PIF investments in stock market reach SR459bn

PIF investments in stock market reach SR459bn
Updated 14 September 2014

PIF investments in stock market reach SR459bn

PIF investments in stock market reach SR459bn

The market capitalization of shares owned and invested by the Pubic Investments Fund (PIF) in Saudi stock market grew by 26.5 percent to SR459 billion by the end of August (2014) compared to SR363 billion by the end of 2013, according to a financial report.
PIF’s shares in the Saudi stock market yielded profits of SR96.1 billion in the period mentioned above, the report carried by Al-Eqtisadiah daily, said.
According to the report, the PIF is considered the biggest holder of shares in the Saudi stock market where it owns nearly 20.3 percent of shares whose market capitalization is worth SR2.26 trillion by the end of August.
The major part of PIF’s investments in the Saudi stock market is invested in 11 sectors representing some 18 companies, the report said.
The petrochemical sector captured the lion’s share of profits achieved by PIF in the stock market at 47 percent valued at SR45.3 billion, followed by telecom sector at 32 percent at SR30.8 billion.
Saudi Basic Industrial Corporation (SABIC) and Saudi Telecom Company (STC) were the two major drivers of the PIF’s profits in the petrochemical and telecom sectors, respectively, in the past 8 months, the report said.
The banking sector was the third largest contributor to PIF’s profits in the stock market at 11 percent valued at SR10.9 billion, followed by the industrial investments at 5 percent (SR4.9 billion), transport at 1.4 percent (SR1.4 billion), and real estate development at 1.1 percent (SR1 billion), the report said.
Share of five sectors to the PIF’s profits was less than 1 percent for each as follows: Cement (SR901 million), agriculture (SR587 million), tourism and hotels (SR 131 million), construction (SR75.5 million), and energy (SR49 million).
At the company levels, SABIC and STC were the top contributors to the PIF’s profits at 47 percent (SR45.3 billion) and 32 percent (SR30.8 billion), respectively, followed by Riyad Bank at 5.9 percent (SR5.7 billion), Saudi Arabian Mining Company (Maaden) at 5.1 percent (SR4.7 billion), Samba Financial Group at 3.9 percent (SR3.7 billion), Alinma Bank at 1.6 percent (SR1.5 billion), the National Shipping Company of Saudi Arabia (Bahri) at 1.2 percent (SR1.1 billion), Saudi Real Estate (Aqaria) at 1.1 percent (SR1 billion). Share of the remaining 10 companies to the PIF’s profits was less than 1 percent (less than SR1 billion) for each, the report said.


EgyptAir reduces its ticket prices by 50% to European countries

EgyptAir reduces its ticket prices by 50% to European countries
Updated 25 January 2021

EgyptAir reduces its ticket prices by 50% to European countries

EgyptAir reduces its ticket prices by 50% to European countries
  • Business class tickets discounted by 35%, and economy class tickets by 25%, with discounts applicable when purchasing tickets until Jan. 31
  • Tourism revenues in Egypt plummeted by more than 69% during the last year due largely to the coronavirus disease pandemic

CAIRO: EgyptAir has announced a 50 percent discount on economy and business class tickets between Cairo and a number of European destinations.

The company offered discounts on its flights between Cairo and Paris for travel from Jan. 24 to Jan. 29, between Cairo and Amsterdam for travel on Jan. 24, 27 and 29, Cairo and London from Jan. 27 to Jan. 29 and between Cairo and Frankfurt on Jan. 28.

The company announced the continuation of discounts on flights between Egypt and Saudi Arabia, Riyadh, Dammam, Jeddah, Madinah and Al-Qassim.

Business class tickets are 35 percent off, and economy class tickets are 25 percent off, with discounts applicable when purchasing tickets until Jan. 31 and traveling until March 15, returning before March 31.

Last Thursday, the state-owned company began applying additional discounts to the price of fuel for the aviation sector, to reach 15 cents per gallon, in support of the tourism sector and to stimulate aviation.

Tourism revenues in Egypt plummeted by more than 69 percent during the last year due largely to the coronavirus disease pandemic, dropping to about $4 billion compared to more than $13 billion in 2019 due to the suspension of air traffic and travel worldwide, and the closure of borders between countries for several months.

Egypt announced an initiative to stimulate domestic tourism under the title “Winter in Egypt,” which relies on reducing the prices of domestic flight tickets.