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Saudi Aramco says to offer shares worth over $10 billion on Saudi bourse

Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion. (Aramco)
Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion. (Aramco)
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Updated 30 May 2024

Saudi Aramco says to offer shares worth over $10 billion on Saudi bourse

Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion. (Aramco)
  • It is the firm’s second listing after an initial public offering in December 2019 that raised $25.6 billion

RIYADH: Saudi Aramco said on Thursday it plans to sell 1.545 billion shares worth more than $10 billion, one of the biggest such offerings in recent years.
In a statement posted to the Saudi stock exchange, Aramco announced a “secondary public offering of 1.545 billion shares,” with an expected price range between 26.70 and 29 Saudi riyals ($7 to $7.70).
The sale on the local bourse, 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.
Ƶ is the world’s largest crude oil exporter and, before the announcement on Thursday, the government owned about 82 percent of its shares.


Afghan women’s group hails court’s move to arrest Taliban leaders for persecution of women

Afghan women’s group hails court’s move to arrest Taliban leaders for persecution of women
Updated 5 min 28 sec ago

Afghan women’s group hails court’s move to arrest Taliban leaders for persecution of women

Afghan women’s group hails court’s move to arrest Taliban leaders for persecution of women
  • ICC chief prosecutor has requested arrest warrants for two top Taliban officials, including leader Hibatullah Akhundzada
  • Taliban have barred women from jobs, most public spaces and education beyond the sixth grade

An Afghan women’s group on Friday hailed a decision by the International Criminal Court to arrest Taliban leaders for their persecution of women.
The International Criminal Court’s chief prosecutor Karim Khan announced Thursday he had requested arrest warrants for two top Taliban officials, including the leader Hibatullah Akhundzada.
Since they took back control of the country in 2021, the Taliban have barred women from jobs, most public spaces and education beyond sixth grade.
In a statement, the Afghan Women’s Movement for Justice and Awareness celebrated the ICC decision and called it a “great historical achievement.”
“We consider this achievement a symbol of the strength and will of Afghan women and believe this step will start a new chapter of accountability and justice in the country,” the group said.
The Taliban government has yet to comment on the court’s move.
Also Friday, the UN mission in Afghanistan said it was a “tragedy and travesty” that girls remain deprived of education.
“It has been 1,225 days — soon to be four years — since authorities imposed a ban that prevents girls above the age of 12 from attending school,” said the head of the United Nations Assistance Mission in Afghanistan Roza Otunbayeva. “It is a travesty and tragedy that millions of Afghan girls have been stripped of their right to education.”
Afghanistan is the only country in the world that explicitly bars women and girls from all levels of education, said Otunbayeva.


UAE minister meets Syria’s FM in Davos

UAE minister meets Syria’s FM in Davos
Updated 2 min 3 sec ago

UAE minister meets Syria’s FM in Davos

UAE minister meets Syria’s FM in Davos

DUBAI: The UAE’s Minister of Cabinet Affairs Mohammed bin Abdullah Al-Gergawi had a meeting this week with Asaad Al-Shibani, Syria’s foreign affairs minister in the transitional government, on the sidelines of the World Economic Forum in Davos, state news agency WAM reported on Friday.

During the meeting, Al-Gergawi reaffirmed the UAE’s commitment to supporting Syria’s independence and sovereignty.

He emphasized the UAE’s support for all efforts to achieve peace, stability, and a dignified future for the nation’s people.


Pakistan tax association says foreign investment at risk as authorities deny security clearances

Pakistan tax association says foreign investment at risk as authorities deny security clearances
Updated 11 min 32 sec ago

Pakistan tax association says foreign investment at risk as authorities deny security clearances

Pakistan tax association says foreign investment at risk as authorities deny security clearances
  • Pakistan Tax Bar Association says foreign subscribers, directors getting ‘unilateral’ rejection letters with no reason given
  • Union says the actions go against the government’s stated aim of inviting foreign companies to invest in Pakistan

ISLAMABAD: The Pakistan Tax Bar Association (PTBA) has written a letter to the interior minister this week raising concern about the ‘unilateral’ rejection of security clearances for foreign investors, which the union said could jeopardize their business activities in the country.

