Israel military fire tear gas to disperse Lebanese protest

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.

Riyadh, Apr 24: As many as eleven Indian nationals have died due to COVID-19 in Saudi Arabia.

"As per information available with the Embassy as of April 22, eleven Indian nationals (four in Madinah, three in Makkah, two in Jeddah, one in Riyadh and one in Dammam) have passed away due to COVID-19 in Saudi Arabia," the Embassy of India in Saudi Arabia said in a press release on Wednesday.

It urged the Indian community to remain calm and avoid spreading of rumours amid the COVID-19 crisis.

"The Embassy also reiterates the need for the community to remain calm and avoid spreading of rumours that may create panic. It is important that social media is not used to disseminate false messages and spread hatred along communal lines that can vitiate the atmosphere," the Embassy said.

"As stated by Prime Minister Narendra Modi, COVID-19 does not see race, religion, colour, caste, creed, language or borders before striking, and our response and conduct should attach primacy to unity and brotherhood," it said.

Moreover, several measures on the supply of food, medicines and other emergency assistance to Indians in need are being implemented across the Kingdom.

Earlier, Indian Ambassador to Saudi Arabia, Ausaf Sayeed on April 22 had interacted with Indian community volunteers from the smaller towns all across the Kingdom to discuss the impact of the COVID-19 situation, and evaluate the implementation of various measures to ensure the welfare of Indian nationals.

Cairo, May 20: A senior Kuwaiti lawmaker has called for imposing a tax on expatriates’ remittances to shore up the country’s finances.

MP Khalil Al Saleh, the head of the parliament’s Human Resources Committee, has presented a draft law on the proposed tax to the legislature.

“Imposing fees on expatriates’ transfers will have a role in improving the state's revenues and diversify sources of income,” he told Al Rai newspaper.

Migrant workers transfer about 4.2 billion dinars annually from Kuwait, he added, citing figures from Kuwait’s Central Bank.

“This system is in effect in most countries of the world and in more than one Gulf country. Expats there have not objected to it. Allowing this money to exit the country is very dangerous and has a direct effect on economy,” MP Al Saleh said.

“We do not target brotherly expats because imposing symbolic fees on financial transfers will not affect their money, but will have a positive effect on the state’s sources,” he said. “This has become a necessity after the money transferred outside Kuwait has reached 4.2 billion dinars annually without the state [Kuwait] making any benefit from this.”

Foreign workers make up 3.3 million of Kuwait’s 4.6 million population.

Several Kuwaiti public figures have recently pushed for redrawing the demographic imbalance in the country, accusing expatriates of straining health facilities and increasing the Covid-19 threat.