{"id":93711,"date":"2025-01-26T00:00:00","date_gmt":"2025-01-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/26\/flynas-ipo-to-happen-this-year-pif-backed-nesma-partners-is-mulling-going-public\/"},"modified":"2025-01-26T00:00:00","modified_gmt":"2025-01-26T00:00:00","slug":"flynas-ipo-to-happen-this-year-pif-backed-nesma-partners-is-mulling-going-public","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/01\/26\/flynas-ipo-to-happen-this-year-pif-backed-nesma-partners-is-mulling-going-public\/","title":{"rendered":"Flynas IPO to happen this year? + PIF-backed Nesma & Partners is mulling going public"},"content":{"rendered":"

Good morning, ladies and gents.<\/strong> We\u2019re kicking off a new week after a busy weekend for the Kingdom, which saw Gastat publishing its latest data on international trade and Crown Prince Bin Salman announcing a hefty USD 600 bn investment package in the US over four years. Meanwhile, we have a handful of IPO updates, with Derayah Financial announcing its offering details as it looks to be the first brokerage to list on Tadawul. We lay out all this and more in today\u2019s issue.<\/p>\n

HAPPENING TODAY-<\/p>\n

The <\/strong>second edition of the I<\/a><\/strong>slamic Arts Biennale<\/a><\/strong> continues today in Jeddah under the title <\/strong>And All That Is In Between<\/strong> at the Western Hajj Terminal of King Abdulaziz International Airport. The exhibition \u2014 which kicked off yesterday \u2014 features historical artefacts from Muslim cultures alongside contemporary art while highlighting over 20 new commissions by local and international artists. The display will be on view until Sunday, 25 May. <\/p>\n

WEATHER- <\/strong>The Kingdom is in for some light drizzles today. A rainy Riyadh will see a high of 20\u00b0C and a low of 12\u00b0C, while a windy Jeddah is expected to hit a high of 29\u00b0C and a low of 20\u00b0C. Makkah is also in for the same rain, with temperatures ranging from 29\u00b0C to 19\u00b0C.<\/p>\n

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PSAs- <\/p>\n

SMEs can <\/strong>no<\/strong>w <\/strong>sign up for an introductory session<\/a><\/strong> on the Saudi Innovation Grants <\/strong>Program<\/strong>. <\/strong>The session will take place on Tuesday, 28 January, at Monsha\u2019at's SME Support Center<\/a> in Riyadh between 6-8pm. The program provides funding of up to SAR 4 mn to support SMEs, among other means of support. The program offers two tracks, the Small Enterprise Innovation Research (SEIR) and the Small Enterprise Technology Partnership, Monsha\u2019at said on LinkedIn<\/a>. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- Flynas\u2019 long-awaited IPO could see the light of day this year: <\/strong>Budget airline Flynas is expected to receive final approval from the Capital Market Authority \u201csoon\u201d to take a 30% stake public, the company\u2019s CEO Prince Al Waleed Bin Talal told Al Arabiya<\/a> on the sidelines of the World Economic Forum. The company plans to go public this year, a separate source familiar with the matter told the news outlet. This comes after the company had initially planned to launch its IPO last year<\/a>.<\/p>\n

Background- <\/strong>Flynas is thought to have been mulling an IPO since 2008. It confirmed its IPO plans in April last year, having tapped Goldman Sachs, Morgan Stanley, and Saudi Fransi Capital for the offering in late 2023.<\/p>\n

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#2-<\/strong> PIF-backed contractor <\/strong>N<\/a><\/strong>esma & Partners<\/a><\/strong> is also mulling going public<\/strong>, Alturki Holding CEO Rami Alturki told Al Arabiya<\/a> on the sidelines of the Davos meetings, without providing further details on the timeline or size of the potential offering. Nesma \u2014 owned by Nesma Contracting Limited, Alturki Holding, Rawabi Holding, and PIF \u2014 currently boasts a business volume of SAR 40 bn, distributed across its energy, infrastructure, and building portfolios.<\/p>\n

