💵 Saudi Aramco's $12.35 Billion Share Sale: Largest Since Record IPO

Marhaba folks! 🌞 In today's edition, we discuss Saudi Aramco's $12.35B share sale, Morocco's first TikTok interactive novel, and a $500M Nile-side project by an Emirati-Egyptian partnership. Yalla, let’s go 🏃🏻‍♀️

💵 Saudi Aramco's $12.35 Billion Share Sale: Largest Since Record IPO

What is it about:

• Saudi Aramco's recent $12.35 billion share sale marks the largest since its record IPO in 2019.

• The Saudi government sold a 0.64% stake in the oil giant at $27.25 per share.

• Merrill Lynch managed price stabilization by purchasing an additional 154 million shares to support stock price stability.

Why does it matter:

• Exceeded expectations by raising $12.35 billion, $1 billion more than initially anticipated.

• Represents a significant revenue stream for the Saudi government amidst economic challenges.

• Highlights ongoing efforts to monetize assets and manage fiscal deficits.

What is next:

• Continuation of Saudi Aramco's strategy to periodically sell additional stakes.

• Impact on Saudi Arabia's fiscal policy and economic outlook.

• Potential implications for global energy markets and investor sentiment toward Saudi Aramco.

📈 Markets

📖📱Moroccan Writer Launches the First Interactive Novel on TikTok

What is it about:

• Moroccan novelist Abdelouahed Stitou has launched The Bag, an interactive novel on TikTok.

• The novel is published in video clips featuring Stitou's narration.

• It follows a taxi driver in Tangier who witnesses a murder and finds a mysterious bag left by the victim.

Why does it matter:

• The interactive format allows readers to engage directly with the story.

• Readers can influence character development and plot progression through comments.

• It pioneers a new way to engage young readers and adolescents through social media.

What is next:

• The project explores the potential of social media platforms for storytelling.

• It sets a precedent for interactive and collaborative narrative experiences.

• Future adaptations or similar projects may emerge across different cultural and literary contexts.

Quote of the day

“Some people dream of success, while other people get up every morning and make it happen.”— Wayne Huizenga

🇦🇪🇪🇬Emirati-Egyptian Partnership Launches a $500 Million Nile-side Development

What is it about:

• Emirati-Egyptian partnership between UAE-based KSH and local Safwat Kaliouby Group (SKG).

• Launches a $500 million development project in Giza's Tanash area, overlooking El Warraq Island.

Why does it matter:

• Represents a significant investment of $500 million (EGP 24 billion) into Egypt's real estate sector.

• Includes the construction of three mixed-use towers and a five-star hotel.

• Expected to enhance local infrastructure and tourism offerings in Giza.

What is next:

• The construction phase is scheduled over four years.

• Anticipated economic and social impacts on the local community.

• Potential for future developments and collaborations between UAE and Egyptian firms in real estate.

🎥 The latest from the Smashi Business Studio

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