Latest news with #SAR15
Asharq Al-Awsat
15-04-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Boosts Strategic Partnership with Indonesia in Mining, Food, Pharmaceutical Industries
Minister of Industry and Mineral Resources Bandar Alkhorayef is leading a high-level delegation from the Kingdom's industry and mining ecosystem on an official visit to Indonesia from April 15 to 17 to strengthen bilateral economic ties. The visit aims to attract high-quality investments to the Kingdom and explore mutual investment opportunities in the mining sector and various industrial fields, particularly food, pharmaceuticals, and auto parts, aligning with the objectives of the Kingdom Vision 2030 to diversify the economy and position the Kingdom as a leading global industrial power, SPA reported. The delegation will participate in high-level strategic meetings with senior government officials from various Indonesian ministries and will also meet with leaders of major Indonesian companies in mining, food, pharmaceutical, and other strategic industrial sectors. Key meetings in Jakarta will include sessions with the minister of energy and mineral resources and the minister of industry, in addition to discussions with private sector leaders such as the CEO of PT Vale and the chairman of BioPharma. Indonesia is considered a strategic partner for the Kingdom in Southeast Asia. By the end of 2023, bilateral trade between the two countries reached SAR22.5 billion, with Saudi exports amounting to SAR15 billion and Indonesian imports totaling over SAR7.5 billion. These figures reflect the strength of economic relations and the mutual interest in expanding areas of cooperation and capitalizing on available opportunities in key sectors. Globally, Indonesia's exports reached approximately SAR814 billion in 2024, marking a 1.3% annual increase. Alkhorayef's visit sets the stage for a new phase in bilateral relations, with both sides focused on building a long-term strategic partnership that supports their local economies and enhances economic integration between the two nations.
Trade Arabia
25-03-2025
- Business
- Trade Arabia
Saudi GACA reports 147 civil aviation violations in Q1
Saudi Arabia's General Authority of Civil Aviation (GACA), represented by the committee responsible for reviewing violations of Civil Aviation Law, released its report for the first quarter of 2025. It detailed the issuance of 147 violations and the imposition of financial penalties exceeding SAR3.8 million ($1.01 million) on entities and individuals found in contravention of the law, its implementing regulations, and instructions issued by GACA. The report indicated two violations against air carriers for non-compliance with the Passenger Name Record (PNR) system and for failure to adhere to competition regulations, totaling SAR15,000 in fines. Furthermore, 63 violations were issued against air carriers for failing to verify passengers' required documentation and for non-compliance with approved time slots, resulting in fines exceeding SAR1 million. The committee issued 61 violations against air carriers for non-compliance with the Passenger Rights Protection Regulations, with total fines exceeding SAR2.7 million. Additionally, 21 violations were issued against individual passengers for failing to follow aviation safety instructions and for engaging in disruptive behavior onboard aircraft, with total fines amounting to SAR12,400. These measures underscore GACA's commitment to transparency, its ongoing regulatory and supervisory role in the aviation sector, its dedication to improving the passenger experience, and its focus on enhancing the quality of air transport services in the kingdom.
Zawya
25-03-2025
- Business
- Zawya
Umm Al Qura surges 30% on debut Saudi IPO
Saudi-based Umm Al Qura for Development and Construction has announced that its shares surged by 30% on the group's debut on the Saudi Exchange's Main Market which hit SAR19.5 ($5.2) per share following a $523 million initial public offering (IPO). Umm Al Qura is the owner, developer and operator of Masar Destination, one of the largest redevelopment projects in Makkah city. Announcing the successful debut, the Saudi developer said the IPO was oversubscribed 241 times in the institutional tranche and 20 times in the retail tranche. Within minutes of the IPO launch, the shares jumped SAR4.5 ($1.2) above the SAR15 IPO price. The retail subscription process, comprising a maximum of 13.1 million shares, representing 10% of the total offer shares, commenced on March 5 and ended on March 9. It saw participation from 1,048,530 subscribers, indicating a coverage of 20 times, with a total demand of SAR3.93 billion ($1.05 billion). Individual subscribers will receive a minimum of 10 shares each, while the remaining shares will be allocated on a pro-rata basis for the remaining demand with an average allocation factor of 1.0316%. The Final Offer Price for the IPO was set at SAR15 per share at the top of the range, implying a market capitalisation of approximately SAR21.6 billion ($5.75 billion) at listing. CEO Yasser AbuAteek said: "2024 was a transformational year for Umm Al Qura as we prepared to list on the Main Market of the Saudi Exchange. We are proud of the significant progress we have made, and the strong foundation we have built for the future of Makkah." "The achievements of 2024 reinforce our commitment to delivering exceptional value to our stakeholders, and particularly the incoming public shareholders. Umm Al Qura is now positioned for continued success in the years ahead as we remain focused on the goals of Vision 2030 and our commitments to enhancing the experience of residents, pilgrims and visitors of Makkah while developing a world-class multi-use destination," he added. Umm Al Qura was established in 2012 for undertaking the development of King Abdulaziz Road in Makkah which originally contained six unplanned settlements neighbourhoods; the project site area is known as Masar Destination. One of the largest redevelopment projects in the region, Masar is located directly on Makkah's western border. It consists of 205 investment plots, with a total area of approximately 641,000 sq m and a total gross floor area (GFA) of 5.7 million sq m. The company seeks to transform it into a global multi-use destination to serve the residents and visitors of Makkah. For the Saudi listing, Umm Al Qura has signed up Albilad Capital as joint financial advisor, lead manager, bookrunner and underwriter; GIB Capital and AlRajhi Capital as joint fnancial advisors, bookrunners and underwriters as well as Alinma Invest as joint bookrunner and underwriter. Lazard has taken up the role of company advisor and FGS Global that of media and communications advisor. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
