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DUBAI, United Arab Emirates (AP) — Saudi oil giant Aramco on Sunday reported it made $121 billion in profit last year, down from its 2022 record due to lower energy prices. It had reported a $161 billion profit in 2022, likely the largest ever reported by a publicly traded company. “The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemicals margins,” the company said in its filing. The energy giant had planned a conference call Monday to discuss its results. The crown prince hopes to use the oil wealth to pivot the kingdom off oil sales, such as with his planned $500 billion futuristic desert city, called Neom, and other projects.

Organizations: United Arab Emirates, Sunday, Aramco Locations: DUBAI, United Arab, Saudi, Aramco

☆ Saudi Arabia's auto rental firm Lumi pops 30% in stock market debut
▼ + stars: | 2023-09-25 | by ( Natasha Turak | ) www.cnbc.com time to read: 1 min

Shares of Lumi soared as much as 30% on Monday at the Saudi Arabian auto rental firm debuted on the Riyadh stock exchange in a 1.09 billion riyal ($290 million) initial public offering. A unit of Saudi travel company Seera, Lumi listed 30% of its shares on the Saudi Tadawul exchange at an initial price of 66 riyals, at the top of their range. Prices shortly after rose to as high as 85.8 riyals per share. According to its IPO prospectus, Lumi is the third-largest car rental provider in the Saudi kingdom, capturing an estimated local market share of 7% in 2021. The company received more than $27 billion in bids from retail and institutional investors during its listing, according to Bloomberg, with the funds portion oversubscribed by nearly 95 times.

Persons: Lumi Organizations: Saudi, Bloomberg Locations: Saudi, Riyadh

LONDON, Sept 21 (Reuters Breakingviews) - Barely a day goes by without an eye-catching story involving Saudi Arabia’s Public Investment Fund. A third of the fund consists of significant stakes in domestic companies like the $51 billion Saudi Telecom Company (7010.SE) and $53 billion Saudi National Bank (1180.SE). Reuters Graphics Reuters GraphicsThe PIF’s investment strategy is also racier than its more conservative peers. But the episode reinforces the impression that the PIF is a mix of venture capital, hedge fund and startup money. The most spectacular was probably handing $45 billion to SoftBank Group (9984.T) boss Masayoshi Son for his $100 billion first Vision Fund.

Persons: Kylian Mbappé, It’s, Prince Mohammed bin Salman, Yasir Al, Abu Dhabi’s Mubadala, Rumayyan, Salman bin Abdulaziz, Masayoshi Son, SWFs, Taiwan’s Foxconn, Peter Thal Larsen, Streisand Neto Organizations: Reuters, Saudi Arabia’s Public Investment Fund, Standard Chartered, Spanish telco Telefonica, Fund, Abu, Abu Dhabi Investment Authority, Global, Reuters Graphics Reuters, Saudi, Saudi Telecom Company, Saudi National Bank, Saudi Aramco, giga, Qatar Investment Authority, Singapore’s Temasek, Al, MbS, SoftBank Group, Vision, Credit Suisse, UBS, Saudi giga, Aramco, Investment, Thomson Locations: Spanish, Abu Dhabi, Riyadh, Saudi

Saudi Aramco said strong market conditions helped to push its second quarter net income to $48.4 billion, up from $25.5 billion a year earlier. Saudi state oil giant Aramco reported 112.81 billion riyal ($30.07 billion) in net profit in the second quarter, a drop of nearly 40% from the same period of last year amid a decline in hydrocarbon prices. Second-quarter profit nevertheless came slightly above analyst expectations near $29.8 billion in an Aramco-supplied poll. The oil giant reaffirmed its first quarter base dividend of $19.5 billion, paid in the second quarter, and declared a second-quarter dividend of $19.5 billion, to be delivered in the third quarter. Aramco also said it intends to distribute performance-linked dividends over six quarters, starting with a $9.9 billion distribution in the third quarter.

