Dubai’s Parkin to sell 24.99% stake in IPO 

Dubai’s Parkin to sell 24.99% stake in IPO 
Parkin’s shareholder, Dubai Investment Fund, plans to sell all of the 749.7 million shares in the offering, the firm said, adding it expects to make its bourse debut next month. Shutterstock
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Updated 27 February 2024
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Dubai’s Parkin to sell 24.99% stake in IPO 

Dubai’s Parkin to sell 24.99% stake in IPO 

DUBAI: The Dubai government is selling a 24.99 percent stake in Parkin, which oversees public parking operations in the emirate, through an initial public offering in the emirate’s first privatization deal this year, Parkin said in a statement on Tuesday. 

Parkin’s shareholder, Dubai Investment Fund, plans to sell all of the 749.7 million shares in the offering, the firm said, adding it expects to make its bourse debut next month. 

The offering begins on March 5, with a price range announced on the same day, and the subscription period ends on March 12 for retail investors and on March 13 for qualified investors. 

Reuters was first to report in June last year that the Roads & Transport Authority was considering strategic options for its parking business and invited banks to pitch for roles in a potential IPO. 

Parkin operated about 179,000 paid public parking spaces across the Dubai emirate of the end of last year, of which 4,000 or so were at multi-storey car parks. It also manages an additional 18,000 spaces at developer-owned facilities, it said. 

The RTA is monetizing assets on behalf of the Dubai government as part of a wider privatization program to list state-linked companies and boost attention to its exchange. 

The RTA raised $1 billion from the sale of a 25 percent stake in toll-road operator Salik in 2022 and another $315 million in December from the sale of another 24.99 percent stake in Dubai Taxi Corp., its public taxi business. 

Both deals garnered strong demand from investors; books were oversubscribed multiple times. 

A post-COVID economic rebound, neutral political stance, ease of doing business, convenient time zones, and tax-free status have all contributed to Dubai's attracting droves of wealthy individuals in recent years. 

The number of residents in the city jumped by 100,240, official statistics show, reaching 3.65 million people at the end of last year, compared with 3.55 million people on Jan. 1, 2023. 

Rothschild was appointed as an independent financial adviser while Emirates NBD, Goldman Sachs and HSBC are acting as joint global coordinators and joint bookrunners. 

After the offering, Parkin plans to pay a semi-annual dividend in April and October, Chief Financial Officer Khattab Abu Qaoud said. He added that the minimum dividend payout for 2024 would be more than the net profit for the year, or exceed free cash flow to equity. 

Companies domiciled in the Gulf Cooperation Council raised $11 billion in IPO proceeds in 2023, down 45 percent from 2022. GCC IPOs accounted for 40 percent of proceeds raised in EMEA during 2023, down from 56 percent during 2022, LSEG data showed. 

Parkin reported revenues of 779 million dirhams ($212.11 million) in 2023, up 14 percent from a year earlier, while its core profit rose 23 percent to 414 million dirhams. 


Zain KSA introduces first 100% Saudi-made fleet tracking solution for businesses 

Zain KSA introduces first 100% Saudi-made fleet tracking solution for businesses 
Updated 6 sec ago
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Zain KSA introduces first 100% Saudi-made fleet tracking solution for businesses 

Zain KSA introduces first 100% Saudi-made fleet tracking solution for businesses 

RIYADH: Saudi telecom provider Zain KSA has become the first operator in the Kingdom to offer a 100 percent domestically-made fleet tracking system for businesses.   

The new system is expected to empower businesses in Saudi Arabia to make informed decisions through comprehensive reports generated from precise data collection. 

The launch of the system, entirely made in the Kingdom for the business sector, integrates cutting-edge tracking devices that are locally designed, manufactured, and assembled under the country’s “Saudi Made” program, the company said in a statement. 

The telecom company further explained that the monitoring solution is a comprehensive cloud-based platform, providing businesses of all sizes with tools to optimize logistics operations, enhance travel routes, and minimize fuel consumption. This, in turn, reduces carbon emissions, preserves the environment, and fosters sustainability. 


Saudi Arabia and Spain strengthen collaboration in urban infrastructure and renewable energy sector

Saudi Arabia and Spain strengthen collaboration in urban infrastructure and renewable energy sector
Updated 16 min 33 sec ago
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Saudi Arabia and Spain strengthen collaboration in urban infrastructure and renewable energy sector

Saudi Arabia and Spain strengthen collaboration in urban infrastructure and renewable energy sector

RIYADH: Saudi-Spanish collaboration is set to flourish in the fields of urban infrastructure development, renewable energy, and engineering technology after a high-level meeting in Madrid. 

