SABIC considers National Industrial Gases IPO: Report
Saudi Basic Industries Corp. (SABIC) is considering an initial public offering (IPO) of its affiliate, National Industrial Gases Co., as part of a broader operational review, Bloomberg reported citing sources familiar with the matter.
SABIC is in early discussions with potential advisors, including Lazard, HSBC Holdings, JPMorgan Chase, and Morgan Stanley, regarding a potential listing this year.
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The sources further indicated that the talks are still in their preliminary stages, and no final decisions have been made regarding timing or advisor mandates.
According to data available on Argaam, National Industrial Gases' capital stands at SAR 248 million. SABIC owns 74% of the company's shares, and National Gas and Industrialization Co. (GASCO) holds 9%.
Established in 1983, the company is primarily active in the production of industrial gases and their supply to various industries.
National Industrial Gases reported a net profit of SAR 415.8 million in 2024.
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Al Arabiya
2 hours ago
- Al Arabiya
Three Takeaways: Al Ittihad wins King's Cup to complete first Double
Al Ittihad underlined its dominance of Saudi football in 2024-25 as it beat Al Qadsiah 3-1 to win the King's Cup in Jeddah. Less than a week after officially being crowned Saudi Pro League champion for the 10th time, Al Ittihad also added a 10th King's Cup trophy - the first time in the club's history that it has won both titles in the same season. Al Ittihad captain Karim Benzema was his team's hero as he scored twice in the final, while Agerian Houssem Aouar also netted for Laurent Blanc's side. Pierre-Emerick Aubameyang had given Al Qadsiah some hope but Al Ittihad held out for a historic victory at King Abdullah Sports City, with Crown Prince Mohammed bin Salman presenting Benzema and his teammates with the King's Cup trophy. For more Saudi sports news, visit our dedicated page. Here, Al Arabiya English brings you Three Takeaways from Al Ittihad's 3-1 King's Cup final triumph over Al Qadsiah. Al Ittihad makes history Although Al Ittihad is widely regarded as the second most successful club - after its great rival Al Hilal - in the history of Saudi football, the Jeddah giant had surprisingly never claimed a Saudi Pro League and King's Cup Double. The last chance Al Ittihad had to achieve the feat was back in 2009. Then coached by Argentine Gabriel Calderon, Al Ittihad lifted the Pro League title but was denied the Double by a rampant Al Shabab, which convincingly won the King's Cup final 2009. The same thing happened to Al Ittihad in 1982, when Al Hilal emerged as 3-1 victor in the King's Cup final. Al Ittihad has also been prevented from winning the Double by circumstance. The King's Cup was not played between 1991 and 2007, and during that time Al Ittihad managed to win both the Crown Prince's Cup and Pro League titles in the same season on two occasions - 1997 and 2003; had the King's Cup been held, Al Ittihad would have certainly been favorite to lift it. But on Friday night, Al Ittihad's fans could finally celebrate a maiden Pro League and King's Cup Double. For Laurent Blanc, it was a third Double of his coaching career, having achieved the feat with PSG in 2015 and 2016. The former France captain also managed to do so as a player with Auxerre in 1996. Blanc had spoken ahead of the final about it being a 'special kind of match' and Al Ittihad's players delivered for their supporters - securing a first King's Cup triumph since 2018. That the Double was completed at Al Ittihad's own King Abdullah Sports City Stadium also made the night even sweeter for the club. 'Al Ittihad fans in Jeddah are a vital part of this club's identity,' Blanc said. Benzema brings it home On the pitch in Jeddah, it was Al Ittihad's man for the big occasion who again came up with the goods. Benzema's influence this season has been undeniable - both in his role as a senior leader in the dressing-room and with his performances on the pitch. When the pressure has been on in 2024-25, Benzema has consistently delivered. The ex-Real Madrid striker put Al Ittihad ahead in the 34th-minute, completing a move that also involved Moussa Diaby and Steven Bergwijn. That front three has been irrepressible for Al Ittihad over the past few months and it was apt that they combined for the opening goal of the final. Diaby released Bergwijn, whose cross found Benzema; the Al Ittihad captain improvised impressively to chest the ball past Al Qadsiah goalkeeper Koen Casteels. Diaby and Benzema were involved again for Al Ittihad's second nine minutes later. French winger Diaby stood the ball up for his compatriot, who saw his powerful header magnificently saved by Casteels. Sadly for the Belgian shot-stopper, his defense did not react quickly enough to prevent Houssem Aouar from stealing in at close range to nod home and double his team's lead. It was the 13th goal of what has been the most prolific campaign of midfielder Aouar's career to date. Al Qadsiah reduced the arrears thanks to a penalty from Pierre-Emerick Aubameyang in first-half stoppage time but when midfielder Ezequiel Fernandez was red carded in the 81st minute, it left the team