Saudi Arabia Continues to Search for Cooperation Opportunities in Digital Economy, Space

Saudi and French officials meet in Paris to discuss cooperation opportunities in digital economy. Asharq Al-Awsat
Saudi and French officials meet in Paris to discuss cooperation opportunities in digital economy. Asharq Al-Awsat
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Saudi Arabia Continues to Search for Cooperation Opportunities in Digital Economy, Space

Saudi and French officials meet in Paris to discuss cooperation opportunities in digital economy. Asharq Al-Awsat
Saudi and French officials meet in Paris to discuss cooperation opportunities in digital economy. Asharq Al-Awsat

Saudi officials have held a series of meetings in search for cooperation opportunities in digital economy, space and innovation.

Saudi Minister of Communications and Information Technology, Eng. Abdullah Al-Swaha, met on Monday in Paris with the French ambassador for Digital Affairs, Henri Verdier, in the presence of the Chief Executive Officer-designate of the Saudi Space Commission, Dr. Muhammad Al-Tamimi, and the designated President of King Abdulaziz City for Technical Sciences, Dr. Munir Al-Desouki.

Discussions focused on strengthening bilateral cooperation between the Kingdom and France on technical and digital transformation, space and innovation.

The meeting also discussed stimulating the growth of the digital economy and the innovation system and accelerating the adoption of modern technologies in the Middle East and North Africa region by relying on the digital and logistical platform provided by the Kingdom as a hub for connecting continents.

In May, Saudi Arabia announced its willingness to search for investment opportunities in the space industry. Al-Swaha, who was newly appointed at the time, stressed that the priority of the commission was to start working on its strategy according to solid and scientific foundations, in coordination with the Council of Economic and Development Affairs.

“The objectives of the strategy will be based on the goals of the Kingdom’s Vision 2030 in the space sector, which emphasizes the importance and vitality of this field, with the aim of taking advantage of the promising opportunities in the space industry to build a knowledge economy based on the latest technologies and innovations,” he said.



Saudi Arabia’s Flynas Seeks to Raise up to $1.1 Bln in IPO 

The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
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Saudi Arabia’s Flynas Seeks to Raise up to $1.1 Bln in IPO 

The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)
The price range for the offering had been set at between 76 and 80 riyals per share. (SPA)

Saudi Arabian budget airline flynas is seeking to raise up to 4.1 billion riyals ($1.1 billion) from an initial public offering in Riyadh, it said on Monday. 

The airline, which is selling a 30% stake to investors in the first IPO by a Gulf airline in almost 20 years, said the price range had been set at between 76 and 80 riyals per share, implying a market capitalization of up to $3.6 billion. 

Saudi Arabia has targeted tourism as a key pillar of its domestic economic agenda to reduce reliance on oil revenue. 

The listing would be only the third by a Gulf airline after the United Arab Emirates' Air Arabia and Kuwait's Jazeera Airways. 

The institutional book-building subscription period, which started on Monday, will close on May 18, flynas said, adding that 34% of net the IPO's net proceeds will be used to finance the airline's growth strategy and for general corporate purposes. 

Part of the remaining proceeds will be distributed to selling shareholders, which include Kingdom Holding Company.