During a three-day visit from April 15-17, Saudi Arabia’s Minister of Municipal, Rural Affairs, and Housing, Majed Al-Hogail, met with executives from leading Spanish companies to explore collaboration opportunities. 

The tour is part of the Kingdom’s broader initiative to foster international partnerships that enhance its urban and infrastructure capabilities, the Saudi Press Agency reported.   

Al-Hogail’s engagements included a discussion with Pablo Bueno, CEO of TYPSA, focusing on potential collaboration in the fields of infrastructure solutions, energy efficiency, and sustainable urban development.   

They discussed activating a circular economy in buildings and infrastructure and creating new asset management platforms and engineering value solutions.  

Additionally, the minister met with José Vicente, CEO of Indra, one of the leading engineering technology and consulting firms, to discuss digital transformation in municipal services.   

This collaboration aims to enhance the quality of services provided to Saudi citizens and residents and foster innovation.  


New air route strengthening Saudi-China connectivity has inaugural flight

New air route strengthening Saudi-China connectivity has inaugural flight
Updated 17 April 2024
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New air route strengthening Saudi-China connectivity has inaugural flight

New air route strengthening Saudi-China connectivity has inaugural flight

RIYADH: With the inaugural flight of China Southern Airlines landing in Riyadh on April 16, Saudi Arabia and Beijing are further enhancing air connectivity.

The Chinese airplane arrived at the King Khalid International Airport at night, carrying approximately 247 passengers, achieving a load factor of 86 percent, according to Al-Ekhbariya Channel.

The Saudi General Authority of Civil Aviation previously announced the licensing of China Southern Airlines to conduct regular weekly passenger and freight flights from Beijing, Guangzhou, and Shenzhen to Riyadh during the summer season of 2024. 

This includes four passenger and commercial flights and three cargo flights commencing on April 16.


Turkiye will take steps to strengthen economic program, Erdogan says 

Turkiye will take steps to strengthen economic program, Erdogan says 
Updated 17 April 2024
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Turkiye will take steps to strengthen economic program, Erdogan says 

Turkiye will take steps to strengthen economic program, Erdogan says 

ANKARA: Turkiye will take steps to strengthen its medium-term economic program and the three main priorities are to increase public savings, prioritize investments and accelerate structural reforms, President Tayyip Erdogan said. 

Speaking on Tuesday evening after a cabinet meeting, Erdogan said his economic team had made preparations for such steps to strengthen the program, MTP, and, “hopefully we will share them with the public very soon.” 

“We have three main priorities in strengthening the MTP. These are to increase public sector savings, prioritize investments, and accelerate structural reforms.” 

Speaking to reporters after the cabinet meeting, Vice President Cevdet Yilmaz said both the finance ministry and the budget authority were carrying out studies on public sector savings, with more than 15 articles being worked upon. 

“We mean not only reducing expenditures, but making existing expenditures more efficient, prioritizing them, and making them contribute more to the economy’s competitiveness, efficiency and social welfare,” state broadcaster TRT reported him as saying. 

Erdogan also said on Tuesday evening that economic growth will approach 4 percent this year with a positive impact from exports, and forecast that the current account deficit will be 2.5 percent of gross domestic product at the end of the year. 

Official data on Wednesday showed that Turkiye’s current account deficit stood at $3.265 billion in February, less than a Reuters forecast for a deficit of $3.7 billion. 

Central Bank Governor Fatih Karahan told a panel in Washington on Tuesday that Turkiye is on track to reach its 36 percent inflation target by the end of the year after peaking at around 75 percent in the coming months. 


Saudi Arabia launches new program to boost wheat, barley productivity 

Saudi Arabia launches new program to boost wheat, barley productivity 
Updated 17 April 2024
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Saudi Arabia launches new program to boost wheat, barley productivity 

Saudi Arabia launches new program to boost wheat, barley productivity 

RIYADH: Saudi Arabia’s wheat and barley production is set to strengthen, thanks to a new program aimed at inventorying 903 plant genetic resources from fruit trees.

The process of PGR entails collecting and documenting the genetic material of plants valuable for both present and future generations. 

It is integral to agro-biodiversity, covering crops, livestock, and related species, and serves as the cornerstone of food, agriculture, and nutritional security.

Launched by the Kingdom’s Ministry of Environment, Water and Agriculture, the implementation of the new program is based on three axes, according to a statement.

The first includes inventory, purification, and evaluation of local varieties, while the second entails cooperation with international bodies. Meanwhile, the third axis includes implementing a regional breeding program.

This move falls in line with the ministry’s vision to achieve sustainability of the environment and natural resources, ensuring water security, contributing to food protection, and improving the quality of life in the Kingdom.