<\/a> #3- PIF-backed STC is seeking a seat on the board of Spain\u2019s telecom giant Telefonica<\/strong> through its fully owned subsidiary Green Bridge Investment Company (Luxco), after raising its stake to 9.97% as of Thursday, STC said in a filing<\/a> to the US Securities and Exchange Commission. This comes as STC and the Spanish government, which owns a 10% stake, look to overhaul the company under a new long-term strategy, Spanish Economy Minister Carlos Cuerpo told the Financial Times<\/a>. Reuters<\/a> also had the story.<\/p>\n

Background-<\/strong> STC first planned to acquire a 9.9% stake<\/a> in Telefonica for SAR 8.5 bn in September 2023. The acquisition saw STC becoming the telecom operator\u2019s largest shareholder, which prompted the Spanish government to begin implementing a plan<\/a> to increase its stake in Telefonica to 10% to ensure STC doesn\u2019t become Telefonica\u2019s single largest shareholder, given that it\u2019s categorized as a defense service provider.<\/p>\n

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#4-<\/strong> Saudi will start hosting a regular high-level World Economic Forum meeting in<\/strong> Riyadh<\/strong>, with the first one scheduled for the spring of 2026, Economy Minister Faisal Alibrahim and WEF President B\u00f8rge Brende announced on the final day of the forum meetings in Davos, according to state news agency SPA<\/a>. \u201cHosting a regular global World Economic Forum meeting in the Kingdom is a testament to the global platform for dialogue, collaboration and innovation that Saudi Arabia has become,\u201d Alibrahim said.<\/p>\n

#5- Dar Al Arkan mulls further listings for Dar Global in US markets: <\/strong>Dar Al Arkan Real<\/a>Estate Development<\/a> is considering listing its subsidiary, Dar Global<\/a>, on markets beyond the London Stock Exchange (LSE) such as the New York Stock Exchange, Chairman Yousef Al Shelash told Asharq Business<\/a>. <\/p>\n

#6- Granting data centers in the Kingdom embassy-like protection?<\/strong> The Kingdom is currently hashing out a regulatory framework that would grant data centers a protection status akin to that of embassies in a bid to lure more global players to relocate their data centers to the Kingdom, Finance Minister Mohammed Al Jadaan was quoted as saying by Argaam<\/a> during a panel discussion in Davos.<\/p>\n

#7- <\/strong>Al Rajhi<\/strong> Capital received the green light from the Capital Market Authority (CMA) for <\/strong>the <\/strong>public <\/strong>offering of its Global Real Estate Sector Fund<\/strong>, according to a statement<\/a> from the authority.<\/p>\n

IN OTHER CMA NEWS- <\/strong>Ertiyad Holding Group was fined SAR 6.1 mn after being found guilty of practicing brokering activities in the Saudi Exchange without authorization from the CMA, the authority said in a separate statement<\/a>.<\/p>\n

\n

DATA POINTS-<\/p>\n

#1- ADX-listed must-business operator <\/strong>Agility Global<\/a><\/strong> is mulling an IPO on Tadawul<\/strong>, CEO Tarek Sultan told Al Arabiya<\/a> last week, without providing details on the size or timeline of the offering. Meanwhile, the company is eying fresh projects in Riyadh and Jeddah, he added.<\/p>\n

More about Agility Global: <\/strong>Agility Global\u2019s portfolio of companies includes air cargo and aviation fueling services firm Menzies Aviation, energy logistics company Tristar, and logistics infrastructure developer Agility Logistics Parks. Agility Global\u2019s parent company is Kuwait-based, DFM-listed logistics firm Agi<\/a>lity<\/a>.<\/p>\n

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#2- Saudi Arabia\u2019s business jet sector saw a record 23.6k flights in 2024<\/strong>, up 24% y-o-y, according to a press release<\/a>. Domestic jet flights accounted for 9.2k, up 26% y-o-y, while international jet flights rose 15% y-o-y to 14.4k. The growth was driven by tourism hotspots like Sindalah, the Red Sea, and Ula, along with major events such as the Future Investment Initiative and Formula 1 Grand Prix in Jeddah. <\/p>\n

