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
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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)
  • 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.
Saudi Arabia is the world’s largest crude oil exporter and, before the announcement on Thursday, the government owned about 82 percent of its shares.


Dominant Spain brush past Italy to reach Euro 2024 knockouts

Dominant Spain brush past Italy to reach Euro 2024 knockouts
Updated 23 min 54 sec ago
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Dominant Spain brush past Italy to reach Euro 2024 knockouts

Dominant Spain brush past Italy to reach Euro 2024 knockouts
  • For Italy Thursday’s deserved defeat was a reality check as vibrant Spain peppered the brilliant Gianliugi Donnarumma’s goal throughout the match while the Azzurri failed to have a single attempt on target

GELSENKIRCHEN, Germany: Spain qualified for the last 16 of Euro 2024 with a match to spare on Thursday after beating Italy 1-0 in a dominant display which ensured that La Roja would go through as Group B winners.
Riccardo Calafiori’s own goal nine minutes after half-time was the difference between the two sides at Gelsenkirchen in the biggest match to date at the tournament in Germany.
But the slender margin of victory didn’t reflect a statement performance from Spain who completely nullified Italy and should have had the game won by half-time, as they did in their opening round thumping of Croatia.
Nico Williams was the star for Spain as he ran Napoli right-back Giovanni Di Lorenzo ragged and supplied the cross from which the unfortunate Calafiori poked the winning goal into his own net.
Luis de la Fuente’s team have a perfect six points at the top of the group and take on Albania on Monday knowing that they are already in the knockout rounds and playing like potential champions.
For Italy Thursday’s deserved defeat was a reality check as vibrant Spain peppered the brilliant Gianliugi Donnarumma’s goal throughout the match while the Azzurri failed to have a single attempt on target.
It was a performance reminiscent of the Euro 2012 final between the two teams when Spain crushed Italy 4-0 in the last international hurrah for tiki-taka football.
However all is not lost for Luciano Spalletti’s team, who are second on three points, as a draw with Croatia on Monday will be enough to guarantee qualification behind Spain.
Spain could have been ahead twice in the first 10 minutes but squandered two great headed chances.
Less than two minutes were on the clock when an unmarked Pedri nodded Williams’ pinpoint cross straight at Donnarumma.
And then Williams, who had a field day against Di Lorenzo, was the guilty party by somehow heading wide Alvaro Morata’s superbly delivered, inswinging ball from the left flank.
Spain were clearly on top as Italy struggled to get out of their half, Gianluca Scamacca toiling on his own up front with little support and wasting possession when it did come his way.
Donnarumma had to be at his best twice within a matter of seconds when he first stuck out a foot to deny Morata and then pulled off a superb fingertip save which kept out Fabian Ruiz’s powerful drive from distance.
Meanwhile at the other end of the pitch Spain goalkeeper Unai Simon was a virtual spectator as Italy’s sole shot in the first half came just before the break when Federico Chiesa blazed a poor effort over from a difficult position.
The same pattern of Spanish possession and Italian defending continued after half-time and Pedri again wasted a great chance in the 51st minute, slamming wide after Marc Cucurella pulled back a perfect low cross.
But Spain got the breakthrough soon after and it came through more sensational play from Williams on the left, who made mincemeat of Di Lorenzo before fizzing across a ball which Calafiori couldn’t help but divert into his own goal.
La Roja went close to doubling their lead with two distance strikes from Morata and teen sensation Lamine Yamal, before the superb Williams smashed an effort past Donnarumma which came crashing out off the crossbar in the 71st minute.
Italy pushed forward in hope of an equalizer after Mattia Zaccagni and Mateo Retegui replaced the ineffective Chiesa and Scamacca.
But in the dying moments Donnarumma again made two superb saves to twice stop Ayoze Perez making the scoreline better reflect a one-sided contest.


