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Saudi Arabia, Palestine Agree to Establish Business Council 

Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Palestinian Ambassador to Saudi Arabia Mazen Mohammed Rateb Ghanem meet in Riyadh on Tuesday. (SPA)
Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Palestinian Ambassador to Saudi Arabia Mazen Mohammed Rateb Ghanem meet in Riyadh on Tuesday. (SPA)
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Saudi Arabia, Palestine Agree to Establish Business Council 

Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Palestinian Ambassador to Saudi Arabia Mazen Mohammed Rateb Ghanem meet in Riyadh on Tuesday. (SPA)
Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Palestinian Ambassador to Saudi Arabia Mazen Mohammed Rateb Ghanem meet in Riyadh on Tuesday. (SPA)

Chairman of the Federation of Saudi Chambers Hassan Moejeb Alhwaizy and Palestinian Ambassador to Saudi Arabia Mazen Mohammed Rateb Ghanem agreed in Riyadh on Tuesday to the establishment of the first Saudi-Palestinian Business Council.

The initiative aims to increase trade and investment between the two countries.

The private sector in the Kingdom aligns with the directives of the wise leadership in supporting the Palestinian people, remarked Alhwaizy.

He emphasized the importance of empowering Palestinian business owners to invest in the Kingdom and promote Palestinian products and industries in Saudi markets.

He underscored the Federation's support for organizing exhibitions and conferences to promote Palestinian products with the participation of the Saudi Chambers of Commerce.

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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.