The government of Prime Minister Shehbaz Sharif says it is committed to improving Pakistan’s investment climate as the South Asian country struggles to meet external financing needs. In 2023, Pakistan set up the Special Investment Facilitation Council to attract foreign funds and projects. In recent months, Ƶ has promised to expedite a $5 billion investment plan for Pakistan, while the UAE and Kuwait have committed $10 billion each in promising sectors and Qatar has pledged $3 billion.

However, potential investors in Pakistan face many challenges such as taxation, persistently high inflation, red tape, weak rule-of-law, inconsistent regulation, corruption, political uncertainty, security concerns and a lack of transparency in public-sector decision-making.

“We are writing to you to raise a very serious issue in terms of rejection of security clearance for foreign investors who have incorporated a 100 percent foreign equity company in Pakistan,” the PTBA, a private body, said in the letter to Interior Minister Mohsin Naqvi on Wednesday. 

As per the Companies Regulations, 2024, every foreign subscriber and director is required to seek security clearance by filing required documents to the interior ministry through the Securities and Exchange Commission of Pakistan. After the incorporation, companies start their investments and set up their premises and factories to commence business operations in Pakistan. 

“Nowadays, companies have been receiving unilateral rejection letters from the SECP, informing them that the security clearance for their foreign subscribers and directors have been rejected,” the PTB said. “These letters neither specify the reasons for such rejection nor any opportunity of hearing to explain the defects/discrepancy if any.”

The union said these actions were sending a “very negative message” to foreign investors.

“Pakistan and one fine morning they are informed that they are not security cleared,” PTBA said. “This jeopardizes their entire business set up in Pakistan, which is against the government’s stated aim of inviting foreign investors to invest in Pakistan.”

The PTBA urged Naqvi to “immediately” address the issue, which was “adversely” affecting Pakistan’s ability to attract foreign investment.

The interior ministry has not yet commented on the PTBA’s letter.

Pakistan in 2023 nearly defaulted on the payment of foreign debts when the International Monetary Fund rescued it by agreeing to a $3 billion bailout to Pakistan. 

Last year, Islamabad secured a new $7 billion loan deal from the IMF. Since then, the country’s economy has started improving with weekly inflation coming down from 27 percent in 2023 to 1.8 percent earlier this month. Sharif has vowed to reduce dependence on foreign loans in the coming years and to seek more foreign investments.


UFC’s Abdul-Kareem Al-Selwady says Palestinian people ‘the real fighters’ ahead of Riyadh bout

UFC’s Abdul-Kareem Al-Selwady says Palestinian people ‘the real fighters’ ahead of Riyadh bout
Updated 23 min 26 sec ago

UFC’s Abdul-Kareem Al-Selwady says Palestinian people ‘the real fighters’ ahead of Riyadh bout

UFC’s Abdul-Kareem Al-Selwady says Palestinian people ‘the real fighters’ ahead of Riyadh bout
  • The 29-year-old takes on Belgium’s Bolaji Oki at UFC Fight Night 250 on Feb. 1

LONDON: For more than a decade, Abdul-Kareem Al-Selwady has — quite literally — been flying the flag for Palestine in the world of professional mixed martial arts.

His nickname, “The Pride of Palestine,” speaks to his roots and why “alam Filastin” can be seen draped over his shoulders before and after each fight.

The Middle East has shaped Al-Selwady, 29, as a person and fighter. His professional career began in the Desert Force and Brave promotions, in Jordan and Bahrain respectively.

On Feb. 1 in Riyadh, he fights in the region for the first time in five years, a rare Arab face in the Ultimate Fighting Championship. At UFC Fight Night 250, Al-Selwady (15-4-0) opens the card against Belgium’s Bolaji Oki (9-2-0).

And while he now lives and trains in Dallas, Texas, the Palestinian-American fighter is expecting the bout to feel like a homecoming.

“Honestly, it’s a very beautiful feeling fighting in the Middle East,” Al-Selwady told Arab News. “It’s almost like you’re fighting at home. Even though I haven’t lived in the region for a long time, I know people are going to be cheering for me and I plan to deliver that big win in front of my people.

