Latest news with #SalehAlJasser
Asharq Al-Awsat
a day ago
- Business
- Asharq Al-Awsat
Saudi Arabia's flynas Successfully Completes Final Allocation of IPO Shares
Saudi Arabia's flynas has successfully completed the final allocation process for its initial public offering (IPO) shares, setting a minimum allotment of 10 shares for each individual subscriber. This IPO is considered the first of its kind for a Gulf airline in nearly 20 years. flynas will become the third Gulf airline to go public, following the listings of Air Arabia in the UAE and Jazeera Airways in Kuwait. In a statement, the company confirmed that any surplus subscription funds - if any - will be refunded to individual subscribers no later than June 5. The company will be listed on the Saudi stock exchange once regulatory procedures are completed. Saudi Minister of Transport Saleh Al-Jasser stated on the X platform that the IPO of the first Saudi airline on the stock market, along with the high oversubscription rates, 'reflects the high level of confidence in the Kingdom's aviation sector, which is witnessing remarkable developments and unprecedented annual growth rates, increased air traffic and connectivity, as well as significant investments in infrastructure, all supported by Prince Mohammed bin Salman, Crown Prince and Prime Minister.' 'Congratulations to flynas on the successful IPO and listing. The aviation sector will continue to enhance its developmental role in supporting the national economy and expanding investment and growth opportunities, in partnership with the private sector,' he added. The individual investor subscription period, which began on May 28 and lasted for three days, saw the participation of 666 investors, with a final offering price of 30 riyals per share. Total demand from this segment reached approximately SAR 2.868 billion ($746.5 million), resulting in a coverage ratio of 349.70%. Meanwhile, flynas reported a net profit of SAR 148 million ($39.4 million) for the first quarter of this year, marking a 1% decrease compared to the net profit of SAR 149 million recorded in the same period last year. However, the company's adjusted net profit increased by 78%. In a statement, the company attributed the decline in profit to exceptional gains of 66 million riyals recorded in Q1 2024 from a sale and leaseback transaction, which did not recur in the current quarter. Operating profit rose by 78%, and the company generated revenues of SAR 1.8 billion in the first quarter of 2025, a 6% increase, supported by improved ticket yields and growth in ancillary revenues. The company stated that its revenue increased by 5% to reach SAR 1.8 billion during the first three months of 2025, attributing the growth to stronger ticket yields and increased ancillary income.
Arab News
3 days ago
- General
- Arab News
Saudi Roads Authority launches ‘mobile sites' service for pilgrims during bus breakdowns on Hijra Road
RIYADH: The Roads General Authority has launched a 'mobile sites' service for pilgrims on the Hijra Road in the event their buses break down. The service is intended to ensure the highest levels of comfort and safety for pilgrims when traveling between Makkah, Madinah, and the holy sites, the Saudi Press Agency reported. The launch was attended by the Minister of Transport and Logistics Services Saleh bin Nasser Al-Jasser. This initiative is being implemented on the Hijra Expressway (Makkah-Madinah) and is available around the clock during Hajj season. It can accommodate approximately 40 pilgrims and is equipped with air-conditioning units, rest areas, restrooms, cold beverages, and hospitality meals.
Arab News
29-05-2025
- Business
- Arab News
Graduation of logistics academy trainees celebrated
RIYADH: The Saudi Logistics Academy in Riyadh recently celebrated the graduation of more than 490 trainees from various programs. The ceremony, held under the patronage of Minister of Transport and Logistic Services Saleh Al-Jasser, also featured the inauguration of two new branches of the academy in Jeddah and the Eastern Province, and the signing of five agreements with the private sector for training and rehabilitation in the academy. Moreover, the academy received the final institutional accreditation from the Education and Training Evaluation Commission, in the presence of ministers, deputies and representatives of logistics companies. The academy clarified that it granted the entry-level employment associate diploma to 435 trainees in eight training specialities. This includes supply chain and logistics management, marketing and customer service, shipping brokerage, warehouse management, customs clearance, port operations, procurement, e-commerce, and last-mile delivery.