What We Are Reading: ‘One Step Sideways, Three Steps Forward’

What We Are Reading: ‘One Step Sideways, Three Steps Forward’
Updated 26 min 6 sec ago
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What We Are Reading: ‘One Step Sideways, Three Steps Forward’

What We Are Reading: ‘One Step Sideways, Three Steps Forward’

Author: B. Rosemary Grant

Scientist Rosemary Grant’s journey in life has involved detours and sidesteps—not the shortest or the straightest of paths, but one that has led her to the top of evolutionary biology.

Grant’s unorthodox career is one woman’s solution to the problem of combining professional life as a field biologist with raising a family.


Israel’s pledge to guard an aid route into Gaza falls flat as lawlessness blocks distribution

Israel’s pledge to guard an aid route into Gaza falls flat as lawlessness blocks distribution
Updated 42 min 2 sec ago
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Israel’s pledge to guard an aid route into Gaza falls flat as lawlessness blocks distribution

Israel’s pledge to guard an aid route into Gaza falls flat as lawlessness blocks distribution
  • Aid workers said they are working with the Israelis to find a solution, but that the security burden falls squarely on Israel’s shoulders

JERUSALEM: The Israeli military said Sunday that it was establishing a new safe corridor to deliver aid into southern Gaza. But days later, this self-declared “tactical pause” has brought little relief to desperate Palestinians.
The United Nations and international aid organizations say a breakdown in law and order has made the aid route unusable.
With thousands of truckloads of aid piled up, groups of armed men are regularly blocking convoys, holding drivers at gunpoint and rifling through their cargo, according to a UN official who spoke on condition of anonymity because he was not authorized to brief the media on the issue.
He said lawlessness has emerged as the main obstacle to aid distribution in southern Gaza — where an estimated 1.3 million Palestinians displaced from Rafah, or more than half of Gaza’s entire population, are now sheltering in tent camps and cramped apartments without adequate food, water, or medical supplies.
Here is a closer look at the security challenges facing the UN and aid organizations.
Israel’s ‘tactical pause’ stymied
Israel said Sunday it would observe daily pauses in combat along a route stretching from Kerem Shalom — the strip’s only operational aid crossing in the south — to the nearby city of Khan Younis. Before the pause, aid organizations had reported that the need to coordinate trucks’ movement with the Israelis in an active combat zone was slowing aid distribution.
The UN official familiar with the aid effort said that there has been no sign of Israeli activity along the route. The UN tried to send a convoy of 60 trucks down the road Tuesday to pick up aid at Kerem Shalom. But 35 of the trucks were intercepted by armed men, the official said.
In recent days, armed men have moved closer to the crossing and set up roadblocks to halt trucks loaded with supplies, the UN official said. They have rifled through the pallets in search of smuggled cigarettes, a rare luxury in a territory where a single smoke can go for $25.
The surge in lawlessness is a result of growing desperation in Gaza and the power vacuum that left by Hamas’s waning power over the territory, said Mkhaimar Abusada, an associate professor of political science at Al-Azhar University in Gaza who is now in Cairo.
With the territory’s police force targeted by Israel, he said, crime has reemerged as an untreated issue in Gaza.
“After Hamas came to power, one of the things that they brought under their control was the lawlessness of the so-called big clans,” said Abusada. “Now, that’s left for the Palestinians on their own to deal with it. So once again, we are seeing shootings between families, there are thefts, all the bad things are happening.”
UNRWA, the UN agency for Palestinian refugees, used to deploy local Palestinian police to escort aid convoys, but many refused to continue serving after airstrikes killed at least eight police officers in Rafah, the agency said.
Israel says the police are legitimate targets because they are controlled by Hamas.
Is any aid still getting into Gaza?
The situation has largely paralyzed aid distribution to the south — particularly since Gaza’s nearby Rafah crossing with Egypt was closed when Israel invaded the city early last month.
The UN official said that 25 trucks of flour used the route Tuesday. Some private commercial trucks also got through — many of which used armed security to deter groups seeking to seize their cargo. An AP reporter stationed along the road Monday saw at least eight trucks pass by, armed security guards riding on top.
Before Israel’s offensive into the city of Rafah, hundreds of fuel trucks routinely entered the area.
The UN has now begun rerouting some fuel trucks through northern Gaza. Farhan Haq, a UN spokesman, said five fuel trucks entered Gaza Wednesday. The UN humanitarian office reported that these were the first fuel deliveries since early June and supplies remain scarce.
Aid groups say only a ceasefire and a reopening of the Rafah crossing could significantly increase aid flow to the area.
The military body in charge of coordinating humanitarian aid efforts, COGAT, did not respond to multiple requests for comment.
Security concerns also afflict aid from US pier project
The US installed a pier off Gaza’s coast last month, aiming to provide an additional route for aid to enter Gaza. But the ambitious project has suffered repeated logistical and security setbacks.
Cyprus, a partner in the effort, said the pier was up and running again Thursday after being detached for a second time last week because of rough seas. COGAT said Thursday there were “hundreds of aid pallets awaiting collection and distribution by the UN aid agencies.”
But there, too, security concerns are hindering distribution of aid.
The UN suspended its cooperation with the pier on June 9 – a day after rumors swirled that the Israeli military had used the area in a hostage rescue operation that left over 270 Palestinians dead. Photos of the operation have shown an Israeli helicopter in the vicinity of the pier.
Both Israel and the US deny the pier was used in the operation. But the perception that the pier was used for military purposes could endanger humanitarian workers, and threaten humanitarian groups’ principles of of neutrality, the UN says.
Aid workers said they are working with the Israelis to find a solution, but that the security burden falls squarely on Israel’s shoulders.
UN and other humanitarian officials, including Samantha Power, head of the US Agency for International Development, met with Israel’s military chief and COGAT officials this week to seek solutions.
USAID said afterward that the meeting ended with promises of specific actions, but gave no details.