from Dammam facing an uphill battle to equalize. And in the 94th minute, Benzema struck again - with yet another clutch contribution for his team. Once more it was Diaby who provided the assist, enabling Benzema to sweep the ball past Casteels for the 25th goal of a magnificent season for Al Ittihad's No. 9. It was fitting that Benzema, this week named Saudi Pro League Player of the Year, was the man to put the exclamation point on Al Ittihad's historic Double triumph. Heartbreak for Al Qadsiah Nine months ago, Al Qadsiah was a newly promoted side whose primary goal was to stay in the Saudi Pro League in its first season back in the top flight. But led by savvy Spaniard Michel, Al Qadsiah has defied expectations from day one - staying around the Pro League's top three for almost the entirety of the campaign. This was chiefly thanks to a series of intelligent summer 2024 signings - including defender Nacho Fernandez from Real Madrid, goalkeeper Koen Casteels from Wolfsburg, and forwards Pierre-Emerick Aubameyang and Julián Quiñones from Marseille and Club America respectively. The latter pair have been sensational for Al Qadsiah. Quiñones finished the season on 25 goals from 33 games and ended as the King's Cup top scorer with five goals. Aubameyang managed 21 in 36 across all competitions and scored in every round of the King's Cup in which he played - netting Al Qadsiah's winner in the semifinal and also bagging in the final. Aubameyang's coolly-taken penalty in Jeddah looked to have helped his team get back into the game, before Benzema's second broke Al Qadsiah hearts. As one of the most consistent sides in Saudi Arabia in 2024-24, a maiden King's Cup title would have been a fitting reward for a fine season for Michel and his players. Al Qadsiah has made a significant impression on the Kingdom's football landscape this season - competing successfully with the PIF-owned 'big four' of Al Ittihad, Al Hilal, Al Nassr and Al Ahli. But it finishes the campaign empty handed. A defeat to Al Hilal last week meant Al Nassr pipped Al Qadsiah to third place in the Pro League; the loss to Al Ittihad means it will be Cristiano Ronaldo's Al Nassr, not Al Qadsiah, now competing in the AFC Champions League Two in 2025-26. Still, Al Qadsiah will now regroup and with further smart additions in the coming months, there is no reason that the club cannot be a contender for major trophies again next season.
Arab News
2 hours ago
- Arab News
Syrian Kurdish commander in touch with Turkiye, open to meeting Erdogan
BEIRUT: The commander of Kurdish forces that control northeast Syria said on Friday that his group is in direct contact with Turkiye and that he would be open to improving ties, including by meeting Turkish President Tayyip Erdogan. The public comments represented a significant diplomatic overture by Mazloum Abdi, whose Syrian Democratic Forces fought Turkish troops and Ankara-backed Syrian rebels during Syria's 14-year civil war. Turkiye has said the main Kurdish group at the core of the SDF is indistinguishable from the militant Kurdistan Workers Party (PKK), which decided earlier this month to disband after 40 years of conflict with Turkiye. Abdi told regional broadcaster Shams TV in an interview aired on Friday that his group was in touch with Turkiye, without saying how long the communication channels had been open. 'We have direct ties, direct channels of communication with Turkiye, as well as through mediators, and we hope that these ties are developed,' Abdi said. There was no immediate comment from Turkiye on Abdi's remarks. He noted his forces and Turkish fighters 'fought long wars against each other' but that a temporary truce had brought a halt to those clashes for the last two months. Abdi said he hoped the truce could become permanent. When asked whether he was planning to meet Erdogan, Abdi said he had no current plans to do so but 'I am not opposed... We are not in a state of war with Turkiye and in the future, ties could be developed between us. We're open to this.' The Al-Monitor news website reported on Friday that Turkiye had proposed a meeting between Abdi and a top Turkish official, possibly Turkiye's foreign minister or its intelligence chief. A Turkish diplomatic source denied the report, saying 'the claims about Turkiye and our country's authorities' in the story were 'not true,' without elaborating. In December, Turkiye and the SDF agreed on a US-mediated ceasefire after fighting broke out as rebel groups advanced on Damascus and overthrew Bashar Assad. Abdi in March signed a deal with Syria's interim President Ahmed Al-Sharaa to incorporate the semi-autonomous administration of northeast Syria into the main state institutions based in Damascus. On Thursday, Erdogan accused the SDF of 'stalling' implementation of that deal. In the interview, Abdi denied accusations that the SDF was in contact with Israel. 'People have accused us of this. In this interview, I am saying publicly that we have no ties with Israel,' he said. But he said his group supported good ties with Syria's neighbors. When asked if that included Israel, Abdi responded, 'with everyone.'
Arab News
5 hours ago
- Arab News
Kohler inspires transformation at its first signature store in KSA
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