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.



Port of NEOM Strengthens Role in Global Supply Chain Connectivity

By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA
By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA
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Port of NEOM Strengthens Role in Global Supply Chain Connectivity

By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA
By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030 - SPA

Port of NEOM has marked a major milestone with the arrival of the first fully automated, remote-controlled Ship-To-Shore (STS) and Electric Rubber-Tyred Gantry (eRTG) cranes in the Kingdom, advancing its goal to become a global hub for smart, sustainable trade, SPA reported.

Strategically located on the Red Sea, Port of NEOM is already serving as a critical gateway on the East-West trade route. The newly arrived state-of-the-art cranes will play a critical role in the port’s automation strategy, unlocking the potential for high-volume, high-efficiency operations.

Development of Port of NEOM continues at a pace ahead of the 2026 opening of Terminal 1, a next-generation container terminal, with recent infrastructure milestones including the completion of a 900-meter quay wall and the deepening of the port channel to 18.5 meters—enabling the world’s largest vessels transiting the Suez Canal to call at Port of NEOM.

Terminal 1 will also feature horizontal transport automation as part of its broader goal to achieve full automation. Once operational, these technologies will significantly expand the port’s logistics capacity, driving regional industrial growth, opening access to global markets, enhancing supply chain resilience, and unlocking business opportunities.

Port of NEOM Managing Director Sean Kelly said: “The arrival of our first automated cranes marks a tangible milestone as we lay the foundations for an advanced, future-ready port. We are not only accelerating industrial growth in northwest Saudi Arabia, but we are also setting a new benchmark for performance, efficiency, innovation and establishing a vital trade gateway for the Kingdom and the region beyond.”

In parallel with its investments in infrastructure and automation, Port of NEOM is also committed to developing local talent, including training Saudi women to take on high-tech roles. Central to this effort is a pioneering initiative to train the next generation of production specialists in remote crane operation skills, thereby helping to shape a more inclusive future for the logistics and industrial sectors.

By empowering Saudi workers with high-tech skills, Port of NEOM is supporting NEOM’s vision of being a catalyst for a sustainable, diverse, and innovative ecosystem that enables regional economic resilience and advances the goals of Saudi Vision 2030.