عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Saudi Aramco Share Sale Rises to $12.35 Bn

General view of Aramco's oil field in the Empty Quarter, Shaybah, Saudi Arabia, January 12, 2024. REUTERS/Hamad I Mohammed/File Photo Purchase Licensing Rights
General view of Aramco's oil field in the Empty Quarter, Shaybah, Saudi Arabia, January 12, 2024. REUTERS/Hamad I Mohammed/File Photo Purchase Licensing Rights
TT
TT

Saudi Aramco Share Sale Rises to $12.35 Bn

General view of Aramco's oil field in the Empty Quarter, Shaybah, Saudi Arabia, January 12, 2024. REUTERS/Hamad I Mohammed/File Photo Purchase Licensing Rights
General view of Aramco's oil field in the Empty Quarter, Shaybah, Saudi Arabia, January 12, 2024. REUTERS/Hamad I Mohammed/File Photo Purchase Licensing Rights

Saudi Aramco netted $12.35 billion from a secondary share sale, the deal's stabilizing manager said on Wednesday.

An additional 154.5 million shares were issued in response to demand from investors, Merrill Lynch Kingdom of Saudi Arabia said, taking the total number to nearly 1.7 billion.

The offering announced in May was the largest in the Middle East since Aramco's record initial public offering (IPO) in 2019.

"Following the exercise of the over-allotment option, the total offering size will be 1,699,500,000 shares, representing a total offering amount of SAR 46.31 billion ($12.35 billion)," Merrill Lynch said in a statement, AFP reported.

Last month Aramco said the offering raised a minimum of $11.2 billion, with the final size dependent on whether Merrill Lynch uses the over-allotment or "greenshoe" option to sell additional shares by July 9.

Most Viewed

 
 
Business

Mega Projects Enhance Growth of Saudi Arabia’s Facilities Management

NEOM (Photo: Saudi PIF)
NEOM (Photo: Saudi PIF)
TT
TT

Mega Projects Enhance Growth of Saudi Arabia’s Facilities Management

NEOM (Photo: Saudi PIF)
NEOM (Photo: Saudi PIF)

Mega Saudi projects have contributed to increasing the volume of facilities management investments, which are expected to exceed $60 billion during 2030.
Facilities management is defined as a comprehensive field that brings together the workplace (buildings and facilities), its workforce, and system operations.
It aims to ensure smooth workflow, improve the efficiency of using facilities, and create a safe and comfortable work environment.
The sector covers a wide range of services, including hard services such as mechanical and electrical maintenance, fire safety, and maintenance of building systems and equipment, and soft services such as cleaning, recycling, pest and infection control, floor maintenance and waste disposal.
An electronic platform was launched in 2023 to develop the sector.
In comments to Asharq Al-Awsat, Chairman of the Board of Directors of the Saudi Facilities Management Association, Eng. Ayed Al-Qahtani, said that the volume of the sector is expected to reach $60 billion in 2030, with a 13.5 percent growth rate until the end of the decade.
Total government spending on the infrastructure and public services sector in the Saudi budget for 2023 amounted to about SAR 190 billion ($50.6 billion), of which facilities management constitutes a large part, according to Al-Qahtani.

According to MordorIntelligence’s expectations, the size of the facilities management market in Saudi Arabia will reach $49.6 billion by 2029, driven by many factors, including government investments in infrastructure projects.
For its part, P&S Intelligence believes that the market will grow at a compound annual rate of 12.4 percent, reaching $90.1 billion by the end of the current decade, pointing to increased construction activities in the country, a growing tourism industry, and over-reliance on advanced technologies.
Al-Qahtani stressed that the Kingdom’s market in the facilities management sector is the fastest growing in the world, with the entry of major international companies into the local market.
He revealed that the association intends to hold the International Facilities Management Conference and Exhibition in September, under the patronage of the Minister of Municipalities and Housing, Majid Al-Hogail, and in strategic partnership with the Saudi Facilities Management Company, which is owned by the Public Investment Fund.
The company was established in 2023 to meet the market needs and provide sector services for the Fund’s real estate development projects.
Al-Qahtani noted that the objectives of the upcoming conference were based on three elements: the quality of human life within the built environment, the role of artificial intelligence in facilities management, especially in light of recent developments and the global tech outage, in addition to the protection of data inside buildings.
He said he expects the event to witness the signing of 10 to 15 cooperation agreements.