyadh, Nov 17: Saudi Arabia on Sunday put a value of up to $1.71 trillion on energy giant Aramco in what could be the world's biggest IPO, but missed Crown Prince Mohammed bin Salman's initial target of $2 trillion.

Aramco said it would sell 1.5 percent of the company in a blockbuster initial public offering worth at least $24 billion.

"The base offer size will be 1.5 percent of the company's outstanding shares," the state-owned energy giant said in a statement that set the price range at 30-32 Saudi riyals per share ($8-8.5).

The much-delayed offering is scaled down from original plans, but it still rivals the world's biggest listing so far -- the $25 billion float of Chinese retail giant Alibaba in 2014.

Aramco had initially been expected to sell a total of five percent on two exchanges, with the first listing of two percent on the kingdom's Tadawul bourse, followed by a further three percent on an overseas exchange.

But the firm has said there are no current plans for an international stock sale, indicating that the long-discussed goal had been shelved for the time being.

Saudi Arabia is pulling out all the stops to ensure the success of the IPO, a cornerstone of de facto ruler Prince Mohammed's ambitious plan to diversify the economy by pumping funds into megaprojects and non-energy industries.

S&P Global Ratings said the stock market debut could enable the kingdom to strengthen its financial position.

"If subsequently effectively deployed, the funds raised could be used to support longer-term economic growth in Saudi Arabia," it said.

The government has reportedly pressed wealthy Saudi business families and institutions to invest, and many nationalists have labelled it a patriotic duty.

Even for the domestic listing though, there are reports the firm is struggling to attract foreign institutional investors, amid an uncertain outlook for the energy sector and questions over company disclosures and governance.

In its prospectus released last week, the company lists a variety of risks ranging from terrorist attacks to geopolitical tensions in a region dominated by Saudi-Iran rivalry.

One striking element was a warning that global oil demand may peak within the next 20 years, citing a forecast from industry consultant IHS Markit.

It also acknowledged that climate change concerns could reduce the demand for hydrocarbons.

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News Network
March 29,2024

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Dozens of people have lost their lives and sustained injuries when Israeli military aircraft carried out a string of aerial assaults on targets near the northwestern Syrian city of Aleppo, according to Syrian officials.

Citing an unnamed military source, Syria’s official news agency SANA reported that “the Israeli enemy launched an aerial attack at approximately 1:45 a.m. local time on Friday (March 29) from the direction of Athriya, southeast of Aleppo.”

It added that “civilians and military personnel” had been killed and wounded in the strikes.

SANA noted that Israeli drone strikes had targeted civilians in Aleppo and its suburbs. It did not give an exact number for the casualties.

Two security sources said the strikes on Aleppo early on Friday killed 33 civilians and military personnel.

There was no immediate statement from Israeli officials on the strikes.

Aleppo, Syria's largest city and once its commercial center, has come under such attacks in the past that led to the closure of its international airport. Friday's strike did not affect the airport.

On Thursday evening, Syrian media outlets reported Israeli airstrikes near the capital Damascus saying it wounded two civilians.

The Israeli regime often conducts airstrikes on military installations in Syria, particularly those belonging to the Lebanese resistance group Hezbollah.

Hezbollah has been instrumental in supporting the Syrian army in its battle against terrorists backed by foreign entities.

The Tel Aviv regime does not acknowledge its military actions within Syrian territories, which is widely interpreted as a knee-jerk reaction to the Syrian government’s triumph over terrorism.

Since the onset of foreign-backed militancy in Syria in 2011, the Israeli regime has stood as a staunch supporter of terrorist factions that are in opposition to the democratically-elected leadership of President Bashar al-Assad.

The recent strikes also come amid an upsurge in Israel’s acts of aggression against Syria and its ongoing genocidal war against Palestinians in the Gaza Strip which has killed at least 32,552 Palestinians, most of them women and children.

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News Network
March 21,2024

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Israeli military siege, hunger, and diseases will soon become the main killer in Gaza, says commissioner- general of the UN Relief and Works Agency (UNRWA).

Philippe Lazzarini, who heads the UNRWA for Palestine Refugees in the Near East, took to X on Wednesday to vent his concern for the growing hunger and spread of diseases as a result of the Israeli siege on the besieged strip.

He said starvation and illness may soon be the main killer in Gaza.

"This fabricated and catastrophic level of hunger can still be reversed by flooding Gaza with food and life-saving assistance," Lazzarini said.