Persons: Amin Nasser, Nasser Organizations: Saudi Aramco, Aramco Locations: Saudi, Aramco

A panel displaying share prices is seen inside the Shenzhen Stock Exchange in the southern Chinese city of Shenzhen October 23, 2009. The Shenzhen Stock Exchange, one of the two major bourses in the Chinese mainland, is in negotiations with the Saudi Tadawul Group (1111.SE), operator of the Saudi Stock Exchange, for ETF Connect, as the programme is called, two of the sources said. The China Securities Regulatory Commission, the Shenzhen Stock Exchange and the Tadawul Group did not respond to Reuters' requests for comment. China has launched 'ETF Connect' projects in recent years with offshore stock exchanges in Hong Kong, Japan, South Korea, and Singapore. Reporting by Xie Yu and Selena Li in Hong Kong; Additional reporting by Hadeel Al Sayegh in Dubai; Editing by Sumeet Chatterjee and Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Bobby Yip, HONG KONG, HKEX, Jackie Choy, Xie Yu, Selena Li, Hadeel Al, Sumeet Chatterjee, Muralikumar Organizations: Shenzhen Stock Exchange, REUTERS, Saudi Tadawul Group, Saudi Stock Exchange, Connect, China's, China Securities Regulatory Commission, Tadawul, Singapore . Industry, Government Bond Index, Management, Saudi, Hong Kong Exchanges, Clearing, Tadawul Group, Hong Kong bourse, Morningstar Asia, Saudi Arabia's Ministry of Investment, Saudi Aramco, Thomson Locations: Shenzhen, HONG, China, Saudi, Beijing, Riyadh, Saudi Arabia, East Asia, Hong Kong, Japan, South Korea, Singapore, HK, Hong, Europe, East, Africa, Hadeel Al Sayegh, Dubai

There's a burgeoning bull case for Saudi Arabia stocks. The iShares MSCI Saudi Arabia ETF (KSA) is up more than 8% year to date and almost 20% over a three-year period. The MSCI Saudi Arabia Index is composed of almost 45% in financials, followed by 22.1% in materials, mostly consisting of petrochemicals groups. More foreign investment The kingdom's Vision 2030 economic blueprint aims to raise foreign direct investment contributions to 5.7% by 2030 from 0.7% currently . Another fund that does this is the Franklin FTSE Saudi Arabia ETF (FLSA) .

Persons: Morgan Stanley, Carlos Asilis, Ramzi Sidani, — it's, they've, It's, Andrew Miller, Miller, Glovista's, HSBC's Sidani, Mondrian, — CNBC's Michael Bloom Organizations: Glovista Investments, JPMorgan —, HSBC's Global Research, Saudi, HSBC's Frontier Equity, United Arab Emirates, Mondrian Investment Partners, Franklin FTSE, Franklin FTSE Saudi Arabia, Aramco, Al, Al Rajhi Bank Locations: Saudi Arabia, Saudi, Russia, Ukraine, East, Korea, Australia, Chile, Poland, financials, Qatar, Franklin FTSE Saudi, Al Rajhi

☆ Saudi's Morabaha Marina aims to raise up to $83.4 million in IPO -statement
▼ + stars: | 2023-05-14 | by ( ) www.reuters.com time to read: +1 min

DUBAI, May 14 (Reuters) - Saudi Arabia's Morabaha Marina Financing Company said on Sunday it is seeking to raise up to $83.4 million in an initial public offering on the Tadawul (.TASI) exchange to strengthen its capital base and support future growth. The independent non-bank finance institution plans to sell a 30% stake, or 21.4 million shares, in a price range between 13 riyals ($3.47) and 14.6 riyals per share, implying a total offer size of 278.6 million riyals ($74.29 million) to 312.9 million riyals, it said in a statement. The final offer price is expected to be announced on May 21 following an institutional bookbuilding process. Net proceeds from the share sale will be used to strengthen the company's capital base to support future growth. Morabaha Marina Financing Company offers Sharia-compliant financial services to individuals and small and medium sized enterprises in Saudi Arabia.

☆ Saudi National Bank chair resigns just days after Credit Suisse comments sparked sell-off
▼ + stars: | 2023-03-27 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

The Saudi National Bank (SNB) headquarters beyond the King Abdullah Financial District Conference Center in the King Abdullah Financial District (KAFD) in Riyadh, Saudi Arabia, on Tuesday, Dec. 6, 2022. Saudi National Bank Chairman Ammar al-Khudairy resigned his post on Monday, days after his comments exacerbated the share collapse of troubled bank Credit Suisse . Al-Khudairy is stepping down "due to personal reasons," the bank said. The then-SNB chairman said the Saudi bank would not intercede "for many reasons outside the simplest reason, which is regulatory and statutory." The comments fueled investor panic, sinking Credit Suisse shares 24% during that session, despite effectively reiterating SNB's previous position that it did not intend to expand its holdings beyond its then 9.9% interest as Credit Suisse's largest shareholder.

