“The deal caps a busy two months for Saudi new share sales, a sign that sentiment remains strong despite concerns that deepening Middle East tensions could disrupt a booming IPO market. SAL’s listing is the kingdom’s largest after the $1.2 billion offering of oil driller ADES Holding Co., which surged by the 30% limit on debut. SAL’s listing brings Saudi Arabia’s total IPO proceeds for the year to over $3 billion. New share sales in Riyadh had come to a virtual standstill at the start of the year as weaker oil prices precipitated a drop in the benchmark index. Offerings in what’s usually the Gulf’s biggest and busiest listings market began to gather speed in the summer.”
Saudi Arabian cargo firm SAL rises 30% after $678 million IPO [American Journal of Transportation]
“Hosting the World Cup in 2034 will mark the pinnacle of MBS-era Saudi Arabia’s transformation program, where the country ascends from international pariah to trusted and legitimate member of the global community.”
Simon Chadwick, professor of sport and geopolitical economy at Paris’s Skema Business School [Al-Monitor]
“The Ministry of Justice announced that it has granted law practice license to 15 foreign law firms. The ministry is also examining currently another 15 applications seeking license to practice the legal profession in the Kingdom. The ministry said that the licenses were granted to several companies from countries such as the United States of America and the United Kingdom. This aimed at upgrading and developing the legal profession, enhancing the efficiency of its practitioners, and improving the business and investment environment in the Kingdom.”
15 foreign law firms licensed to practice legal profession in Saudi Arabia [Saudi Gazette]
“The crown prince has set out the parameters for his citizens by condemning the targeting of civilians, calling for creation of a Palestinian state, and ignoring Hamas to support the rival Palestinian Authority.”
Karen Elliott House, Opinion: A Saudi-Israeli Peace Deal Isn’t Dead [WSJ]
“We are seeing that momentum of multinational companies, ministries, government organizations, locally owned companies all coming into KAFD, creating a business ecosystem that feeds on itself.” Gautam Sashittal, CEO, King Abdullah Financial District Development & Management Co., JLL among global businesses moving their regional HQs to Riyadh, reveals KAFD CEO [Arab News]
“If the world is going to have any shot of reaching the climate goals laid out in the Paris Agreement, it’s going to need more and more CCS. And such has been the delay, that carbon capture technologies will also have to be deployed to remove CO2 directly from the air to undo some of the damage already caused. At the upcoming COP28 climate summit, organized by the oil exporting United Arab Emirates, there’s widespread expectation that the global oil industry will be encouraged to double down on deployment.” Carbon Capture Desperately Needs a Reality Check After Lost Decade [Bloomberg]
“The 2023 UN Climate Change Conference (known as COP28) is poised to provide a platform for the oil and gas industry to increase its ambition in reducing operational emissions, which are responsible for roughly 15 percent of greenhouse gas emissions globally. As such, COP28 will be a litmus test for the oil and gas industry’s commitment in contributing to global climate change mitigation efforts. Emissions from flaring, venting, and leaking methane or carbon dioxide gas in the global oil and gas supply chain account for 2.7 gigatons of CO2-equivalent emissions annually, more than double that of aviation. Reductions in the oil and gas industry’s scope one and two emissions present a near-term opportunity for constructive, quantifiable, and verifiable action.”
Why COP28 is right to prioritize global methane and flaring reduction [Atlantic Council]
[U.S. President] Biden and the Saudi crown prince affirmed the importance of working towards “sustainable peace” between Israelis and Palestinians as soon as the crisis subsides, the White House said, adding they will be “building on the work that was already underway between Saudi Arabia and the United States over recent months.”
Biden, Saudi crown prince discuss Israel-Hamas war diplomacy [Reuters]
“The kingdom currently operates 160 vehicle factories. Of this number, 33 are dedicated to the production of parts, accessories, and engines, while 21 are focused on vehicle manufacturing and structural components, including various processing works. An additional 106 facilities are geared toward the production of trailers, semi-trailers, and trucks.”
Hyundai Building New Plant In Saudi Arabia For Combustion, Electric Vehicles [Motor1]
“It pains us at the time of our meeting what Gaza is witnessing today, from escalating violence that is being paid for by innocent civilians… The conditions must be created for the return of stability and the achievement of lasting peace that will ensure a just solution to establish a Palestinian state within 1967 borders in order to achieve security and prosperity for all.”
Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman (MBS), has called for the establishment of a Palestinian State along the 1967 borders [India Today]
