Saudi Arabia
Iran and Saudi Arabia plan joint military exercises in the Red Sea
Iran and Saudi Arabia, two major regional powers in the Middle East, are reportedly preparing to hold joint military exercises in the Red Sea.
Saudi Aramco said it plans to sell 1.545 billion shares worth more than $10 billion.
The sale on the Saudi stock exchange will commence on Sunday, Aramco said
Saudi Aramco said it plans to sell 1.545 billion shares worth more than $10 billion.
In a statement, Aramco announced a “secondary public offering of 1.545 billion shares,” with an expected price range between SR 26.70 and 29 ($7 to $7.70).
The sale on the Saudi stock exchange, which represents approximately 0.64 percent of the company’s issued shares, will commence on Sunday, Aramco said.
It is the firm’s second listing after an initial public offering in December 2019 that raised $25.6 billion, the biggest flotation in history.
Saudi Arabia is the world’s largest crude oil exporter and, before the announcement on Thursday, the government owned about 82 percent of its shares.
Iran and Saudi Arabia, two major regional powers in the Middle East, are reportedly preparing to hold joint military exercises in the Red Sea.
The International Monetary Fund further lowered its GDP growth forecast for Saudi Arabia for 2024 to 1.5% and estimated growth to accelerate to 4.6% next year in its latest World Economic Outlook Report released on Tuesday.
Russia wants the BRICS summit to showcase the rising clout of the non-Western world, but Moscow's partners from China, India, Brazil and the Arab world are urging President Vladimir Putin to find a way to end the war in Ukraine.
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