"More than ever humanity requires political will,” the UNRWA chief added.

In a press release on March 19, UNRWA said that “famine is imminent in the Gaza Strip, especially for isolated populations in northern Gaza deprived of humanitarian aid.”

The statement noted that the Integrated Food Security Phase Classification (IPC), in a latest food security outlook, concluded that up to 1.1 million people in Gaza are facing catastrophic levels of food insecurity.

“Nutrition screenings conducted in February by UNICEF and UNRWA show that rates of acute malnutrition among children in northern Gaza and Rafah have nearly doubled since January,” it said.

The Israeli regime has accused UNRWA staff of being involved in the October 7 attack by the Palestinian resistance movement Hamas against the occupied territories, prompting a number of its western allies to suspend funding for the UN agency.

On Wednesday, an agreement was reached by US congressional leaders and the White House on a massive funding bill will continue a ban on US funding for UNRWA until March 2025, Reuters reported.

Earlier this year the US, Canada, Australia, Britain, Germany, Italy, the Netherlands, Switzerland, Finland, Estonia, Japan, Austria and Romania  decided to cut their funding to the UNRWA, considered a lifeline for the Palestinians in Gaza.

France had also announced that it does not plan a new payment to fund UNRWA in the first quarter of 2024.

Condemning the suspension of funding, Lazzarini had said, “It would be immensely irresponsible to sanction an agency and an entire community…, especially at a time of war, displacement and political crises in the region.”

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News Network
March 25,2024

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A Palestinian woman has recounted terrifying incidents after Israeli military forces raided al-Shifa hospital in Gaza City last week, saying the occupying regime’s soldiers are raping Palestinian women before killing them.

Jamila Al-Hisi, an eyewitness who was besieged in the medical complex and managed to finally get out, said on Saturday that women have been subjected to rape, starvation, torture, and extrajudicial execution, adding that the International Committee of the Red Cross (ICRC) is doing nothing.

She went on to say that Israeli troops have “forced 65 families to leave the area around the al-Shifa Medical Complex whilst burning and killing entire families,” noting that they have burned a building where Palestinian civilians were taking shelter.

“We don’t even have water to break our fast, and we don’t know where to go,” Hisi said, stressing that the displaced people in the compound have not found food or water for six days.

She further called on the Red Cross to provide water for the children and the sick who are being forced to drink dirty water and eat rotten food.

Palestinians are being forcibly displaced by Israeli occupation forces from the area surrounding al-Shifa Hospital in northern Gaza, Hisi said, adding, “We are trapped amid continued Israeli shelling.”

The latest development comes as the Israeli military continues to carry out air strikes and artillery shelling in and around the al-Shifa Hospital for the seventh day in a row.

On Monday, heavily armed Israeli forces stormed the al-Shifa hospital using tanks and drones, claiming that the Palestinian resistance movement Hamas is using the facility to “conduct and promote terrorist activity.” Later that day, Israel said that “terrorist forces” were firing at Israeli troops.

The Ministry of Health in Gaza said at the time that about 3,000 people were inside al-Shifa seeking refuge and that those attempting to leave were being targeted by snipers and fire from helicopters.

Ever since the Israeli military raided the hospital last week, reports have suggested unspeakable atrocities being carried out against the doctors, nurses, and general staff as well as the thousands of displaced people there.

Israelis have admitted to executing 140 people inside al-Shifa, including paramedics, patients and wounded whilst the siege is still ongoing after seven days with mass arrests.

Meanwhile, a group of Palestinian activists have circulated a shocking story about the Israeli soldiers raping a pregnant woman in the al-Shifa hospital, alongside Hisi’s revelation.

Watan-Palestinian activists quoted the husband of a woman who was raped by Israeli forces as saying that “They ordered her to undress and began to beat her… She told the military she was five months pregnant, not to beat her, but they continued to beat her.”

“After hours, they took out all the women except the pregnant woman, and her children… They took her in front of her husband and children and raped her, ordering the men not to close their eyes or they would be shot.”

Israel waged the war on the Gaza Strip on October 7 after Hamas carried out the surprise Operation Al-Aqsa Storm into the occupied territories in response to the occupying regime’s intensified crimes against the Palestinian people.

Since the start of the aggression, the Tel Aviv regime has killed at least 32,226 Palestinians, most of them women and children, and injured another 74,518 individuals.

Tel Aviv has also imposed a “complete siege” on Gaza, cutting off fuel, electricity, food, and water to the more than two million Palestinians living there.

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