24-03-2025
- Business
- Trade Arabia
Umm Al Qura surges 30pc on debut Saudi IPO
Saudi-based Umm Al Qura for Development and Construction has announced that its shares surged by 30% on the group's debut on the Saudi Exchange's Main Market which hit SAR19.5 ($5.2) per share following a $523 million initial public offering (IPO). Umm Al Qura is the owner, developer and operator of Masar Destination, one of the largest redevelopment projects in Makkah city. Announcing the successful debut, the Saudi developer said the IPO was oversubscribed 241 times in the institutional tranche and 20 times in the retail tranche. Within minutes of the IPO launch, the shares jumped SAR4.5 ($1.2) above the SAR15 IPO price. The retail subscription process, comprising a maximum of 13.1 million shares, representing 10% of the total offer shares, commenced on March 5 and ended on March 9. It saw participation from 1,048,530 subscribers, indicating a coverage of 20 times, with a total demand of SAR3.93 billion ($1.05 billion). Individual subscribers will receive a minimum of 10 shares each, while the remaining shares will be allocated on a pro-rata basis for the remaining demand with an average allocation factor of 1.0316%. The Final Offer Price for the IPO was set at SAR15 per share at the top of the range, implying a market capitalisation of approximately SAR21.6 billion ($5.75 billion) at listing. CEO Yasser AbuAteek said: "2024 was a transformational year for Umm Al Qura as we prepared to list on the Main Market of the Saudi Exchange. We are proud of the significant progress we have made, and the strong foundation we have built for the future of Makkah." "The achievements of 2024 reinforce our commitment to delivering exceptional value to our stakeholders, and particularly the incoming public shareholders. Umm Al Qura is now positioned for continued success in the years ahead as we remain focused on the goals of Vision 2030 and our commitments to enhancing the experience of residents, pilgrims and visitors of Makkah while developing a world-class multi-use destination," he added. Umm Al Qura was established in 2012 for undertaking the development of King Abdulaziz Road in Makkah which originally contained six unplanned settlements neighbourhoods; the project site area is known as Masar Destination. One of the largest redevelopment projects in the region, Masar is located directly on Makkah's western border. It consists of 205 investment plots, with a total area of approximately 641,000 sq m and a total gross floor area (GFA) of 5.7 million sq m. The company seeks to transform it into a global multi-use destination to serve the residents and visitors of Makkah. For the Saudi listing, Umm Al Qura has signed up Albilad Capital as joint financial advisor, lead manager, bookrunner and underwriter; GIB Capital and AlRajhi Capital as joint fnancial advisors, bookrunners and underwriters as well as Alinma Invest as joint bookrunner and underwriter.
Trade Arabia
13-03-2025
- Business
- Trade Arabia
Umm Al Qura IPO gets solid response from retail investors
Saudi-based Umm Al Qura for Development and Construction today (March 13) announced the successful completion of the offering period for retail investors for the company's initial public offering (IPO). Umm Al Qura is the owner, developer and operator of Masar Destination, one of the largest redevelopment projects in Makkah city. Its current majority shareholders comprise state-owned entities and Saudi private sector including the Saudi sovereign wealth fund PIF, the General Organization for Social Insurance (GOSI) and Dallah Al Baraka Holding. Announcing this, the Saudi developer said the retail subscription process, which involved a maximum of 13 million shares (representing 10% of the total offer shares) kicked off on March 5 and ended on March 9. It saw participation from 1,048,530 subscribers, indicating a coverage of 20 times, with a total demand of SAR3.93 billion ($1.05 billion. Individual subscribers will receive a minimum of 10 shares each, while the remaining shares will be allocated on a pro-rata basis for the remaining demand with an average allocation factor of 1.03%, it stated. According to Umm Al Qura, the ffinal offer price for the Offering was set at SAR15 per share, pricing at the top of the range, implying a market capitalization of approximately SAR21.58 billion ($5.75 billion) at listing. Umm Al Qura was established in 2012 for undertaking the development of King Abdulaziz Road in Makkah which originally contained six unplanned settlements neighbourhoods; the project site area is known as Masar Destination. One of the largest redevelopment projects in the region, Masar is located directly on Makkah's western border. It consists of 205 investment plots, with a total area of approximately 641,000 sq m and a total gross floor area (GFA) of 5.7 million sq m.. The company seeks to transform it into a global multi-use destination to serve the residents and visitors of Makkah. For the Saudi listing, Umm Al Qura has signed up Albilad Capital as joint financial advisor, lead manager, bookrunner and underwriter; GIB Capital and AlRajhi Capital as joint fnancial advisors, bookrunners and underwriters as well as Alinma Invest as joint bookrunner and underwriter.