How Saudi startup Braincell is optimizing decision-making and automation through AI

How Saudi startup Braincell is optimizing decision-making and automation through AI
Updated 40 min 30 sec ago
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How Saudi startup Braincell is optimizing decision-making and automation through AI

How Saudi startup Braincell is optimizing decision-making and automation through AI
  • AI solutions designed to solve specific business problems are having a profound impact on how firms operate
  • Braincell leverages AI to enhance processes, from logistics and healthcare to banking and smart cities

RIYADH: Automated decision-making allows businesses to make faster, more accurate and more consistent decisions by analyzing large datasets without the risk of human error. That is why, as Saudi Arabia expands its digital economy, such tools are becoming more widely used in the Kingdom.

One firm that is leading the charge in this area is the Saudi startup Braincell, which helps businesses streamline processes and enhance decision-making through automation and artificial intelligence integration.

“Braincell has created a data governance platform and data workflow platform that enables AI solutions to be connected at ease, making it a one-stop shop for data needs,” Abdulhameed Khairaldeen, Braincell’s business development director, told Arab News.

AI solutions, which leverage AI techniques and technologies to solve specific business problems, are poised to have a profound impact on how firms operate. Already, large language models like ChatGPT are taking on rudimentary tasks in a range of industries.

“Braincell clients can choose to work on their own LLMs and on-premises models or even connect to the likes of OpenAI’s ChatGPT,” said Khairaldeen.

Braincell is just one of the many new Saudi companies utilizing AI to optimize technologies. (Supplied)

With the Kingdom’s mission to become a global leader among data-driven economies, new AI startups are emerging every day with the goal of contributing to the fast-growing sector. Braincell is just one of the many new Saudi companies utilizing AI to optimize technologies.

Since its establishment, Braincell has focused on empowering businesses through technology, data and interconnected systems with the mission of enhancing efficiency in business flow regardless of the sector.

In particular, Braincell is connecting leaders, executives, organizations and governments to systems that will allow faster and more effective decision-making.

Braincell leverages AI-powered decision-making to enhance operations. (Supplied)

Asked how Braincell helps firms improve their employee productivity, the company’s senior data consultant, Shatha bin Shaalan, said: “We use AI and automation in our platform to automate the repetitive tasks that we do every day, ensuring that our clients get the benefit of maximum efficiency while reducing human errors and manual efforts.”

