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Crown Prince Attends South Korean President's Keynote at FII in Riyadh

Prince Mohammed bin Salman, Crown Prince and Prime Minister, and South Korea’s President Yoon Suk Yeol are seen at FII7 in Riyadh on Tuesday. (SPA)
Prince Mohammed bin Salman, Crown Prince and Prime Minister, and South Korea’s President Yoon Suk Yeol are seen at FII7 in Riyadh on Tuesday. (SPA)
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Crown Prince Attends South Korean President's Keynote at FII in Riyadh

Prince Mohammed bin Salman, Crown Prince and Prime Minister, and South Korea’s President Yoon Suk Yeol are seen at FII7 in Riyadh on Tuesday. (SPA)
Prince Mohammed bin Salman, Crown Prince and Prime Minister, and South Korea’s President Yoon Suk Yeol are seen at FII7 in Riyadh on Tuesday. (SPA)

Prince Mohammed bin Salman, Crown Prince and Prime Minister, attended on Tuesday a keynote delivered by South Korea’s President Yoon Suk Yeol at the seventh Future Investment Initiative (FII) that kicked off in Riyadh earlier in the day.

The FII7 is being held under the theme "The New Compass".  

Held at the King Abdulaziz International Center for Conferences, the three-day event brings together 6,000 participants from more than 90 countries, and 500 local and international speakers from different sectors.

Yoon, who is on a four-day visit to the Kingdom, said Saudi Arabia has succeeded in transforming itself into an advanced industries hub.

“We want to expand the scope of relationship with the Kingdom of Saudi Arabia,” he said.

“I could feel the passion for Saudi projects and industrialization,” he said.  

“Vision 2030 is not just for industrialization but encompasses culture and private sector,” he stressed.

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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)
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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.