Saudi Arabia’s TGA Participates in UITP Global Public Transport Summit

SPA
SPA
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Saudi Arabia’s TGA Participates in UITP Global Public Transport Summit

SPA
SPA

The International Association of Public Transport (UITP) inaugurated on Sunday in Barcelona, Spain, the UITP Global Public Transport Summit, with the participation of the Kingdom of Saudi Arabia’s Transport General Authority (TGA).

The TGA was represented at the Summit by the Authority’s Vice-President for the Regulatory Sector, Eng. Fawaz Al-Sahli; the Authority’s Undersecretary for Land Transport Sector, Abdulmajeed Al-Tasan; and General Director of the Authority’s Studies and Transport Economics, Rayan Alhazmi.

The opening ceremony witnessed the holding of the General Assembly of the UITP, in which a number of issues were discussed, including the adoption of the minutes and results of the 2022 General Assembly as well as the 2023 budget and its work plan.

It also witnessed the election of the President of the UITP for the term 2023-2025, in addition to honoring graduates of the Diploma of Public Transport Managers, which included three officials of the Saudi TGA.

The UITP Global Public Transport Summit’s activities will include the launch of an exhibition, which will last until the 7th of June, with the participation of a number of entities and those interested in the public transport sector, under the theme of ‘Bright Light of the City’.



Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo
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Saudi PIF Completes $7 bln Inaugural Murabaha Credit Facility

The Public Investment Fund (PIF) logo
The Public Investment Fund (PIF) logo

Saudi Arabia's Public Investment Fund (PIF) completed on Monday a $7 billion inaugural murabaha credit facility.
In a statement, PIF said the credit facility is supported by a syndicate of 20 international and regional financial institutions.
PIF head of the Global Capital Finance Division and head of Investment Strategy and Economic Insights Division Fahad AlSaif said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia”, the Saudi Press Agency reported on Monday.
This financing complements PIF’s successful sukuk issuances over the past two years, the statement added. It also underpins PIF’s strong financial position, as well as its best-practice approach to debt financing.
PIF is rated Aa3 by Moody’s with stable outlook and A+ by Fitch with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.