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Saudi Avalon Pharma Prepares for IPO on Main Market

Al-Dukheil Financial Group has been appointed financial adviser and book-runner for the IPO, while al-Inma Investment is acting as lead manager (Avalon Pharma)
Al-Dukheil Financial Group has been appointed financial adviser and book-runner for the IPO, while al-Inma Investment is acting as lead manager (Avalon Pharma)
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Saudi Avalon Pharma Prepares for IPO on Main Market

Al-Dukheil Financial Group has been appointed financial adviser and book-runner for the IPO, while al-Inma Investment is acting as lead manager (Avalon Pharma)
Al-Dukheil Financial Group has been appointed financial adviser and book-runner for the IPO, while al-Inma Investment is acting as lead manager (Avalon Pharma)

Saudi pharmaceutical manufacturer Middle East Pharmaceutical Industries Company, Avalon Pharma, said it would sell shares on the Saudi Exchange's Main Market through an initial public offering (IPO).

Avalon Pharma said in a statement that it received approval to offer six million shares, or 30% of its issued share capital, with final pricing to be determined following a Jan. 14-18 book-building period.

Headquartered in Riyadh, Avalon Pharma's main activities include developing, manufacturing, and marketing consumer health and beauty brands and generic prescription medicines.

Al-Dukheil Financial Group has been appointed financial adviser and book-runner for the IPO, while al-Inma Investment is the lead manager.

Last September, the company announced the launch of its fourth factory in the Kingdom, "Avalon 4," which is expected to be completed by 2026 in the Industrial City in Riyadh, with an investment exceeding $26.8 million.

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World Leaders Descend on Azerbaijan’s Capital Baku for United Nations Climate Talks

Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
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World Leaders Descend on Azerbaijan’s Capital Baku for United Nations Climate Talks

Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)
Leaders arrive for a group photo at the COP29 UN Climate Summit, Tuesday, Nov. 12, 2024, in Baku, Azerbaijan. (AP)

World leaders are converging Tuesday at the United Nations annual climate conference in Baku, Azerbaijan although the big names and powerful countries are noticeably absent, unlike past climate talks which had the star power of a soccer World Cup.

But 2024's climate talks are more like the World Chess Federation finals, lacking the recognizable names but big on nerd power and strategy. The top leaders of the 13 largest carbon dioxide-polluting countries will not appear with their countries responsible for more than 70% of 2023's heat-trapping gases.

Biggest polluters and strongest economies China and the United States aren't sending their No. 1s. The four most populous nations with more than 42% of all the world's population aren't having leaders speak.

“It’s symptomatic of the lack of political will to act. There’s no sense of urgency,” said climate scientist Bill Hare, CEO of Climate Analytics. He said this explains “the absolute mess we’re finding ourselves in.”

On Tuesday, Azerbaijan’s president Ilham Aliyev, United Kingdom’s Prime Minister Keir Starmer and Türkiye's President Recep Tayyip Erdogan are the headliners of among the nearly 50 leaders set to speak.

But there'll be a strong showing expected from the leaders of some of the world’s most climate-vulnerable countries. Several small island nations presidents and over a dozen leaders from countries across Africa are set to speak over the two-day World Leaders’ Summit at the COP29 conference.