☆ Most Gulf markets turn south as Credit Suisse woes roil markets
▼ + stars: | 2023-03-15 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

[1/2] Saudi woman walks at the Saudi stock market (Tadawul), in Riyadh, Saudi Arabia March 9, 2020. The lender lost almost $25 billion in market value since Oct. 27 after committing to invest in the embattled Credit Suisse. Oil — a key catalyst for the Gulf's financial markets —extended losses, with Brent crude hitting a three-month low as unease over Credit Suisse spooked world markets, offsetting hopes of a Chinese oil demand recovery. "At the same time, traders will remain attentive to the developments in global markets and central bank decisions this week and the next." Outside the Gulf, Egypt's blue-chip index (.EGX30) plunged 4.2%, with investment bank EFG Hermes (HRHO.CA) diving more than 12%.

☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

☆ Most Gulf markets open lower on weak oil prices, rate-hike bets
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

Feb 27 (Reuters) - Most major Gulf markets opened lower on Monday, tracking Asian peers and weaker oil prices, as fears of further rate hikes by the U.S. Federal Reserve dampened investors' risk appetite. Saudi Arabia's benchmark stock index (.TASI) fell 0.2%, extending losses to a seventh consecutive session. The Qatari Stock index (.QSI) eased 0.1%, dragged down by losses in financial stocks. Bucking the trend, Dubai's benchmark index (.DFMGI) rose 0.4%, lifted by gains in property and banking shares. ($1 = 3.7519 riyals)Reporting by Shamsuddin Mohd in Bengaluru; editing by Eileen SorengOur Standards: The Thomson Reuters Trust Principles.

☆ Banks, real estate shares weigh on Saudi; insurer lifts Qatar
▼ + stars: | 2023-02-26 | by ( Shamsuddin Mohd | ) www.reuters.com time to read: +2 min

Feb 26 (Reuters) - Major stock markets in the Gulf ended mixed on Sunday, with Saudi Arabia's index pressured by real estate and banking shares, but a 10% surge in Qatar Insurance (QINS.QA) lifted the Qatari index. Among other stocks, Saudi Tadawul Group fell 4.7% after its annual profit declined more than 27% to 424.6 million riyals ($113.17 million). Middle East Healthcare (4009.SE) jumped 10% after its annual profit soared more than 300% compared to a year earlier. The Qatari Stock index (.QSI) rose 0.7%, ending three consecutive sessions of losses, buoyed by its financial stocks. The insurer on Wednesday hit a more than 13-year low after reporting a consolidated net loss of 637 million riyals ($174.14 million) for fiscal year 2022, compared to a profit of 630 million riyals ($172.23 million) a year earlier.

☆ Global supply of oil inches tighter amid Russia's response to the G7 to reduce oil output
▼ + stars: | 2022-12-25 | by ( Laila Maidan | ) www.businessinsider.com time to read: +2 min

The global supply of these commodities is expected to remain tight. The upticks come amid fears over tightening oil supply. On Friday, Russia's Deputy Prime Minister Alexander Novak told state television that the country could reduce oil output by 5 to 7% in early 2023. This year, the energy sector has seen a strong performance relative to the broad stock market. The global supply of these commodities is expected to remain tight.

☆ Saudi leads fall in major Gulf markets amid Fed policy jitters
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Dec 12 (Reuters) - Saudi Arabia's stock market dropped in early trade on Monday, leading declines in the Gulf region ahead of interest rate decision from the U.S. Federal Reserve. The Fed is widely expected to raise rates by 50 basis points at its last meeting of 2022 on Wednesday. Investors will also focus on the central bank's updated economic projections and Fed Chair Jerome Powell's press conference. Dubai's main share index (.DFMGI) fell 0.6%, hit by a 1.5% fall in top lender Emirates NBD (ENBD.DU). The Qatari index (.QSI) slipped 1.4%, as most of the stocks in the index were in neagtive territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), down 2.2%.

