Aljazira Takaful Ta’awuni sets stage for IPO

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Updated 12 May 2013
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Aljazira Takaful Ta’awuni sets stage for IPO

Aljazira Takaful Ta`awuni has entered into a new agreement with both Aljazira Capital and Albilad Investment.
Aljazira Capital becomes the underwriting manager for the company’s IPO under this deal signed in Jeddah. It also paves the way for Albilad Investment Company to become the underwriter.
A press release said 10,500,000 shares, representing 30 percent of the company’s capital, will be on offer. After the completion of the IPO, this will amount to SR 350 million divided into 35 million ordinary shares with a nominal value of SR 10 per share.
The IPO will begin on Monday and continues for a period of seven days. It ends on Sunday May 19.
Saqr Nadershah, CEO and MD of “Aljazira Takaful Ta`awuni” said the share sale is an important step in the company’s march to achieve a leading position in the field.
Ziad Aba Al-Khail, CEO and MD of Aljazira Capital, said that Aljazira Capital will seek to harness all of its expertise and rich experiences to enure the success of this IPO.
It will be managed according to the highest professional standards.
He stressed that Aljazira Capital’s confidence in the Saudi market in general and in the insurance sector in particular, a fact that encouraged it to enter as a founding partner in Aljazira Takaful Ta`awuni.
Ziad Aba Al-Khail also confirmed that the company has completed all preparations with financial entities receiving subscription requests. They include Bank Aljazira, Al-Rajhi Bank, Bank Albilad, Riyadh Bank and Saudi Hollandi Bank (SHB).
Also, the plans and procedures necessary to accommodate the number of subscribers, either through branches of receiving entities covering all parts of the Kingdom or through electronic channels facilitating the subscription process have been finished.
Aljazira Takaful Ta`awuni is one of the promising companies in the insurance sector in Saudi Arabia.
As a subsidiary of Bank Aljazira, Aljazira Takaful Ta`awuni has managed to gain client’s confidence and has built and retained a strong and large base of corporate and individual clients.


Saudi Arabian Airlines displays new products

Updated 24 April 2018
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Saudi Arabian Airlines displays new products

Saudi Arabian Airlines (Saudia), the Kingdom’s national carrier, is participating in the Arabian Travel Market (ATM), taking place in Dubai this week. This year marks the 25th edition of the show. Saudia has participated consistently throughout the years.
The airline has rolled out many new products and onboard amenities this year, including a new Business Class Porsche Design Men’s kit and Furla Ladies kit, as well as new children’s characters and kits.
Saudia is debuting a new exhibition stand design (9 x 30.5 meters) along with many interactive features and products on display. These include all the latest seats on static display — First Suite (first class), Business Class, and the Guest Class (economy) seats.
Also on display is a “smart model” experience, which provides a 3D interactive tour through the new Jeddah King Abdul Aziz International Airport.
Saudia is currently in the midst of a rapid transformation, fleet and network expansion program.
The airline has achieved double-digit growth in international passenger traffic, flying to 89 destinations across four continents. Saudia is receiving on average, one new aircraft every 12 days. Currently at 147, by the end of 2020 the fleet is set to reach 200 aircraft.
“Saudia looks forward to welcoming its travel retail partners, media and hospitality guests at ATM. The airline’s stand is located at ME 4310,” the airline said in a press release.
Currently in its 73rd year of operations, the airline is a member of the International Air Transport Association (IATA) and the Arab Air Carriers Organization (AACO).
Saudia carried 30 million passengers in 2016, and was named the 2017 World’s Most Improved Airline by Skytrax, an independent global aviation industry monitor.
The airline has 11 codeshare partners including: Garuda Indonesia, China Southern Airlines, Air France, Royal Air Maroc, Alitalia, Korean Airlines, KLM, Middle East Airlines, Aeroflot, Air Europa and Oman Air.