Braincell is leveraging AI-powered decision-making to enhance operations across sectors including healthcare, data, banking, supply chains, manufacturing, and smart buildings and cities.

In healthcare, Braincell’s technology fosters an environment for improved patient outcomes by working with clients to build metric-driven healthcare systems, creating scalable digital health ecosystems that reduce errors through automation.

DID YOUKNOW?

• In healthcare, Braincell improves patient outcomes through metric-driven systems that reduce errors.

• In banking, it performs real-time monitoring, streamlines processes, detects fraud, and monitors risk.

• In smart buildings, it collects data on energy consumption, air quality, and occupancy to improve efficiency.

Some of its services include comprehensive insights into personalized care and streamlined clinical processes.

In banking, Braincell is utilizing AI to enhance the customer experience by streamlining and organizing processes that in turn will reduce manual errors.

Shutterstock illustration image

Through Braincell’s banking command center, real-time monitoring also detects fraud, monitors risk management and enhances strategic decision-making.

Applied to smart buildings and cities, Braincell offers new ways to improve the experience of residents. One example is the firm’s data integration and sensor deployment that collects data on energy consumption, air quality, occupancy levels and other relevant parameters.

Opinion

This section contains relevant reference points, placed in (Opinion field)

Braincell’s use of automation in smart buildings and cities also improves energy efficiency by using advanced AI algorithms to control smart lighting and heating, ventilation, and air conditioning systems that adjust settings based on occupancy and environmental conditions.

The company has more than 100 active users, and boasts the ability to process 120 billion records in a matter of seconds using AI.

It aims to help businesses make reliable decisions by connecting data sources and consolidating them in a comprehensive way that is easier for clients to access, resulting in higher quality, accuracy and consistency through the use of AI automation.

“The data platform is highly customizable with a very simple setup,” said Bin Shaalan, the firm’s senior data consultant. “It’s dynamic and fits all needs as it integrates with many systems adopted here in the Kingdom.”

Braincell has signed memorandums of understanding with multiple partners including the Ministry of Health, the Public Investment Fund, the National Unified Procurement Company and supply chain specialist XPL Solutions.

The firm has also created a data governance and data workflow platform to help companies comply with National Data Management Office regulations in the Kingdom.
 

 


US ‘incredibly’ concerned by Putin threat to send N.Korea weapons

US ‘incredibly’ concerned by Putin threat to send N.Korea weapons
Updated 52 min 45 sec ago
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US ‘incredibly’ concerned by Putin threat to send N.Korea weapons

US ‘incredibly’ concerned by Putin threat to send N.Korea weapons
  • The threat “is incredibly concerning,” State Department spokesman Matthew Miller told reporters

WASHINGTON: The United States expressed deep concern Thursday over Russian President Vladimir Putin’s threat to supply North Korea with weapons, warning such a move would “destabilize” the Korean peninsula.
Putin, during a rare visit to Pyongyang, signed a mutual defense pact on Wednesday with North Korean leader Kim Jong Un, who pledged his country’s “full support” for Russia’s invasion of Ukraine.
Speaking on Thursday in Vietnam, Putin said Moscow would not rule out sending weapons to Pyongyang, calling it repercussions for the West supplying Ukraine.
The threat “is incredibly concerning,” State Department spokesman Matthew Miller told reporters.
“It would destabilize the Korean peninsula, potentially, depending on the type of weapons, and might violate UN Security Council resolutions that Russia itself has supported,” Miller said.
Washington and its allies have previously accused North Korea of supplying Russia with missiles and artillery that it has used to attack Ukraine.
Putin warned Seoul on Thursday not to supply Ukraine with weapons, after South Korea said it was reconsidering its current ban.
Seoul has a longstanding policy that bars it from selling weapons into active conflict zones, which it has stuck to despite calls from Washington and Kyiv to reconsider.
Miller said such a decision was “for every country to make in terms of whether they’re going to supply weapons to Ukraine.”
“We welcome any support for Ukraine in its fight against Russian aggression,” he added.