Latest news with #Al-Rumaih
Saudi Gazette
31-03-2025
- Business
- Saudi Gazette
Haramain High-Speed Railway transports over 1.2 million passengers during Ramadan
Saudi Gazette report JEDDAH — The Haramain High-Speed Railway transported more than 1.2 million passengers during the holy month of Ramadan 1446 AH, marking a 21% increase compared to the previous year, Acting President of the Transport General Authority (TGA) Dr. Rumaih Al-Rumaih announced on Sunday. Dr. Al-Rumaih confirmed the success of the Kingdom's integrated transport operational plans for the Ramadan season, which reflected high performance across multiple sectors — including railways, public buses, ride-hailing services, delivery apps, and postal logistics. 'During Ramadan, we provided integrated transport services that met the significant increase in demand, achieving record figures that reflect the sector's readiness and operational efficiency,' he said. 'We prioritized coordination between public and private sector partners to ensure smooth mobility and enhance the quality of experience for all beneficiaries.' Public transport buses carried over 10 million passengers within cities during Ramadan, with Makkah and Madinah accounting for 34% of the ride-hailing sector also saw notable growth, with more than 7.8 million trips completed — an 81% surge compared to last year. Car rental contracts exceeded 400,000, marking a 26% the logistics sector, over 20 million delivery orders were fulfilled via mobile apps, with Makkah and Madinah representing 32.8% of the more than 26 million shipments and postal parcels were delivered through 72 licensed companies — an 18% increase Al-Rumaih reiterated the TGA's ongoing regulatory and supervisory efforts aimed at enhancing transport service quality and operational efficiency in line with Saudi Arabia's national strategy for transport and also praised the role of government agencies and private sector partners, whose joint efforts contributed to the implementation of the Kingdom's Ramadan mobility plans and improved the experience of Umrah performers and visitors to the Two Holy Mosques.
Zawya
26-02-2025
- Automotive
- Zawya
Saudi drivers earn over $533mln from ride-hailing apps
Riyadh: Acting President of the Transport General Authority (TGA) Dr. Rumaih Al-Rumaih affirmed that the ride-hailing sector in the Kingdom is experiencing rapid growth, with the total earnings of Saudi male and female drivers in ride-hailing applications surpassing SAR2 billion annually. This reflects the significant economic impact of this sector and its role as a key contributor to enhancing quality of life and supporting flexible employment opportunities for citizens. This announcement was made during an event hosted by Uber Saudi Arabia to launch its annual report on the economic impact of the ride-hailing sector in the Kingdom. In a press release issued today, Dr. Al-Rumaih explained that the number of trips completed through ride-hailing applications in the Kingdom reached 80.5 million in 2024, recording a growth rate of 26% compared to the previous year. This highlights the increasing reliance on smart technologies in the transport sector and their role in efficiently and flexibly meeting urban mobility needs. He also noted that the number of drivers registered on digital platforms increased by 27%, reaching 332,000 drivers, including 22,000 female Saudi drivers, representing a 48% increase compared to the previous year. He emphasized that there has been a noticeable improvement in customer satisfaction levels, particularly in waiting times, ride acceptance speed, and vehicle quality, reflecting the success of regulatory frameworks and the continuous development of this sector. In conclusion, Dr. Al-Rumaih reaffirmed that the TGA remains committed to developing regulatory and legislative frameworks that support the growth of the ride-hailing sector and promote investment opportunities. This ensures service sustainability, adherence to the highest quality standards, and the integration of modern technologies such as electric vehicles and autonomous mobility, leading to a smarter and more flexible transport ecosystem in the Kingdom.
