PIF to Sell Part of Stake in Saudi Telecom

The logo of Saudi Arabia's Public Investment Fund (PIF)
The logo of Saudi Arabia's Public Investment Fund (PIF)
TT

PIF to Sell Part of Stake in Saudi Telecom

The logo of Saudi Arabia's Public Investment Fund (PIF)
The logo of Saudi Arabia's Public Investment Fund (PIF)

Saudi Arabia's Public Investment Fund (PIF), the country's sovereign wealth fund, is considering selling part of its 70% stake in Saudi Telecom Co (STC) while retaining majority ownership, the state fund said on Thursday.

"The potential transaction is expected to contribute to PIF's establishment and development of new sectors, in addition to strengthening the Saudi economy's growth and diversifying its sources of income," PIF said in a statement.

PIF said it had appointed Goldman Sachs, HSBC, Morgan Stanley and SNB Capital to advise on the deal.



Saudi Arabia and China Explore Promising Tourism Opportunities

Tourism Minister Ahmed Al-Khateeb met with a number of Chinese investors in Beijing (Asharq Al-Awsat)
Tourism Minister Ahmed Al-Khateeb met with a number of Chinese investors in Beijing (Asharq Al-Awsat)
TT

Saudi Arabia and China Explore Promising Tourism Opportunities

Tourism Minister Ahmed Al-Khateeb met with a number of Chinese investors in Beijing (Asharq Al-Awsat)
Tourism Minister Ahmed Al-Khateeb met with a number of Chinese investors in Beijing (Asharq Al-Awsat)

Saudi Tourism Minister Ahmed Al-Khateeb met with the Chinese Tourism Association to explore investment opportunities and means to strengthen bilateral ties in the sector. Al-Khateeb also discussed with several investors in Beijing investment prospects in the Kingdom’s tourism industry.

On Thursday, Al-Khateeb launched a global promotional campaign in Beijing, inaugurating the Saudi Travel Expo at the renowned Tian Tan Park, which will run until Oct. 26.

The Saudi delegation, led by Al-Khateeb, included top officials and key partners from the Saudi tourism ecosystem, aiming to elevate Saudi Arabia’s global presence and demonstrate its readiness to welcome Chinese tourists. The delegation held multiple bilateral meetings with China’s Civil Aviation Authority, the Chinese Tourism Association, airlines, and representatives from major companies like Trip.com, Tuniu, Alibaba, Huawei, and Klook.

Several Memorandums of Understanding (MoUs) were signed with prominent Chinese companies, including H World Group and Jin Jiang Group. Al-Khateeb emphasized that this global campaign is part of Saudi Arabia’s efforts to foster closer collaboration with China through strategic partnerships aimed at developing the tourism sectors in both countries. He expressed enthusiasm about welcoming Chinese tourists, particularly following Saudi Arabia’s designation as an official key destination for Chinese travelers.

Fahd Hamidaddin, CEO and board member of the Saudi Tourism Authority, stressed that China is one of the most important international markets for Saudi Arabia. He highlighted the growing interest among Chinese tourists in experiencing the country’s unique and inspiring travel offerings.

The Saudi Travel Expo features interactive exhibits showcasing the beauty of key Saudi destinations such as Diriyah, AlUla, and Al-Baha. Visitors can enjoy photo opportunities against backdrops of famous Saudi landmarks and witness live demonstrations of traditional crafts like sadu weaving, as well as local musical performances. Saudi tourism partners are also offering special travel packages to major destinations like Jeddah, Neom, and the Red Sea, along with the chance to participate in world-class events such as Riyadh Season and MDL Beast.