Transport Saudi low-cost airline Flynas to launch IPO By Pramod Kumar December 21, 2023, 4:23 AM Flynas Saudi Arabia’s sovereign Public Investment Fund owns a 17 percent stake in Flynas Flynas, the Saudi carrier backed by Saudi billionaire Prince Alwaleed Bin Talal, has hired consultants for a potential initial public offering (IPO) in Riyadh. The low-cost airline may go public as early as next year, Bloomberg reported, citing an airline statement. Goldman Sachs Group, Morgan Stanley and Saudi Fransi Capital will work on the IPO. Saudi Arabia’s sovereign Public Investment Fund owns a 17 percent stake in Flynas and is in talks to increase its holding in the airline, the news agency reported in April. Flynas has been weighing an IPO since 2008 and hired Morgan Stanley, Citigroup Inc. and NCB Capital for a potential deal in 2018. The airline is setting up local units in two more countries and expanding its existing jet orders to become the Middle East’s largest low-cost airline. Saudi Arabia in March launched a new national airline – Riyadh Air – expected to create more than 200,000 direct and indirect jobs and add $20 billion to the kingdom’s non-oil economy. Riyadh Air will connect the capital city to over 100 destinations by 2030.
Real Estate PIF worker housing company buys luxury compound Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh. Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million). The development, located in northern Riyadh, has more than 600 apartments and over 500 villas. […] 3 hours ago
Finance Investcorp chairman weighs IPO or deal with strategic investor Investcorp is considering a tie-up with a strategic investor or an initial public offering in the next few years, its executive chairman has said. Mohammed Alardhi said the Bahrain-based alternative asset manager had streamlined its strategy and reshuffled its leadership and management teams. For its next period of growth, Investcorp may look to outside investment, […] 5 hours ago
Artificial Intelligence Mubadala seeks to balance AI risks and rewards Artificial intelligence “presents a significant amount of risk” but also “a lot of opportunity”, the head of one of Abu Dhabi’s largest sovereign wealth funds said this week. On Tuesday the emirate launched a new digital strategy that aims to invest AED13 billion ($3.54 billion) over the next two years. “In terms of the risks […] 6 hours ago
Oil & Gas Iraq makes huge oil discovery but faces Opec restrictions Iraq has announced the discovery of a massive oil field expected to significantly increase the country’s hydrocarbon reserves, but Baghdad will face a number of challenges in its attempt to exploit the new resource. The field, located in the central part of the country, contains more than 2 billion barrels of medium and light crude […] 6 hours ago
