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From London, Tadawul Makes First Step towards the World

CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)
CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)
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From London, Tadawul Makes First Step towards the World

CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)
CEO of Saudi Tadawul Mohammed Al-Rumaih speaking during the conference (Asharq Al-Awsat)

The Saudi Stock Exchange (Tadawul) took its first step toward the world, starting from London, with the launching of the EFG Hermes Saudi Forum on Monday, under the theme, “Looking for Sustainable Growth.”

Participants, including investors, businessmen and stakeholders, gathered on Monday at the Rosewood Hotel in central London, to discuss the investment climate, the available opportunities, and the promising investment components that are unique to the Saudi economy.

The conference, which concludes on Tuesday, is organized by EFG Hermes, in cooperation with the Saudi Tadawul, in the presence of 375 guests, including representatives from more than 50 Saudi companies from various vital sectors, the Saudi Capital Market Authority, and the Public Investment Fund, in addition to 200 investors from more than 120 international financial institutions, and a group of the most prominent fund managers around the world.

Among the guests are the Chairman of the Board of Directors of the Saudi Capital Market Authority, Mohammed bin Abdullah Al-Kuwaiz, the CEO of Saudi Tadawul, Mohammed Al-Rumaih, the CEO of EFG Holding Group, Karim Awad, the co-CEO of EFG Hermes, Mohammed Ebeid, and the CEO For EFG Hermes in Saudi Arabia, Saud Altassan.

Al-Kuwaiz and Al-Rumaih spoke in two successive sessions about the importance of the Saudi financial market and the developments it has achieved at all levels.

The speakers stressed that Saudi Arabia had one of the largest emerging markets in terms of market capitalization, as its market value exceeded $3 trillion in September 2023.

They added that the Saudi financial market has attracted increasing foreign inflows since its inclusion in the main global indices, such as the MSCI Emerging Markets Index during 2019, and the FTSE Russell Emerging Markets Index during 2018.

For his part, Ebeid explained that the conference serves as a platform to showcase investment opportunities in the Saudi market, which is supported by the diversity of economic sectors, as well as the transformation initiatives launched by the government within the framework of Vision 2030.

The conference offers a unique opportunity to strengthen ties and provide a direct link between companies listed on the Saudi market and investors in emerging markets, which reflects the major role that EFG Hermes plays in supporting economic growth in the Kingdom and developing the capital market, he added.

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Saudi Arabia’s flynas Successfully Completes Final Allocation of IPO Shares

A Saudi flynas aircraft. (Asharq Al-Awsat) 
A Saudi flynas aircraft. (Asharq Al-Awsat) 
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Saudi Arabia’s flynas Successfully Completes Final Allocation of IPO Shares

A Saudi flynas aircraft. (Asharq Al-Awsat) 
A Saudi flynas aircraft. (Asharq Al-Awsat) 

Saudi Arabia's flynas has successfully completed the final allocation process for its initial public offering (IPO) shares, setting a minimum allotment of 10 shares for each individual subscriber.

This IPO is considered the first of its kind for a Gulf airline in nearly 20 years. flynas will become the third Gulf airline to go public, following the listings of Air Arabia in the UAE and Jazeera Airways in Kuwait.

In a statement, the company confirmed that any surplus subscription funds - if any - will be refunded to individual subscribers no later than June 5. The company will be listed on the Saudi stock exchange once regulatory procedures are completed.

Saudi Minister of Transport Saleh Al-Jasser stated on the X platform that the IPO of the first Saudi airline on the stock market, along with the high oversubscription rates, “reflects the high level of confidence in the Kingdom's aviation sector, which is witnessing remarkable developments and unprecedented annual growth rates, increased air traffic and connectivity, as well as significant investments in infrastructure, all supported by Prince Mohammed bin Salman, Crown Prince and Prime Minister.”

“Congratulations to flynas on the successful IPO and listing. The aviation sector will continue to enhance its developmental role in supporting the national economy and expanding investment and growth opportunities, in partnership with the private sector,” he added.

The individual investor subscription period, which began on May 28 and lasted for three days, saw the participation of 666 investors, with a final offering price of 30 riyals per share.

Total demand from this segment reached approximately SAR 2.868 billion ($746.5 million), resulting in a coverage ratio of 349.70%.

Meanwhile, flynas reported a net profit of SAR 148 million ($39.4 million) for the first quarter of this year, marking a 1% decrease compared to the net profit of SAR 149 million recorded in the same period last year. However, the company's adjusted net profit increased by 78%.

In a statement, the company attributed the decline in profit to exceptional gains of 66 million riyals recorded in Q1 2024 from a sale and leaseback transaction, which did not recur in the current quarter.

Operating profit rose by 78%, and the company generated revenues of SAR 1.8 billion in the first quarter of 2025, a 6% increase, supported by improved ticket yields and growth in ancillary revenues.

The company stated that its revenue increased by 5% to reach SAR 1.8 billion during the first three months of 2025, attributing the growth to stronger ticket yields and increased ancillary income.