Avoid travel to Iraq, expats should consider returning: India

Riyadh, Jul 5: Custodian of the Two Holy Mosques King Salman has approved the extension of the validity of the expired iqama (residency permit) and exit and reentry visas of expatriates who are outside the Kingdom for a period of three months without any fee.

The iqama of expatriates inside the Kingdom as well as the visa of visitors who are in the Kingdom of which the validity expires during the period of suspension of entry and exit from the Kingdom will also be extended for a period of three months without any charge.

The validity of final exit visas as well as exit and reentry visas issued for expatriates, who are in the Kingdom, but were not used during the lockdown period will be extended for a period of three months without any fee, the Saudi Press Agency reported quoting an official source at the Ministry of Interior.

The ministry source said that these measures were taken as part of the continuous efforts made by the government of King Salman to mitigate the effects of the coronavirus pandemic on individuals as well as on private sector establishments and investors, economic activities in the Kingdom, following the adoption of the preventive measures to stem the spread of the pandemic.

The beneficiaries of the King’s order include all expatriates who are outside the Kingdom on exit and reentry visas, which expired during the lockdown period and after lifting of the lockdown.

These expatriates are not in a position to return to the Kingdom due to the enforcement of suspension of international flight service and temporary ban on entry and exit from the Kingdom.

The beneficiaries also include those expatriates who are still in the Kingdom after issuance of final exit visas or exit and reentry visas but could not travel because of the suspension of entry and exit from the Kingdom.

Dubai, Jan 12: Saudi Arabian oil giant Aramco announced Sunday that its initial public offering raised a record $29.4 billion, a figure higher than previously announced, after the company used a so-called "greenshoe option" to sell millions more shares to meet investor demand.

The company said that the sale of an additional 450 million shares took place during the initial public offering process.

The oil and gas company, which is majority owned by the state, began publicly trading on the local Saudi Tadawul exchange on December 11. It hit hit upwards of $10 a share on the second day of trading. This gave Aramco a market capitalization of $2 trillion, making it comfortably the world's most valuable company.

Aramco's additional sales mean the company has publicly floated 1.7% of its shares. It's IPO, even before the added sales, was the world's largest ever.

The shares sold in the over-allotment option "had been allocated to investors during the book-building process and therefore, no additional shares are being offered into the market today," Aramco said.

Company shares traded down on Sunday, dipping to around 34.7 riyals, or $9.25 a share, amid heightened tensions in the Persian Gulf between Iran and the United States. Aramco was a target of rising tensions over the summer when a missile and drone attack, which Saudi Arabia and the US blame on Iran, temporarily halved its production.

Sunday's trading figures value Aramco at $1.85 trillion, still well ahead of Apple, the second largest company in the world after Aramco, but below the $2 trillion mark sought by Crown Prince Mohammed bin Salman.