Leaders
28-05-2025
- General
- Leaders
Hajj 2025: Saudi Arabia Expands ‘White Road' to Enhance Pilgrims Comfort
Saudi Arabia's Roads General Authority (RGA) has launched an expanded cooled pedestrian walkway project in Makkah City, aiming to significantly enhance accessibility services for individuals with disabilities. The project, known as the 'White Road' initiative, has been expanded by an impressive 82% since its initial launch in 2023. More than 84,000 square meters of roads in Arafat have now been paved using locally sourced recycled materials. These materials are specifically designed to reduce heat absorption from sunlight, creating a more comfortable environment for all. According to RGA, these innovative materials lower surface temperatures by approximately 12°C. Additionally, they reflect 30–40% more sunlight during morning hours, effectively mitigating urban heat islands. Improving Pilgrims Comfort The launch ceremony took place under the patronage of Eng. Saleh Al Jasser, the Saudi Minister of Transport and Logistics Services. During the event, Al Jasser highlighted the importance of these initiatives in enhancing air quality and comfort for pilgrims. The project features air-cooling mist systems and water fountains, developed in collaboration with the Abdulrahman Fakieh Charitable Foundation. Al Jasser noted that the growth of flexible rubber roads has increased by 33%. These surfaces aim to soften asphalt in pedestrian areas, providing significant advantages for older adults. The newly laid section extends from Namira Mosque to Arafat Train Station, raising the overall flexible pavement area to 16,000 square meters. Research conducted by the Road Research Centre has validated the improved comfort and safety of this advanced rubberized asphalt. Commitment to Accessibility Furthermore, the Minister introduced an accessibility initiative designed to support individuals with disabilities. This initiative includes a 4,000-meter pedestrian path leading to Mount Arafat. Built with cooled paving materials, this path minimizes vibrations and enhances mobility for users and their companions. Al Jasser emphasized that RGA aims to elevate the quality of roads to rank sixth globally by 2030. The authority also seeks to reduce road fatalities to fewer than five per 100,000 people. Currently, Saudi Arabia boasts the world's leading intercity road connectivity, with a total network exceeding 73,000 kilometers. This comprehensive expansion of the cooled pedestrian walkway project in Makkah underscores Saudi Arabia's commitment to innovation, sustainability, and accessibility. Short link : Post Views: 28
Zawya
28-05-2025
- General
- Zawya
Saudi Arabia launches cooled pedestrian walkway in Makkah
MAKKAH — Minister of Transport and Logistics Services Eng. Saleh Al-Jasser, who also serves as Chairman of the Roads General Authority, has launched a cooled pedestrian walkway project in Makkah, designed to enhance accessibility for individuals with disabilities and improve the comfort of pilgrims. The walkway is part of the Kingdom's broader cooled roads initiative, which has expanded by 82% since its launch in 2023. More than 84,000 square meters of roads in Arafat have now been paved with locally sourced recycled materials that reflect up to 40% more sunlight and reduce surface temperatures by approximately 12°C, helping mitigate urban heat and cut energy consumption and air pollution. A key addition is the 4,000-meter accessible pedestrian path leading to Mount Arafat, built with cooled paving to minimize vibrations and enhance mobility for people with disabilities and their companions. The project also includes flexible rubber asphalt surfaces, which have increased by 33% to now cover 16,000 square meters. These surfaces, used in pedestrian areas between Namira Mosque and Arafat Train Station, are designed to soften impact and provide greater comfort, especially for older pilgrims. Research by the Road Research Centre confirms the improved safety and usability of the rubberized materials. The initiative features a green corridor with trees planted along a 1,200-meter stretch, and includes air-cooling mist systems and water fountains, developed in collaboration with the Abdulrahman Fakieh Charitable Foundation. Saudi Arabia's Roads General Authority continues to implement innovations in road infrastructure as it works toward ranking sixth globally in road quality by 2030 and reducing road fatalities to fewer than five per 100,000 residents. The Kingdom currently leads the world in intercity road connectivity, with a total network exceeding 73,000 kilometers. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
