Latest news with #Alwaleed
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Saudi airline flynas launches IPO to raise up to $1.1 billion
Saudi Arabian budget airline flynas, backed by billionaire Prince Alwaleed Bin Talal, is seeking to raise up to 4.1 billion riyals ($1.1 billion) from an initial public offering in Riyadh, it said on Monday. The airline, which is selling a 30% stake to investors in the first IPO by a Gulf airline in almost 20 years, said the price range had been set at between 76 and 80 riyals per share, implying a market capitalisation of up to $3.6 billion. Saudi Arabia has targeted tourism as a key pillar of its domestic economic agenda to reduce reliance on oil revenue. The kingdom, which attracts tens of millions of religious pilgrims a year to holy Muslim sites in Mecca and Medina, has revamped its tourism industry to attract non-religious visitors. The listing would be only the third by a Gulf airline after the United Arab Emirates' Air Arabia and Kuwait's Jazeera Airways. The institutional book-building subscription period, which started on Monday, will close on May 18, flynas said, adding that 34% of net the IPO's net proceeds will be used to finance the airline's growth strategy and for general corporate purposes. Part of the remaining proceeds will be distributed to selling shareholders, which include Kingdom Holding Company, the investment company founded by Prince Alwaleed. Saudi Arabia
Business Times
12-05-2025
- Business
- Business Times
Saudi airline flynas launches IPO to raise up to US$1.1 billion
[DUBAI] Saudi Arabian budget airline flynas, backed by billionaire Prince Alwaleed Talal, is seeking to raise up to US$1.1 billion from an initial public offering in Riyadh, it said on Monday (May 12). The airline, which is selling a 30 per cent stake to investors in the first IPO by a Gulf airline in almost 20 years, said the price range had been set at between 76 (S$26.50) and 80 riyals per share, implying a market capitalisation of up to US$3.6 billion. Saudi Arabia has targeted tourism as a key pillar of its domestic economic agenda to reduce reliance on oil revenue. The kingdom, which attracts tens of millions of religious pilgrims a year to holy Muslim sites in Mecca and Medina, has revamped its tourism industry to attract non-religious visitors. The listing would be only the third by a Gulf airline after the United Arab Emirates' Air Arabia and Kuwait's Jazeera Airways. The institutional book-building subscription period, which started on Monday, will close on May 18, flynas said, adding that 34 per cent of net the IPO's net proceeds will be used to finance the airline's growth strategy and for general corporate purposes. Part of the remaining proceeds will be distributed to selling shareholders, which include Kingdom Holding Company, the investment company founded by Prince Alwaleed. REUTERS
San Francisco Chronicle
12-05-2025
- Business
- San Francisco Chronicle
Saudi Arabia's low-cost carrier Flynas sells out all shares from initial public offering
DUBAI, United Arab Emirates (AP) — Saudi Arabia 's low-cost carrier Flynas sold within minutes of opening all of the $1.1 billion in shares from its initial public offering on the Riyadh stock exchange on Monday. The carrier, backed by billionaire Alwaleed bin Talal, is offering 51.2 million shares at around $20 to over $21 apiece, representing about 30% of the company's share capital. Flynas, which describes itself as the kingdom's only independent airline, hopes to build out its fleet and expand its four bases, according to a statement from the company. The move to go public comes despite worldwide market uncertainty fueled by U.S. tariffs and a continued downturn in oil prices that threatens to stifle growth in the kingdom. The move comes after media reports that Abu Dhabi's Etihad Airways is eyeing an IPO plan of its own. The IPO, which would make Flynas the first carrier in the Gulf Arab region to go public over the past two decades, includes newly issued stocks, as well as shares from National Flight Services Co. and Alwaleed's Kingdom Holding Co. Flynas, which last year posted a profit of $116 million and $2 billion in revenues, is not the only Saudi firm that is looking to go public. Specialized Medical, which operates hospitals, the packaging company United Carton Industries, and tech company iMENA Group all have IPO plans underway.
Bloomberg
06-05-2025
- Business
- Bloomberg
Saudi Arabia's Flynas Considers Seeking About $1 Billion in IPO
Saudi Arabia's Flynas, backed by billionaire Prince Alwaleed bin Talal, is considering seeking about $1 billion from its initial public offering, according to people familiar with the matter. The low-cost carrier announced plans earlier this week to sell 51.26 million shares, representing 30% of its share capital. The IPO on the Riyadh exchange will include both newly issued shares and stock offered by existing shareholders — Alwaleed's Kingdom Holding Co. and National Flight Services Co.
Gulf Today
29-04-2025
- Business
- Gulf Today
US tariffs may trigger a 'global depression'
Staff Reporter, Gulf Today Prince Alwaleed Bin Talal Al Saud, Chairman of Kingdom Holding Company, has revealed to Forbes Middle East his perspectives on trade wars, AI dominance, and the evolving definition of leadership in an increasingly complex world. The Prince, who shares a personal acquaintance with the US President Donald Trump, spoke candidly: 'These tariffs are tantamount to paralysis. A 145% tariff on China? That's not negotiation—that's a freeze in trade.' While acknowledging Trump's political instincts, he issued a stark warning about the risks of economic brinkmanship: 'This could've triggered not just a recession, but a worldwide depression.' Prince Alwaleed shared why he continues to back Elon Musk, even amid recent criticism of Tesla. 'When Musk took over Twitter, I didn't cash out—I doubled down,' he said. 'We're betting on the right horse. That horse is Musk.' He confirmed a recent two-hour investor call with Musk discussing a potential merger between X and xAI: 'He is managing business and politics—and doing both. I was on the call. It's happening.' On artificial intelligence, Prince Alwaleed stressed its sweeping impact across sectors: 'AI will impact every industry. If you don't adapt, you'll be left behind.' He also recalled a conversation with Bill Gates about the disruption of both white- and blue-collar jobs: 'New opportunities must be created. This is only the first inning of the revolution.' Turning to Saudi Arabia's current transformation, Prince Alwaleed described it as both historic and personal: 'This is a revolution—and we are back to normal,' he said, referring to the Kingdom's sweeping social reforms. He praised Vision 2030, identifying tourism and mineral wealth as the Kingdom's new economic engines. 'We have everything here—the beaches, the valleys, the archaeology. And it's working. We're already welcoming tens of millions of tourists... without alcohol.' Looking ahead, he expressed confidence in the country's shift toward economic diversification: 'We are creating new income streams, and I believe that within five years, Saudi Arabia's budget will be powered by non-oil revenues.' He also revealed that he has already donated $5 billion through Alwaleed Philanthropies, underscoring his long-standing commitment to giving. 'I began charity on the same day I began business—January 1st, 1980,' he said. As Saudi Arabia's youth rises to the forefront of transformation, Prince Alwaleed offers clear advice: 'Our society is young—and incredibly empowered. With AI and the internet, they know everything. Stay attentive and move with speed.'
