Latest news with #SAR30
Trade Arabia
13-03-2025
- Business
- Trade Arabia
Roshn backs charity campaign Ehsan with $8m contribution
Roshn Group, the kingdom's leading multi-asset class real estate developer and a PIF company, continued its support for the National Campaign for Charitable Work 'Ehsan' with a contribution of SAR30 million ($8 million). This initiative underscores ROSHN Group's commitment to fostering social development across Saudi Arabia and aligns with its mission to enhance quality of life in accordance with Saudi Vision 2030, the company said. As part of the leadership's continuous efforts to bolster the charitable sector and amplify its impact on communities, the National Campaign for Charitable Work was launched this year through the 'Ehsan' platform under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, with a generous donation of SAR40 million, followed by a substantial contribution of SAR30 million from His Royal Highness the Crown Prince, Prime Minister, Prince Mohammed bin Salman bin Abdulaziz Al Saud. Since initiating its partnership with 'Ehsan' in 2023, ROSHN Group has consistently reinforced its strategic commitment to sustainable national development. This partnership has positively impacted more than 140,000 beneficiaries, forged collaborations with over 40 charitable organisations, and led to the implementation of over 60 impactful programs and initiatives. These efforts have spanned various domains, including education, healthcare, sports, home renovations, and the distribution of essential goods such as food and clothing to the most vulnerable groups. In addition, the Group has launched community volunteering campaigns that have set record numbers, engaging thousands of volunteers in acts of generosity and goodwill. 'We are honored to be part of the National Campaign for Charitable Work through 'Ehsan' platform for the third consecutive year. This commitment reflects ROSHN Group's active role in social responsibility and its unwavering dedication to fostering generosity and solidarity, making a tangible impact on the community, supporting the noble objectives of this campaign,' said Ghada Alrumayan, Chief Marketing and Communications Officer at ROSHN Group, expressing her pride in the Group's ongoing support. She added: 'ROSHN Group remains committed to launching sustainable programs to empower individuals and foster a prosperous society through innovative and effective initiatives that address the community's needs and maximize positive impact. This commitment aligns with our mission to help enhance the quality of life and realize the goals of Saudi Vision 2030.'
Asharq Al-Awsat
08-03-2025
- Politics
- Asharq Al-Awsat
Custodian of the Two Holy Mosques, Crown Prince Donate SAR70 Mln to National Charity Campaign
Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister, donated on Friday SAR70 million to Saudi Arabia's fifth National Campaign for Charitable Work through the Ehsan Platform. The campaign kicked off on Friday. King Salman contributed SAR40 million, while Crown Prince Mohammed donated SAR30 million. The donations reflect the continued commitment of the Saudi leadership to charitable and humanitarian efforts, especially during the holy month of Ramadan. They highlight their dedication to strengthening social solidarity and community cohesion. Chairman of Ehsan Platform's supervisory committee Majid Al-Kassabi expressed gratitude to the leadership for their significant contributions. Such generous support demonstrates the Kingdom's commitment to facilitating charitable acts with transparency and efficiency, he stressed. Donations to the campaign can be made via the Ehsan Platform's website, mobile app, the unified number, or designated bank accounts. The Ehsan Platform operates with support from the Saudi Data and AI Authority (SDAIA), ensuring compliance with Shariah guidelines under the supervision of a dedicated Shariah committee.
Trade Arabia
13-02-2025
- Business
- Trade Arabia
Derayah Financial Company sets final offer price for IPO
Derayah Financial Company, the leading independent digital investment platform in Saudi Arabia, has announced the successful completion of the institutional book-building period for participating parties and setting the final offer price at SAR30 per share for its initial public offering (IPO). On December 25 last year, the Saudi Capital Market Authority had given the go-ahead to the company for registering its share capital and the offering of 49.9 million shares, representing 20% of the Derayah Financial Company's issued share capital. The price range of the Offering had been set between SAR27 and 30 per share. The book-building process started this month (February 2) and ended on February 9. It received an overwhelming response from both local and international investors with the institutional offering being oversubscribed 162 times. The process generated a total value of SAR243 billion ($65 billion) in orders. The SAR30 per share price is at the top end of the previously announced price range for the IPO. The Final Offer Price implies a market capitalization of the company at listing of SAR7.5 billion ($2 billion), with the total size of the offering being SAR1.5 billion ($400 million). The Offer Shares will be listed and traded on the Main Market of the Saudi Exchange following the completion of the IPO and listing formalities with the CMA and the Saudi Exchange, with the date to be announced at a later stage. The selling shareholders collectively own the majority of the company's shares prior to the IPO. Following completion of the Offering, these shareholders will collectively own 80% of the company' share capital. The net proceeds of the Offering will be distributed to the selling shareholders in proportion to their respective ownership of the Offer Shares. The company will not receive any part of the Offering Proceeds. After listing, at least 60% of the company's shares shall be subject to a lock-up period of 24 months from the date of the start of trading of the company's shares on the main market, it stated. For the IPO, Derayah has appointed HSBC Saudi Arabia as sole financial advisor, bookrunner, global coordinator, lead manager and underwriter. Derayah Financial Company, Alinma Investment Company, Alistithmar Capital, Aljazira Capital, Alkhabeer Capital, Al Rajhi Capital, ANB Capital, BSF Capital, GIB Capital, Riyad Capital, SAB Invest, Sahm Capital, SNB Capital, and Yaqeen Capital will act as Receiving Entities for the Individual Investors tranche. On the IPO, Co-Founder and Chairman Taha AlKuwaiz said: "Derayah is incredibly delighted with the demand from institutional investors, and I am pleased to say that we've had overwhelming interest from investors in KSA, the GCC, and further afield." "The fact that the books were covered within minutes of the start of book-building, and that the total demand exceeded SAR243 billion is a testament to our position as the leading independent digital investment platform in Saudi Arabia." "We are excited for what lies ahead and look forward to delivering on our vision by driving innovation, creating value, and contributing to the Kingdom's diversification agenda," he added.