☆ Saudi Aramco's Luberef sets final IPO offer price at $26.3/shr
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Dec 12 (Reuters) - Oil giant Saudi Aramco's (2222.SE) base oil subsidiary Luberef has set the final offer price for its upcoming initial public offering (IPO) at 99 riyals ($26.33) a share, at the top end of the price range amid strong demand. The pricing implies a market capitalisation of SAR 16.7 billion riyals ($4.44 billion), the company said in a statement. Saudi investment bank Jadwa, is the selling shareholder, offering its 30% share in the company to investors. Luberef received $30 billion in orders from institutional investors during the book building process, the company statement said, signalling continued strong demand for Gulf IPOs this year. SNB Capital Company, HSBC Saudi Arabia, Citigroup Saudi Arabia and Morgan Stanley Saudi Arabia are joint financial advisers on the IPO, with SNB Capital also acting as lead manager.

☆ Saudi Exchange launches market-making framework to boost liquidity
▼ + stars: | 2022-12-04 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Dec 4 (Reuters) - Saudi Arabia's stock exchange said on Sunday it was launching a market-making framework for its stock and derivatives markets to help ensure liquidity and raise price-determination efficiency. Entities must be exchange members, derivatives exchange members or their clients to be market makers. "Market Makers have to ensure the availability of liquidity for a listed security by providing continuous quotes throughout market open session," the Saudi Exchange, also known as Tadawul, said. "The Saudi Exchange will monitor compliance with Market Maker obligations, and will provide incentives to the Market Maker after obligations are met." As of October, Tadawul was the world's ninth largest exchange by market capitalisation of listed companies at $2.86 trillion, just ahead of the London Stock Exchange, according to Statista.

☆ Saudi Aramco's Luberef expects to raise up to $1.32 bln from IPO
▼ + stars: | 2022-12-04 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, Dec 4 (Reuters) - Saudi oil giant Aramco's (2222.SE) base oil subsidiary Luberef expects to raise up to 4.95 billion riyals ($1.32 billion) from its initial public offering, it said, if it prices at the top of a range announced on Sunday. Gulf issuers have raised about $16 billion through such listings this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows. A minimum of 75% of the Luberef shares being sold will be offered to institutional investors, with bookbuilding getting underway on Sunday and running until Friday. Aramco owns 70% of Luberef and Saudi investment bank Jadwa Investment the remaining 30%. Saudi Aramco's record listing in late 2019, later boosted to total $29.4 billion in proceeds, was the world's largest IPO.

☆ Saudi Aramco's Luberef gets regulator nod for IPO
▼ + stars: | 2022-11-24 | by ( Steven Scheer | ) www.reuters.com time to read: +1 min

DUBAI, Nov 24 (Reuters) - Saudi oil giant Aramco's (2222.SE) base oil subsidiary, Luberef, has received the approval from the kingdom's stock market regulator for an initial public offering, the Capital Market Authority said on Thursday. Saudi Aramco Base Oil Company (Luberef), formerly Saudi Aramco Lubricating Oil Refining Co, will offer investors 50.045 million of its shares, equivalent to 29.656% of its share capital. Aramco owns 70% of Luberef and Saudi investment bank Jadwa Investment owns the remaining 30%. Gulf issuers have raised about $16 billion in initial public offerings this year, accounting for about half of total IPO proceeds from Europe, the Middle East and Africa, Refinitiv data shows. Saudi Aramco's record listing on Riyadh's Tadawul exchange in late 2019, later boosted to total $29.4 billion in proceeds, was the world's largest IPO.

☆ Major Gulf markets fall after Fed warning
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Major stock markets in the Gulf retreated in early trade on Monday after a top U.S. central banker warned investors against getting carried away over one inflation number. Saudi Arabia's benchmark stock index (.TASI) dropped 1.3%, dragged down by a 4.1% slide in Retal Urban Development Co (4322.SE) and a 1.3% decline in Al Rajhi Bank (1120.SE). The kingdom's Public Investment Fund sold a 10% stake in the firm through a secondary share offering, raising 2.3 billion riyals ($612 million). The fund sold 12 million shares through an accelerated bookbuild offering at 191 riyals each, a 9% discount to Thursday's closing price. Dubai's main share index (.DFMGI) fell 0.4%, hit by a 0.9% fall in blue-chip developer Emaar Properties (EMAR.DU).

