黑料社区

Saudi PIF to offer 2% of Saudi Telecom Co. shares to investors

Saudi PIF to offer 2% of Saudi Telecom Co. shares to investors
The sale will be executed through off-market negotiated deals on Nov. 14 before market opening. File
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Updated 14 November 2024

Saudi PIF to offer 2% of Saudi Telecom Co. shares to investors

Saudi PIF to offer 2% of Saudi Telecom Co. shares to investors
  • Goldman Sachs 黑料社区 and SNB Capital are acting as joint global coordinators and bookrunners for PIF
  • Remaining shares held by PIF represent 62% of the firm鈥檚 issued share capital

RIYADH: 黑料社区鈥檚 Public Investment Fund has announced the offering of 2 percent of its Saudi Telecom Co.鈥檚 stake, amounting to 100 million shares, to qualified institutional investors locally and globally.

Goldman Sachs 黑料社区 and SNB Capital, acting as joint global coordinators and bookrunners for PIF, announced that the share price, or offer rate, would be determined through an accelerated book-building process, according to a statement on the Saudi Stock Exchange.

This falls in line with PIF鈥檚 vision, which has about $925 billion assets under management, of becoming a global investment powerhouse and the world鈥檚 most impactful investor, enabling the creation of new sectors and opportunities that will shape the future global economy, while driving the economic transformation of 黑料社区.

The Tadawul statement said that following the completion of the offering, the remaining shares held by PIF in the company, representing 62 percent of the firm鈥檚 issued share capital, will be subject to a 90-day contractual lock-up undertaking.

The company will not receive any proceeds from the issuance, and the offering will not dilute the shares of the organization鈥檚 additional shareholders.

The statement also said that the final number of offer shares, price, and results will be announced by Nov. 14.聽

The sale will be executed through off-market negotiated deals on Nov. 14 before market opening, under the Negotiated Deals Framework stipulated under the Trading and Membership Procedures issued by the Saudi Exchange.

The offering will be available to institutional investors within the Kingdom, qualified foreign institutional backers in line with the Rules for Foreign Investment in Securities, and institutional beneficiaries of swap agreements made with a Capital Market Authority-authorized person to trade shares on the Saudi Exchange on their behalf.聽

It will also be open to Gulf Cooperation Council investors, including companies and funds authorized to trade in Saudi shares.


黑料社区 eyes top 10 global tourism ranking, says Al-Khateeb

黑料社区 eyes top 10 global tourism ranking, says Al-Khateeb
Updated 10 November 2025

黑料社区 eyes top 10 global tourism ranking, says Al-Khateeb

黑料社区 eyes top 10 global tourism ranking, says Al-Khateeb

JEDDAH: 黑料社区 is on track to rank among the world鈥檚 top 10 tourist destinations, according to Minister of Tourism Ahmed Al-Khateeb.

Speaking at a press conference on Monday, Al-Khateeb highlighted that the 26th UN Tourism General Assembly in Riyadh focused on digital transformation in tourism, with member states committed to advancing initiatives, particularly in artificial intelligence.

UN Tourism Secretary-General Zurab Pololikashvili and Shaikha Al-Nowais, newly elected secretary-general of the organization, were also present.

Al-Nowais becomes the first woman and the youngest person to lead the global tourism body in its 50-year history.

Al-Khateeb described the Riyadh Declaration as a roadmap for the organization鈥檚 future.
鈥淭hrough the executive council, the member states will work with the current and future secretary general to ensure the implantation of the Riyadh Declaration.鈥

He stressed that the declaration emphasizes sustainability, air connectivity, investment attraction, and the training and empowerment of human resources.

鈥淯sing technology, we are enhancing the tourist journey with solutions that require minimal human intervention, such as facial recognition at airports to streamline the travel process,鈥 he said.

Al-Khateeb also highlighted the importance of human interaction in tourism. 鈥淲e are also keen to develop human capabilities in the sector.鈥 He added that tourism serves as a bridge between cultures.

Al-Nowais underscored sustainable and responsible growth as her top priority, alongside transparency, ethical governance, digital transformation, and smart tourism. She noted the organization has already launched initiatives like the Best Tourism Village program, which certifies rural villages and small destinations within larger regions to promote development and support local communities.

She added that the entity has done a 鈥済reat鈥 job in this regard and stressed that technology and innovation will play an increasing role in managing growing numbers of travelers.
鈥淲e need to see how we can propose or advocate or suggest areas where we can ask destinations and governments to empower themselves with those tools and see how we can instead divert the crowd or the travelers to new destinations and emerging destinations,鈥 she said.

Commenting on her election, Al-Nowais called it a profound honor to represent women in such a leadership role.
鈥淚 think my message is with dedication, with passion, with commitment, with hard work, you know things like that will always pay off.鈥

She added: 鈥淣o matter how difficult it is, you have to live by your principles, your values, and believe in yourself. And I think nothing is ever impossible,鈥 she added.

Pololikashvili described the Riyadh Declaration as a shared commitment among countries.
鈥淎ll these three days we were talking. It's not the idea of one or two countries, and it's the process to support sustainable development.鈥

He emphasized that the declaration aims to leave a lasting legacy, noting that it is fully transparent and clearly outlines priorities for the coming years.
鈥淎nd priorities are the same, more or less now, the digitalization, education, investments, and it is a more concrete and more detailed document and guideline,鈥 he said.

In response to a question about this year鈥檚 focus on AI-powered tourism and making the technology accessible for countries with limited infrastructure, Pololikashvili said that it is a new area for them as well. He highlighted the pioneering role of 黑料社区 and the UAE in establishing innovation hubs, a first-of-its-kind initiative globally.

鈥淭hese hubs are designed to transfer expertise to less developed countries, particularly in the tourism sector, over the next two to three years,鈥 he said, adding that the initiative is seen as a strategic investment to attract knowledge and skills from leading countries and support member states鈥 development.

Under the theme 鈥淎I-Powered Tourism: Redefining the Future,鈥 the four-day event brought together representatives from more than 150 countries, including ministers, global tourism leaders, and industry experts, to discuss the future of travel, innovation, and sustainable development.

The General Assembly is the highest decision-making body within the UNWTO, comprising more than 159 member states, as well as representatives from the private sector and nongovernmental organizations.