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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)
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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.

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Mawani Boosts Saudi Ports with New MSC Himalaya Express Service

Mawani Boosts Saudi Ports with New MSC Himalaya Express Service
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Mawani Boosts Saudi Ports with New MSC Himalaya Express Service

Mawani Boosts Saudi Ports with New MSC Himalaya Express Service

The Saudi Ports Authority (Mawani) has announced the addition of MSC's Himalaya Express shipping service to King Abdulaziz Port in Dammam and Jubail Commercial Port.

This strategic move aims to bolster national exports and elevate the competitiveness of both ports regionally and internationally, SPA reported.

The new service directly links the two ports to 12 key regional and international destinations: Jebel Ali and Abu Dhabi (UAE), Hamad Port (Qatar), Nhava Sheva, Mundra, and Vizhinjam (India), Sines (Portugal), Gioia Tauro and Genoa (Italy), and Valencia, Barcelona, and Malaga (Spain). The service boasts a substantial capacity of up to 14,000 TEUs.

This initiative is part of Mawani's ongoing efforts to enhance the Kingdom's standing in global performance indicators and increase operational efficiency at its ports. It aligns directly with the objectives of the National Transport and Logistics Strategy, which seeks to solidify Saudi Arabia's position as a global logistics hub connecting three continents.