☆ Most Gulf bourses fall after Fed warning
▼ + stars: | 2022-11-14 | by ( Ateeq Shariff | ) www.reuters.com time to read: +2 min

Nov 14 (Reuters) - Most Gulf stock markets ended lower on Monday after a top U.S. central banker warned investors not to get carried away over one inflation number, while falling oil prices compounded concerns. Saudi Arabia's benchmark index (.TASI) fell 0.4%, hit by a 3% slide in the country's biggest lender Saudi National Bank (SNB)(1180.SE). The lender has agreed to invest 1.5 billion Swiss francs ($1.59 billion) in the Swiss bank and is set to take a stake of up to 9.9%. Since the October announcement, SNB has lost 39.94 billion riyals ($10.63 billion) from its market value. The kingdom's Public Investment Fund sold a 10% stake in the firm through a secondary share offering, raising 2.3 billion riyals ($612 million).

☆ Saudi Arabia's PIF reduces majority stake in Saudi Tadawul Group
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: +1 min

DUBAI, Nov 13 (Reuters) - Saudi Arabia's Public Investment Fund has sold a 10% stake in stock exchange operator and owner Saudi Tadawul Group through a secondary share offering, raising 2.3 billion riyals ($612 million), it said in a statement on Sunday. The sovereign wealth fund with over $600 billion in assets said it sold 12 million shares through an accelerated bookbuild offering. The fund's remaining stake amounts to 72 million shares or 60% of the company, it said. PIF is the main engine of Crown Prince Mohammed bin Salman's Vision 2030 plan to wean the economy off its dependence on oil. It sold a 6% stake in Saudi Telecom (STC) for 12 billion riyals ($3.2 billion) in December last year.

☆ Most Gulf bourses in black on Fed rate hopes
▼ + stars: | 2022-11-13 | by ( Ateeq Shariff | ) www.reuters.com time to read: +3 min

Nov 13 (Reuters) - Most stock markets in the Gulf ended higher on Sunday with Saudi Arabian shares snapping three sessions of losses, as soft U.S. inflation data fuelled hopes that the aggressive Federal Reserve rate stance might begin to ease. The Qatari stock market started the week positively as the world cup could provide strong support for the market and attract investors' attention, said Farah Mourad, Senior Market Analyst of XTB MENA. Outside the Gulf, Egypt's blue-chip index (.EGX30) gained 1.9%, as most of the stocks on the index were in positive territory. According to analyst Mourad, the Egyptian stock market continues to benefit from the attention COP27 brought to the country. ($1 = 3.7590 riyals)($1 = 0.9417 Swiss francs)Reporting by Ateeq Shariff in Bengaluru;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia considers new mining index in diversification push
▼ + stars: | 2022-11-04 | by ( Praveen Menon | ) www.reuters.com time to read: +3 min

Mining Minister Bandar bin Ibrahim al-Khorayef told Reuters in an interview in Sydney that his team met with Australian counterparts to learn more about a mining index, similar to Australia's ASX 300 Metals & Mining (XMM) sub-index (.AXMM) that lists metals and mining firms including producers of gold, steel and precious metals. "We have a secondary stock market in Saudi...its still evolving. "The whole idea (of a mining index) is to ensure that we have something that financing companies or financial institutions like banks can have good visibility on," he said. "We want to encourage people who offer services to mining companies to come to Saudi either directly or through partnering with some local people. Saudi is hosting the Future Minerals Forum in Riyadh in January, where it hopes to announce more details of its plans for the mining sector.

☆ ‘Unique’ Aramco IPO changes the dynamics of Saudi Arabia’s economy, stock market CEO says
▼ + stars: | 2018-05-02 | by ( Sam Meredith | ) www.cnbc.com time to read: +3 min

"The Saudi Stock Exchange is as excited as everybody else with the listing of Aramco," Khalid Abdullah Al Hussan, CEO of the Saudi Stock Exchange, told CNBC's Hadley Gamble in Riyadh on Wednesday. watch nowThe world's largest initial public offering (IPO) will radically transform the way in which Saudi Arabia's economy operates, according to the chief executive of the Saudi Stock Exchange. So far, Saudi Arabia's Tadawul is the only confirmed listing exchange for state-owned energy giant, Saudi Aramco. "The Saudi Stock Exchange is as excited as everybody else with the listing of Aramco," Khalid Abdullah Al Hussan, CEO of the Saudi Stock Exchange, told CNBC's Hadley Gamble in Riyadh on Wednesday. "It is almost doubling the size of the Saudi market and that is definitely changing our position as far as size ... (And) will change the dynamics of how the Saudi capital market — as well as the economy — operates," he added.

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