Ibn Roshd Educational Holding Co. appointed Alkhair Capital as financial advisor, lead manager and underwriter for its planned initial public offering (IPO) on the Saudi Stock Exchange (Tadawul).
The agreement was signed by Ibn Roshd Chairman Saad Al Jeblan, and Alkhair CEO and Managing Director Khalid Al-Mulhim, according to Ibn Roshd's statement.
The IPO is pending the regulatory approval from the Capital Market Authority (CMA).
Established in 2007, Ibn Roshd expanded locally and currently manages 10 educational complexes in Riyadh, Abha, Khamis Mushait and Jazan, in addition to newly-established complexes. The company is also set to open three new schools in Riyadh and Al Khobar, as part of its expansion strategy.
The number of enrolled students exceeds 11,000, while the number of teachers and administration members is 1,600.
Alkhair, a financial institution established in Riyadh in 2009, operates in asset management, mutual funds and Shariah-compliant financial advisory services.
German startup to help Saudi hotels utilize empty spaces
COVID-19 pandemic has brought slump in average hotel occupancy rates in Saudi Arabia
Updated 21 January 2021
RIYADH: A German start-up established during the coronavirus disease (COVID-19) pandemic to help hotels overcome a slump in occupancy rates is now working in Saudi Arabia.
NeuSpace aims to assist operators in coming up with new ways to generate revenue from their empty spaces.
Anne Schaeflein, a co-founder of the Dusseldorf-based company, told Arab News: “For hotel properties still in the completion phase, we feel it is best to evaluate the perspective, and to diversify pre-opening.
“To be empathic to the existing (or planned) infrastructure and environment of the location, we run a feasibility study and look at how the space could be best used from an ROI (return on investment) as well as community perspective. Turning function spaces into day nurseries, delis, and bakeries,” she said.
According to the company’s website, it aims to address the needs of hotel investors, operators, and the wider community surrounding the property.
“We deliver quick solutions to retain some of the hospitality jobs, and add others, and offer attractive living space for communities, all within one to four months, depending on the individual projects,” the company said.
A report in November by global hotel data analysis company, STR, found that the average occupancy rate in Saudi Arabia was 34.7 percent, down 38.7 percent on the previous year. As a result, the average revenue per available room fell 35.5 percent year-on-year to SR172.70 ($46.05).
Looking to the future, real estate consultancy firm, Colliers International, has forecast that average occupancy rates in Riyadh and Alkhobar will be 55 percent, 51 percent in Jeddah and Madinah, and 37 percent in Makkah.
On innovative solutions, Schaeflein said the startup’s concept was formed around the key pillars of value preservation, creating new housing space, and innovative housing concepts.
She pointed out that the company looked at how areas such as roof gardens or social spaces could be used by the wider community, or how pools and spas not being used by guests could be utilized by local residents.
NeuSpace also studies how back-office services and facilities could be offered to residents to better utilize staffing levels. This could include offering dog-minding services, turning rooms into office or retail areas, or renting out restaurant and entertainment spaces when footfall was low.