Saudi Aramco’s $8 bln bond issue attracts 150 investors, says official

Saudi Aramco’s $8 bln bond issue attracts 150 investors, says official
Saudi Aramco announced yesterday, Nov. 25, the successful completion of $8 billion senior, dollar-denominated bonds, unsecured by assets under its Global Medium-Term Note (GMTN) Program, data compiled by Argaam showed. (File/AFP)
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Updated 26 November 2020

Saudi Aramco’s $8 bln bond issue attracts 150 investors, says official

Saudi Aramco’s $8 bln bond issue attracts 150 investors, says official
  • The dollar-denominated bond included a new tranche with a 50-year maturity

Saudi Arabian Oil Co.’s (Saudi Aramco) $8 billion senior, dollar-denominated bond issue attracted 150 new investors, Al Sharq TV reported, citing Khalid H Al-Dabbagh, Senior Vice President of Finance, Strategy and Development.

“The successful bond completion reflects investors’ confidence in Saudi Aramco and the Kingdom’s economy, and it implies Saudi Aramco’s resilience amid the ongoing challenges, especially in the energy industry,” Al-Dabbagh said.

The $8 billion senior, dollar-denominated bond included a new tranche with a 50-year maturity, Al-Dabbagh said, adding that the bond issue completion reflects investors’ high turnout and confidence in the company’s position as well as future plans.

Saudi Aramco announced yesterday, Nov. 25, the successful completion of $8 billion senior, dollar-denominated bonds, unsecured by assets under its Global Medium-Term Note (GMTN) Program, data compiled by Argaam showed.


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.