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  • SAL Saudi Logistics Services Prepares for $678 Million IPO Amid Saudi Arabia’s Market Revival

    Saudi Arabia’s logistics sector is at the forefront of a transformative era as SAL Saudi Logistics Services Co., the Kingdom’s leading cargo handling company, gears up for a highly anticipated initial public offering (IPO). The move is expected to raise up to 2.54 billion riyals (approximately $678 million), underscoring the resurgence of Saudi Arabia’s public listings market after a period of slowed activity. The IPO involves 24 million shares, representing a 30% stake in SAL, priced between 98 and 106 riyals per share, which values the company at up to 8.48 billion riyals ($2.26 billion). Saudi Arabian Airlines Corp. (Saudia), the company’s parent, and Tarabot Air Cargo Services Ltd. currently own 70% and 30% stakes, respectively. Institutional investors have until October 1 to participate in the bookbuilding process, with retail investors following from October 11 to October 13. This IPO is not just a significant financial event—it signals a broader shift in Saudi Arabia's economic ambitions and its commitment to redefining its role on the global logistics stage.

  • Just Back From… Saudi Arabia

    It is best to travel without preconceptions, but as so much has been written about Saudi it’s difficult not to have some put upon you by the media, others’ opinions, or hearsay. When walking around the capital, Riyadh’s streets felt clean and safe with locals sitting outside enjoying cafes and shisha bars, while western females had their hair down and shoulders on display. It was clear that Saudi is certainly no more oppressive or strict than Dubai is, and it didn’t feel any more religious either; we didn’t hear the atmospheric call to prayer until day four when we were much further south in the holy city of Medina. Just like how the UAE has developed over the last 20 years into a certified holiday destination, Saudi offers more of the same with reliable sun and warmth just a relatively short, direct flight away. But what Saudi can offer that Dubai and Abu Dhabi can’t, is the centuries of history that came before it, with fantastic museums, cultural experiences and UNESCO World Heritage sites to explore. Now is the perfect time to visit for everyone but especially those who are more adventurous and like to have been somewhere that others haven’t yet.

  • The Red Sea Film Fest Roundtable in Saudi Arabia With Spike Lee: “We Are Witnessing a Big Change”

    RSIFF 2024 jury president Spike Lee took time out of his busy festival schedule to take part in the discussion at the historic Nassif House Museum in Jeddah’s Old Town Al-Balad. Representing host nation Saudi Arabia was Meshal Al Jaser, whose humorous thriller Naga, which tells the story of a young woman who sneaks out for a date that goes wrong, screened in the 2023 RSIFF’s Arab Spectacular section and is streaming on Netflix. It also presented an opportunity to bring together six filmmakers who have made names for themselves as game changers and innovators for the second annual Hollywood Reporter roundtable at the Red Sea International Film Festival. The filmmakers discussed a broad range of topics, including creative influences, the importance of music, battling stereotypes, the role of AI and the lasting influence of Lee’s Do the Right Thing.

  • Saudi Arabia, MBS adamant on Palestinian state before Israel normalization: Blinken

    Saudi Crown Prince Mohammed bin Salman is adamant about having a Palestinian state as part of any deal to establish diplomatic ties with Israel, the top US diplomat has said, adding that this was the key to long-term stability in the Middle East and one that would ensure Israel’s security. Secretary of State Antony Blinken said that a Gaza ceasefire was necessary first. But after that, the focus would need to be on the long-term stability of the region, which would include Israel’s security. “And, of course, the key to that is the normalization of relations between Israel and Saudi Arabia,” he said in an interview with Foreign Affairs published on Wednesday, expressing hope that the incoming Trump administration would get such a deal done. Despite several reports over the last year, including as recently as this week, that Saudi Arabia is willing to ease its demands in exchange for normalization, Riyadh has repeatedly been consistent in its stance demanding a Palestinian state based on the 1967 borders, with East Jerusalem as its capital.