“There aren’t that many Arab fighters that are actually from the Middle East who really made a big name in the UFC. Some guys have Arab origins but never actually lived in the region, but it is where I started my MMA career.”

As he does in every fight, Al-Selwady will take to the ring holding a Palestinian flag, with trunks likely some combination of green, white, red and black. He feels strongly that as an athlete he has a duty to remind the world about the struggles of the Palestinian people.

“I’ve represented Palestine throughout my career and it’s a beautiful responsibility,” Al-Selwady explained. “It’s a beautiful weight to carry on your shoulders because you feel almost like you’re leading and your people are watching.

“It gives me such motivation and really does fuel me because anytime you’re feeling like you’re going through something, you look at the people that you’re representing. It fuels me to go through all of the pain and to come out as a winner.

“They’re the real fighters out there. They’re my heroes, they’re my inspiration. It just pushes me to work harder harder because I choose to go through the fighting, the weight cuts, the discomfort. They don’t choose to be under genocide. But that’s their situation just because of who they are and where they live.”

The contest with Oki in Riyadh will be his first fight since the recent ceasefire in Gaza, following 18 months of bombardment.

“It’s a great announcement,” Al-Selwady said. “We’ve been waiting for it since the day this started so it makes me really happy. It will be nice for people to be able to take a breath after so long. I hope to give the Palestinian people a victory, though I always say that winning a fight is great, but the more important fight is still going on.”

Al-Selwady’s contest will be extra special because for the first time in five years he will have his father in his corner. The father-son combination was a regular fixture during Al-Selwady’s MMA career in the Gulf, but has been a rarer sight in recent years as he has fought mostly in the US and Europe.

“In Saudi this is going to be the first time my dad will be cornering me in a long time,” Al-Selwady said with a smile. “My family, especially when I lived in the Middle East, were very invested in my career. My mom was basically my nutritionist, and my dad was my coach.

“We did every single training session together. He would film every session that I did on tape and then review it, and then he would study tape of my opponents too.

“Even now, we have a shared folder and I upload my weekly sparrings, and he’s always giving me advice on how I can improve. I guess you could call it a family business.”

That family business began when Al-Selwady was a teenager. He recalls being “a really high-energy kid” who was “always getting into trouble.” A natural athlete, he dabbled in baseball and football but it was when broadcasts of the UFC and Strikeforce were on TV that he was left most transfixed.

“When I first saw MMA, I knew that it was exactly what I wanted to do for the rest of my life,” Al-Selwady said. “I was smart in school and got good grades but I was never going to be a doctor or an engineer. I always wanted to be a professional MMA fighter.”

Al-Selwady started with kickboxing and then became a sparring partner for some fighters in the Desert Force MMA promotion in Jordan. He made his first Desert Force appearance at 10 days’ notice as a 17-year-old, winning by technical knockout.

“They were really surprised at how good I was, how aggressive; and how even if I was getting caught in submissions, I would get right back up and say, ‘let’s go some more.’ I trained so hard and God just set everything up for me to take my place the way I did.

“MMA has just grown so much since then. Back when I started, I was one of the first active MMA fighters in the Middle East; now I’m one of the last ones going. There are just a few of us left who started at that time and are still going strong right now.”

After building a reputation over more than a decade, Al-Selwady finally made his debut last year in the UFC, widely regarded as the pinnacle MMA promotion. The Jordan-born grappler fought valiantly but lost a roller-coaster contest to Loik Radzhabov.

“Feeling bad after losing isn’t going to change anything and, honestly, the way I lost, I learned so much from it,” Al-Selwady said philosophically. “It actually gave me even more confidence in myself than before.

“Most of the fights that I’ve won before, I was winning the whole time but in this one I had to fight through adversity in the beginning of the fight. I came back from that and then I was winning but let go of the gas pedal in the third round because I felt confident. Then he just leaped in and caught me.

“It was definitely a lesson for me, like God reminding me that I could do it, I was there, but then I got a little too cocky. You have to focus second by second because I looked at him and I smirked in the third round like … ‘that’s it, we’re done.’ But we weren’t done.”

