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Saudi Aramco Holds First General Assembly after IPO

Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)
Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)
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Saudi Aramco Holds First General Assembly after IPO

Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)
Saudi Aramco will hold its first general assembly Monday after its IPO. (Reuters file photo)

Saudi Aramco, the world’s top oil exporter, will hold its first general assembly Monday after its partial initial public offering (IPO) in the Saudi market.

Aramco's board of directors issued a statement inviting its shareholders to attend its first ordinary general assembly through the Tadawulaty system.

The statement said the meeting will be held online following the directives of the Capital Market Authority (CMA), which called for the suspension of physical attendance of general assembly meetings until further notice, and urged all companies to hold such meetings remotely.

This also comes in line with the precautionary measures issued by health authorities to limit the spread of COVID-19.

In order to be able to attend the meeting and vote, Aramco encouraged all its shareholders to register via the Tadawulaty system.

The eligibility to participate in the general assembly meeting and vote electronically on its agenda will be for shareholders that are registered in Saudi Aramco’s shareholders register at the Securities Depository Center (Edaa) as of the end of the trading session on the general assembly meeting day, and as per the relevant rules and regulations, according to the statement.

The company explained that the ordinary general assembly meeting shall be valid only if it is attended by one or more shareholders representing at least one quarter of the ordinary shares, provided that the state is represented.

However, if the quorum is not satisfied, a second meeting shall be held one hour after the designated period for the first meeting has ended. The second meeting shall be valid regardless of the number of ordinary shares represented, provided that the State is represented.

The statement announced that the attendees will vote on the report for the FY 2019. It will also appoint an external auditor and determine their fees to review and audit the company’s: financial statements for Q2 and Q3 for FY 2020, annual financial statements of FY 2020, and financial statements for Q1 of FY 2021.

Electronic voting started last Thursday and will continue until the general assembly meeting is concluded.

Meanwhile, Aramco’s shares closed trading Sunday at $8.3, while Saudi shares closed at a 0.8 percent gain, a 54-point increase.

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Business

Gold Drops over 1% as Thin Trading, Profit‑taking Weigh

An Indian woman tries on gold jewelry at a jewelry store in Bangalore (EPA)
An Indian woman tries on gold jewelry at a jewelry store in Bangalore (EPA)
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Gold Drops over 1% as Thin Trading, Profit‑taking Weigh

An Indian woman tries on gold jewelry at a jewelry store in Bangalore (EPA)
An Indian woman tries on gold jewelry at a jewelry store in Bangalore (EPA)

Gold prices dropped on Monday, pressured by thin trading volumes as US and China markets remained shut due to local public holidays, while some traders booked profits after last session's 2.5% jump.

Spot gold fell 1.1% to $4,986.32 per ounce by 0550 GMT. US gold futures for April delivery lost 0.8% to $5,005.60 per ounce.

"Gold has given back some of Friday's post-CPI ‌gains today due to ‌thinner trading conditions and a lack ‌of ⁠fresh upside catalysts," said ⁠Tim Waterer, KCM chief analyst, referring to the US consumer price inflation data. He also pointed to profit-taking on the day.

US markets are closed for the Presidents' Day holiday, while markets in China are closed for the Lunar New Year holiday. The US CPI rose 0.2% in January after an unrevised 0.3% gain in December, ⁠the Labor Department's Bureau of Labor Statistics said ‌on Friday.

Economists polled by Reuters ‌had forecast the CPI to increase by 0.3%. Federal Reserve Bank of ‌Chicago President Austan Goolsbee said on Friday that interest rates could ‌go down, but noted that services inflation remained high.

Market participants anticipate the central bank to hold interest rates at its next meeting on March 18. Still, they are pricing in 75 basis points in rate ‌cuts this year, with the first expected in July, according to data compiled by LSEG.

Non-yielding ⁠bullion tends ⁠to do well in low-interest-rate environments. "It will likely require the dollar to resume its downtrend for gold to make a push in the direction of $6,000 before year-end," Waterer said.

On the geopolitical front, the US military is preparing for the possibility of a weeks-long operation against Iran should President Donald Trump authorize an attack, two US officials told Reuters, in what could become a far more serious conflict than previously seen between the countries.