\n

OIL WATCH-<\/p>\n

<\/a> US President Donald Trump called for Opec+ to lower oil prices<\/strong> during his speech at Davos on Thursday, Bloomberg<\/a> reports. Analysts, however, see no appetite within Opec+ to react to Trump\u2019s demands, with RBC Managing Director Helima Croft noting that the group is unlikely to add more oil to the market without clear signs of prolonged tightness. Meanwhile, an Energy Aspects analyst echoed a similar sentiment, saying that \u201cmemories of 2018 and 2022\u201d are \u201cstill too strong, so they will need to see sustained tightness before agreeing to add supply.\u201d<\/p>\n

On Opec\u2019s side: <\/strong>Opec+ delegates see no reason to change their current policies as the risk of an oil surplus remains high due to China\u2019s faltering fuel demand<\/a>, as well as anticipated extra supply from the US with Trump pledging to ramp up oil output in a bid to boost the country\u2019s energy dominance.<\/p>\n

ALSO- Aramco is ramping up its trading activity<\/strong>, with the state-owned oil giant purchasing its first batch of US oil, WTI midland crude, through the trading window of S&P Global\u2019s Platts system, Reuters<\/a> reports. <\/p>\n

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SPORTS-<\/p>\n

Al Nassr is prepping an official bid for Aston Villa's Jhon Dur\u00e1n after West Ham's GBP 57 <\/strong>mn offer for the Colombian striker was turned down<\/strong>, the Telegraph<\/a> reports. Al Nassr aims to bolster their lineup for the second half of the season, with Dur\u00e1n targeted to support stars Cristiano Ronaldo and Sadio Man\u00e9. However, the SPL club is also aware that an offer of at least GBP 80 mn is required to entice Villa. Meanwhile, Villa, under manager Unai Emery, is determined to keep Dur\u00e1n and recently extended his contract until 2030.<\/p>\n

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\n

THE BIG STORY ABROAD- <\/p>\n

With little to no business news in sight, Trump and Gaza are once again setting the<\/strong> agenda for the day.<\/strong> After less than a week since a ceasefire came into effect in the strip and the presidential inauguration, the global commentariat are still trying to figure out whether the fragile ceasefire will hold after its first six week phase and what Trump\u2019s presidency will look like over the next four years once the dust settles from his first few chaotic days.<\/p>\n

Over in the states, Trump\u2019s lightning offensive to reshape Washington<\/strong> has seen him pack<\/a> the Environmental Protection Agency with petrochemical and chemical industry lobbyists, halting<\/a> flights of Afghan refugees approved for US resettlement, and holding a fiery phone call with the Danish prime minister to demand that America buy Greenland. (Wall Street Journal<\/a> | Reuters<\/a> | New York Times<\/a>)<\/p>\n

Trump also put a halt to all foreign aid \u2014 bar Egypt and Israel<\/strong> \u2014 in a move that will see a 90-day pause that will see assistance from the world\u2019s largest foreign aid donor cut off completely. Newly appointed State Secretary Marco Rubio will now reportedly vet all US foreign aid against the new administration\u2019s foreign policy before turning back on to the tap, according to a State Department cable. The pause\u2019s only exceptions were military aid to Egypt and Israel, in addition to emergency food assistance as mandated by the Gaza ceasefire agreement<\/a> reached earlier this month. (Reuters<\/a> | New York Times<\/a>)<\/p>\n

Also in our part of the world, the second release of Israeli and Palestinian hostages<\/strong> under the first phase of the ceasefire<\/strong> has been ranking high on the world\u2019s digital front pages. Four female members of the Israeli Defence Forces were released by Hamas in exchange for 200 Palestinian hostages held by Israel to celebrating crowds awaiting their return. (Reuters<\/a> | Associated Press<\/a> | Wall Street Journal<\/a> | Bloomberg<\/a> | New York Times<\/a>)<\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: STC wants a seat on the board of Spain\u2019s telecom giant Telefonica<\/p>\n","protected":false},"author":1,"featured_media":93712,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[422,2419,2425,10,481,506,2452,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93711","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-al-nassr","tag-capital-markets","tag-energy","tag-enterpriseam-ksa","tag-flynas","tag-kingdom-holding-company","tag-tadawul","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"8825b137-d657-4797-ac16-3c08930dc5d0","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/4\/867.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Flynas IPO to happen this year? 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