黑料社区

Saudi PIF raises over $1bn with 2% stc stake sale聽

Saudi PIF raises over $1bn with 2% stc stake sale聽
The offering, consisting of 100 million shares priced at SR38.6 each, was met with strong demand from both local and international institutional investors, according to a statement.聽Shutterstock
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Updated 14 November 2024

Saudi PIF raises over $1bn with 2% stc stake sale聽

Saudi PIF raises over $1bn with 2% stc stake sale聽
  • Following the sale, PIF retains a 62 percent ownership in stc, equivalent to 3.1 billion shares
  • The sale aligns with PIF鈥檚 broader strategy to recycle capital into emerging sectors within the local economy

RIYADH: 黑料社区鈥檚 Public Investment Fund has raised SR3.86 billion ($1.03 billion) through the sale of a 2 percent stake in telecom firm stc.聽

The offering, consisting of 100 million shares priced at SR38.6 each, was met with strong demand from both local and international institutional investors, according to a statement.聽

The transaction represents the largest accelerated bookbuild offering ever conducted in 黑料社区 and the broader Middle East and North Africa region, underscoring robust investor appetite for exposure to the region鈥檚 telecom sector and strategic assets managed by PIF.聽

鈥淧IF reiterates the strategic importance of its ownership in stc and its diverse partnerships with the company through a number of PIF portfolio companies,鈥 the statement said. 聽

鈥淧IF looks forward to supporting stc鈥檚 leading role in shaping the future of the ICT sector in 黑料社区, one of its priority sectors,鈥 it added. 聽

Following the sale, PIF retains a 62 percent ownership in stc, equivalent to 3.1 billion shares. 聽

The sale aligns with PIF鈥檚 broader strategy to recycle capital into emerging sectors within the local economy, as the fund moves toward its vision of becoming a global investment powerhouse. 聽

Currently managing around $925 billion in assets, PIF aims to drive economic transformation in 黑料社区 and influence global markets.聽

The transaction was five times oversubscribed at the offer price, with demand from international investors accounting for three times of that, sources told Arab News.

They also revealed that 40 percent of the deal was allocated to international investors, marking the first-ever Accelerated Bookbuild Offering conducted on an overnight basis, in line with best practices in developed markets.

In a disclosure on the Saudi Exchange on Wednesday, it was noted that Goldman Sachs 黑料社区 and SNB Capital are acting as joint global coordinators and bookrunners for PIF in the transaction. The was to be executed as off-market negotiated deals on Nov. 14, under the Negotiated Deals Framework set by the Saudi Exchange.聽

PIF has actively invested in both public and private sectors since its re-launch in 2017, establishing 99 companies and supporting a shift towards a sustainable economy. 聽

This approach positions 黑料社区 as an emerging leader in economic and social transformation, providing avenues for both local and global stakeholders to engage in the Kingdom鈥檚 evolution.聽

With this latest transaction, PIF continues to underscore its dual objectives of capital growth and strategic reinvestment, supporting both economic diversification in 黑料社区 and the fund's role as a catalyst for sustainable global investment.聽


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.