Spot silver lost 2.4% to $75.64 per ounce, after a 3% fall earlier in the session. The white metal rose 3.4% on Friday. Spot platinum slipped 0.8% to $2,045.11 per ounce, while palladium shed 0.7% to $1,673.52.

Business

Saudi Arabia Elected President of Arab Housing and Reconstruction Council Executive Office

Saudi flags seen in Riyadh (SPA)
Saudi flags seen in Riyadh (SPA)
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Saudi Arabia Elected President of Arab Housing and Reconstruction Council Executive Office

Saudi flags seen in Riyadh (SPA)
Saudi flags seen in Riyadh (SPA)

The Council of Arab Ministers of Housing and Reconstruction announced Saudi Arabia’s election as President of the Executive Office of the council for the 2026-2027 term during its 42nd session held in Doha.

During the meeting, the council also approved the theme for Arab Housing Day 2026, proposed by the Kingdom, which focuses on community resilience, building adaptive communities, promoting urban sustainability, and enhancing the readiness of Arab cities to address future challenges.

The council seeks to strengthen Arab coordination in housing and construction and to leverage the diverse expertise of member states in developing housing policies and urban planning, supporting balanced urban development across the Arab region.

Through its presidency of the Executive Office, the Kingdom will support joint Arab cooperation initiatives and promote the exchange of technical and regulatory expertise in urban planning and the development of real estate systems and legislation, helping Arab countries create more efficient and sustainable housing environments.

The adoption of the 2026 Arab Housing Day slogan reflects a shared Arab stance on building communities capable of adapting to economic, environmental, and social changes, and providing adequate housing that improves the quality of life in Arab cities.

Business

Oil Steady as Traders Brace for US–Iran Nuclear Talks

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
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Oil Steady as Traders Brace for US–Iran Nuclear Talks

Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo
Oil platforms and pumpjacks at Lake Maracaibo, in Cabimas, Venezuela, January 26, 2026. REUTERS/Leonardo Fernandez Viloria/File Photo

Oil traded little changed on Monday, with investors weighing the market implications of upcoming US-Iran talks aimed at de-escalating tensions against a backdrop of expected OPEC+ supply increases.

Brent crude futures edged up 3 cents to $67.78 a barrel by 0358 GMT.

US West Texas Intermediate crude was at $62.91 a barrel, up 2 cents. There will be no WTI settlement on Monday due to a US holiday, said Reuters.

Last week, both benchmarks posted ‌weekly declines with ‌Brent settling down about 0.5% and WTI losing 1% ‌after ⁠comments from US President ⁠Donald Trump that Washington could make a deal with Tehran over the next month drove down prices on Thursday.

The two countries due to hold a second round of talks in Geneva on Tuesday after renewing negotiations earlier this month aimed at tackling their decades-long dispute over Tehran's nuclear program and averting a new military confrontation.

Iran is pursuing a nuclear agreement with the US that delivers economic benefits ⁠for both sides, with energy and mining investments and aircraft ‌purchases up for discussion, an Iranian diplomat ‌was reported as saying on Sunday.

"With both sides expected to hold firm on their ‌core red lines, expectations are low that a deal can be reached ‌and this is likely to be the calm before the storm," IG market analyst Tony Sycamore said.

The US has dispatched a second aircraft carrier to the region and is preparing for the possibility of a sustained military campaign if the talks do not succeed, ‌US officials have told Reuters. Iran's Revolutionary Guards have warned that in case of strikes on Iranian territory, they ⁠could retaliate against any ⁠US military base.

With US-Iran tensions pushing up oil prices, the Organization of the Petroleum Exporting Countries and allies - together called OPEC+ - are leaning toward resuming output increases from April following a three-month halt, to meet peak summer demand, Reuters reported.

Activity in global financial markets is expected to be muted on Monday with China, South Korea and Taiwan closed for Lunar New Year holidays, in addition to Presidents Day in the United States.

"With Chinese demand cues largely absent this week, liquidity remains thin and price action could stay erratic," said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

In the near term, geopolitical developments and inventory data will remain the primary drivers of volatility, keeping crude vulnerable to sharp two-way swings, Sachdeva added.