  • Combating desertification: Innovative solutions highlighted at COP16 in Saudi Arabia

    The 16th Conference of the Parties to the United Nations Convention to Combat Desertification (UNCCD COP16) has wrapped up with key discussions on combating desertification, building drought resilience, and achieving land degradation neutrality. The meeting, held in Saudi Arabia, brought together leaders, scientists, and stakeholders to confront the growing challenges of land degradation and its impact on vulnerable communities. Among the notable contributors at COP16 was a team of researchers from the Stockholm Resilience Centre (SRC), attending the conference for the first time. Their participation showcased how scientific innovation, local knowledge, and cross-country collaboration can pave the way for sustainable and equitable futures.

  • Saudi Arabia to launch random drug tests for public transport drivers nationwide

    Dubai: Saudi Arabia is set to launch a nationwide campaign to conduct random drug and substance abuse tests on public transport drivers, including those operating trucks, buses, and taxis, in a joint effort by the Public Transport Authority, the Ministry of Interior, and the Ministry of Health. The Federation of Saudi Chambers confirmed the campaign following communication from the Public Transport Authority, stressing its importance in safeguarding lives and preventing accidents caused by impaired driving. Testing will be overseen by the Ministry of Health and is expected to begin in the coming months.

  • Saudi Arabia spends over SAR 500M on mineral exploration: Deputy Minister

    Saudi Arabia is currently spending more than SAR 500 million on mineral exploration, compared to less than SAR 25 million in 2018, with an eye for 50% more year-on-year (YoY) in 2024, said Deputy Minister of Industry and Mineral Resources Khalid Al-Mudaifer. “Spending on exploration activities has grown by 40% YoY from SAR 80 per square kilometer to SAR 300, albeit still below the global average. Thus, we aspire to increase it by 50%, in a bid to align growth with global rates,” he told the press conference on the fourth International Mining Conference. The official also indicated that a total of 70 foreign and local exploration partnerships were established this year. Further, programs and incentives worth about SAR 780 million were created for investors in the exploration domain.

  • Saudi Arabia announces Riyadh Declaration for inclusive, innovative and impactful AI for all

    He said the declaration focused on AI with its inclusive, innovative and impactful dimension, and emphasizes the need for use of AI technologies to enable digital access and enhance digital knowledge, as well as address global challenges and unleash global economic value. The declaration also emphasized the AI role in increasing digital accessibility and digital literacy, promoting sustainable development, protecting environment, improving public health, and boosting economic inclusion. Alswaha also pointed out that the Kingdom, under the leadership of the Crown Prince, has adopted a proactive approach in the field of AI, and stressed that the Kingdom's Vision 2030 is clear and based on the commitment to lead the global transformation in this field by example.

  • Saudi Arabia spotlights private sector’s role in driving logistics transformation

    Saudi Arabia’s private sector is playing a pivotal role in driving the Kingdom’s transformation into a global logistics hub, a top official said. Speaking at the sixth edition of the Supply Chain And Logistics Conference in Riyadh, Rumaih Al-Rumaih, vice minister of transport and logistics services and president of the Transport General Authority, highlighted the critical contributions from businesses. “The main player in achieving anything in the logistics sector is the private sector. Truly, the private sector is the one delivering results. The government’s role is to enable,” Al-Rumaih said.

  • FIFA chief Infantino warned by EU lawmakers over Saudi Arabia World Cup

    Members of the European Parliament delivered a stern warning to world football governing body FIFA over the 2034 men’s World Cup to be held in Saudi Arabia, according to a letter obtained by POLITICO. “We are writing to express our grave concerns regarding the decision to award the 2034 World Cup to Saudi Arabia,” read the letter, which was signed by 30 EU lawmakers and addressed to FIFA President Gianni Infantino. Saudi Arabia, which has been criticized by human rights groups over its treatment of migrant workers and LGBTQ+ people, easily won the right to host the world’s most prestigious football tournament during a meeting of the FIFA Council last week.