Asharq Al-Awsat
25-02-2025
- Business
- Asharq Al-Awsat
Saudi Arabia's SALIC to Buy Control of Olam Agri for $1.8 Billion
SALIC, a subsidiary of the Saudi Public Investment Fund (PIF), announced on Monday that it signed an agreement to increase its stake in Singapore's Olam Agri Holdings (Olam Agri) from 35.43% to 80.01%, for a total value of $1.78 billion. The transaction is subject to regulatory approval, the company said in a statement. The agreement includes an option for SALIC to acquire the remaining 19.99% stake within three years from the completion date of the latest stake buyout, giving it the opportunity for full acquisition. The full acquisition agreement of Olam Agri aligns with SALIC's strategic objectives of diversifying sources of essential commodities, strengthening supply chain integration, and enhancing logistical efficiency across its local and international investments, reported the Saudi Press Agency (SPA). Furthermore, this acquisition underscores SALIC's ambition to secure a key position in the global grains sector. According to Bloomberg, the deal values Olam Agri at $4 billion, 23% higher than the current market capitalization of the group, the Singaporean company said. On completion of the 44.6% stake sale, likely in the fourth quarter of this year, Olam Group will realize an estimated gain on disposal of $1.84 billion, it said. In early 2022, Olam Group agreed to sell around a third to SALIC, in a transaction that priced it at around $3.5 billion. 'The full acquisition agreement of Olam Agri aligns with SALIC's strategic objectives of diversifying sources of essential commodities ... to secure a key position in the global grains sector,' SALIC Group CEO Sulaiman Al-Rumaih said in a statement. He added: 'Olam Agri, a global player in trading essential commodities, aligns with SALIC's strategic investment approach, which prioritizes high-potential companies addressing future food security needs through innovation and integrated supply chains both locally and globally.' 'We are confident that this partnership will contribute to achieving national and global objectives while continually enhancing production efficiency for the benefit of all stakeholders,' Al-Rumaih said. OGL's Co-Founder and Group CEO Sunny Verghese said: 'Since SALIC's investment in Olam Agri in 2022, our partnership with SALIC has unveiled new avenues of growth.' He said with its strategic mandate as a global agrifoods investor and related complementary strengths, SALIC and Olam Agri share the same vision and focus on sustainable sourcing and commitment to meet the rising demand for food, feed and fiber. 'Importantly, this transaction is transformative for Olam Agri,' Verghese added. SALIC has a track record of investing across the global agri-food supply chain to improve access to essential foods, with current investments spanning five continents, seven countries, and 16 food commodities.
Arab News
24-02-2025
- Business
- Arab News
PIF's SALIC to boost stake in Olam Agri to over 80% in $1.78bn deal
RIYADH: Saudi Agricultural and Livestock Investment Co. has struck a $1.78 billion deal for a controlling stake in Singapore-based Olam Agri Holdings. The agreement will raise SALIC's stake from 35.43 percent to 80.01 percent, with an option to acquire the remaining 19.99 percent within three years, the company said in a statement, adding that the transaction is subject to regulatory approvals. The move aligns with the Saudi firm's strategy to strengthen global food supply chains, reflecting its 2009 mandate as a Public Investment Fund-owned entity investing in agriculture and livestock to bolster the Kingdom's food security. 'This success has reinforced our confidence in our investment vision and our pursuit of sustainable growth,' said Sulaiman Al-Rumaih, group CEO of SALIC. 'It aligns perfectly with SALIC's strategy of backing innovative, high-potential companies that address future food security needs through integrated supply chains both at home and abroad,' he added. The company has a track record of investing across the global agri-food supply chain to improve access to essential foods, with current investments spanning five continents, seven countries, and 16 food commodities. Al-Rumaih added that the investment would enable Olam Agri to leverage SALIC's extensive global network to expand its market presence. 'This investment not only reinforces our leadership in the global grains sector but will ultimately benefit consumers through enhanced food production and more efficient distribution,' he said. The statement added that the increased stake in Olam Agri Holdings is a key element of SALIC's international strategy, aimed at ensuring the availability of essential goods and enhancing sustainability through investment diversification and supply chain integration. Sunny Verghese, CEO of Olam Agri, said the company's partnership with SALIC, which began in 2022, has unlocked new avenues for growth. 'With its strategic mandate as a global agrifoods investor and related complementary strengths, SALIC and Olam Agri share the same vision and focus on sustainable sourcing and commitment to meet the rising demand for food, feed and fiber. Importantly, this transaction is transformative for Olam Agri,' said Verghese. He added that the deal will unlock significant value for Olam Group shareholders. In a separate statement, Olam Agri said the divestment of its entire stake to SALIC will raise total proceeds of $3.9 billion for Olam Group, adding $2.7 billion to its equity reserves. Olam Agri has a strong presence in grains and oilseeds, animal feed and proteins, edible oils, rice, and cotton, according to its website.
Argaam
19-02-2025
- Business
- Argaam
Saudi ride-sharing drivers rake in over SAR 2B: Vice Transport Minister
The combined income of citizens working in ride-sharing applications exceeded SAR 2 billion, Al-Eqtisadiah newspaper reported, citing Saudi Arabia's Vice Minister of Transport and Logistics Services, Rumaih Al-Rumaih. In 2024, Saudi Arabia's ride-sharing sector experienced significant growth, exceeding 80% and reaching 80 million passenger trips. Al-Rumaih stated that ride-sharing apps employ over 300,000 Saudi citizens.