Al-Selwady put that defeat behind him by beating Amin Ayoub last May by unanimous decision in the Abu Dhabi Extreme Championship’s ADXC 4 event. In Riyadh, he returns to the UFC and faces a late addition to the card in Oki; his original opponent Daniel Leavitt dropped out, though he is in talks to rebook the fight for April.

With his sights now firmly set on the first UFC victory of an impressive MMA career, Al-Selwady is in confident mood and guarantees that he will put on a show for those in the Saudi capital, and the millions watching at home.

“I don’t train for fights, I train to be a better fighter and I train to be a better person,” Al-Selwady said. “I’m focused on getting the job done and I’m really excited to get back in there.

“Since the day I started fighting until now, I’ve never had a boring fight. Ever. And I don’t ever plan to. I’m not a boring fighter and I’m not a boring person, even outside of fighting. I always keep things interesting.

“Whether you’re an MMA fan or not, this fight will catch your attention. It is the first fight of the night, and it will be the fight of the night.”


Frenchman on Indonesian death row to be sent home

Frenchman on Indonesian death row to be sent home
Updated 52 min 16 sec ago

Frenchman on Indonesian death row to be sent home

Frenchman on Indonesian death row to be sent home
  • Senior law and human rights minister Yusril Ihza Mahendra signed a deal for the transfer of Serge Atlaoui
  • Atlaoui’s fate upon his return to France remains unclear

Jakarta: A Frenchman on death row in Indonesia since 2007 for drug offenses will be sent back to his home country, an Indonesian minister said Friday.
Indonesia has in recent weeks released half a dozen high-profile detainees, including a Filipino mother on death row and the last five members of the so-called “Bali Nine” drug ring.
Senior law and human rights minister Yusril Ihza Mahendra signed a deal for the transfer of Serge Atlaoui, a 61-year-old arrested in 2005 at a drug factory near Jakarta, in a video call with French Justice Minister Gerald Darmanin.
“I think this is a process that has been quite long... but under the current government the negotiation has been relatively swift,” Yusril told reporters at a press conference alongside French ambassador to Indonesia Fabien Penone.
The deal caps months of talks for the transfer of the Frenchman, who will likely be repatriated on February 4, Yusril told AFP on Friday.
Atlaoui is currently suffering from an illness in a Jakarta prison and receives weekly treatment at a hospital, raising the stakes of his transfer.
“It is obviously a great relief to finally learn of the agreement concluded between France and Indonesia for the transfer of Serge,” Atlaoui’s French lawyer Richard Sedillot told AFP.
“These last few days have been difficult, since the conclusion of the agreement has been postponed several times,” he said.
Atlaoui’s fate upon his return to France remains unclear.
The father of four long maintained his innocence, insisting he was installing machinery in what he thought was an acrylics plant.
He was initially sentenced to life in prison, but the Supreme Court in 2007 increased the sentence to death.
Activists campaigning for an end to the death penalty hailed the agreement.
“We are delighted with this transfer decision... and to know that Serge Atlaoui can now return to France after everything he has experienced,” Raphael Chenuil-Hazan, executive director of NGO Together Against the Death Penalty (ECPM), told AFP.
He said Atlaoui “has largely served his sentence and well beyond that” and called for the French government to grant him clemency.
Atlaoui was held on the island of Nusakambangan in Central Java, known as Indonesia’s “Alcatraz,” following the death sentence, but he was later transferred to the city of Tangerang, west of Jakarta.
He was due to be executed in 2015 alongside eight other drug offenders, but won a reprieve after Paris stepped up pressure, with Indonesian authorities agreeing to let an outstanding appeal run its course.
Indonesia has some of the world’s toughest drug laws and has executed foreigners in the past.
At least 530 people are on death row in the Southeast Asian nation, according to data from rights group KontraS, mostly for drug-related crimes.
Indonesia’s Immigration and Corrections Ministry said more than 90 foreigners were on death row, all on drug charges, as of early November.
Last month, Filipino inmate Mary Jane Veloso tearfully reunited with her family after nearly 15 years on Indonesia’s death row.
The Indonesian government recently signalled it will resume executions, on hiatus since 2016.