DUBAI/RIYADH: State-owned oil giant Saudi Aramco's initial public offering (IPO) will be the biggest in history, but will still fall significantly short of the towering $2 trillion valuation long sought by Crown Prince Mohammed bin Salman. Aramco priced its IPO at 32 riyals ($8.53) per share, the top of its indicative range, according to three sources familiar with the decision, raising $25.6 billion and beating Alibaba's record $25 billion listing in 2014. At that level, Aramco has a market valuation of $1.7 trillion, comfortably overtaking Apple as the world's most valuable listed firm. But the listing, expected later this month on the Riyadh stock exchange, is a far cry from the blockbuster debut originally envisaged by the Crown Prince. Saudi Arabia relied on domestic and regional investors to sell a 1.5% stake after lukewarm interest from abroad, even at the reduced valuation of $1.7 trillion. Sources told Reuters earlier that Aramco may also exercise a 15% "greenshoe" option, … [Read more...] about Saudi Aramco prices shares at top of range in world’s biggest IPO
Saudi yemen news
By Javier Blas, Grant Smith and Laura Hurst Saudi Arabia, the dominant force in Opec, is using both carrot and stick to talk other members of the oil cartel into defending prices at Thursday’s ministerial meeting. Saudi Oil Minister Prince Abdulaziz bin Salman, in Vienna for his first meeting since taking the top job, is willing to raise production slightly if other countries keep failing to meet their existing output target, according to Opec delegates. The potential reward for complying: Riyadh will lead the way in deepening curbs. The outcome of the meeting remained open on Wednesday evening as Opec officials shuttled between sit-downs in the suites of luxury hotels. The precise terms of any proposed deal were unclear. Iraq, the country with the poorest track record complying with the pact, had talked about a production cut of 400,000 barrels a day, but later on Wednesday the minister said instead he favored an extension of the current plan, which expires in March 2020, … [Read more...] about Saudis offer carrot and stick to get Opec to defend oil prices
Video PlayerClose ADEN, Yemen, Dec. 5 (Xinhua) -- Yemen's pro-government forces attempted on Thursday to advance militarily towards areas controlled by the Southern Transitional Council (STC) in the country's southern part. The advancement sparked sporadic clashes with the STC's security units that deployed to secure the state institutions in the country's southern province of Abyan and combat terrorism there. Local sources confirmed to Xinhua that two people were killed and several others injured following the sporadic clashes that occurred in Ahwar district of Abyan. The fresh eruption of the armed confrontations is posing a serious threat to the success of the power-sharing deal signed in Saudi Arabia's capital of Riyadh last month. An official of Abyan's security command blamed the Muslim Brotherhood-affiliated Islah party for pushing the situation into military escalation in an attempt to abort the implementation of Riyadh deal. "Scores of fighters linked to the Islamist Islah … [Read more...] about Roundup: Saudi-brokered deal on Yemen at risk of collapse
The execution last weekend also heightened the Saudi-Iran regional rivalry, threatening to derail already-shaky peace efforts over the wars in Syria and Yemen. Sudan and the tiny island kingdom of Bahrain said they would sever ties with Iran, as Saudi Arabia did late Sunday. The United Arab Emirates announced it would downgrade ties to Tehran to the level of the charge d’affaires, while other nations issued statements criticising Iran. The concerted campaign by Sunni-ruled Saudi Arabia highlights the aggressive stance King Salman and his son, Deputy Crown Prince Mohammed bin Salman, have adopted in confronting Iran, a longtime regional rival. “What we have seen during the last 24 hours is unprecedented ... It shows you Saudi Arabia has had enough of Iran and wants to send a message,” said Abdulkhaleq Abdullah, a political-science professor at Emirates University. “This is the Saudis saying: ‘There is no limit to how far we will go.”’ On … [Read more...] about Tensions between Saudi Arabia and Iran threaten shaky peace efforts
Durba Dhyani gets lessons in patriotism.Rediff.com "Lose your TV and keep your sanity," a friend had advised some time back. She gave away her TV set about two years ago and has been glowing ever since. "Ignorance is bliss," she croons, whenever asked the secret of her great skin. Since my refrigerator has packed up and my washing machine is in its death throes, I decided to retain the one thing that still works in the house. And so I have paid the price -- sitting before the idiot box every evening has led to dull skin as well as brain damage. For example, I no longer know whether I am secular, pseudo secular, nationalist, hyper-nationalist, a dove, a hawk or what. I thought people love their country by default, like they love their mother, and did not give much thought to it before. I did curse it each time I saw a pothole on the road, but never felt any less patriotic. But now, seeing the nationalistic fervour of some of our news anchors and guests, who seem to be screaming at us to … [Read more...] about So what is your Nationalism Quotient?