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Saudi Global Ports Co., a state-backed entity, has engaged Goldman Sachs Group Inc. and HSBC Holdings Plc to assist in arranging a potential initial public offering (IPO) that could raise up to $1 billion. The IPO is anticipated to take place as early as next year, according to sources familiar with the matter.

The company, owned by Saudi Arabia’s sovereign wealth fund and Singapore’s PSA International Pte, is considering listing on the Riyadh stock exchange. This move aligns with Saudi Arabia’s broader strategy to diversify its economy and attract international investment.

Saudi Global Ports Co. operates several key ports in the kingdom, including the King Abdulaziz Port in Dammam and the King Fahad Industrial Port in Yanbu. These ports are vital to the nation’s trade infrastructure, handling a significant portion of Saudi Arabia’s imports and exports.

The potential IPO is part of a series of privatizations and public offerings initiated by the Saudi government to reduce its reliance on oil revenues and stimulate the non-oil economy. The Public Investment Fund (PIF), which owns Saudi Global Ports Co., has been instrumental in these efforts, investing in various sectors such as technology, entertainment, and infrastructure.

The selection of Goldman Sachs and HSBC underscores the importance of the IPO and the government’s commitment to ensuring its success. Both banks have extensive experience in managing large-scale IPOs and have been involved in several high-profile offerings in the region.

The planned IPO is expected to attract significant interest from both domestic and international investors, given the strategic importance of the ports and the government’s push for economic diversification. The funds raised from the offering are intended to support the expansion and modernization of port facilities, enhancing Saudi Arabia’s position as a global logistics hub.

While the exact timing and valuation of the IPO are yet to be determined, the involvement of leading financial institutions indicates a well-prepared approach to the offering. The success of this IPO could set a precedent for future privatizations and public offerings in Saudi Arabia, potentially influencing the broader Middle East and North Africa (MENA) region’s capital markets.

Continuous investments have bolstered DHL’s aviation network and ground facilities in the past year, enabling it to support new trade demands and the traditional peak season spike The company saw 6% more international shipments move between Asia Pacific and other continents through its network, comparing the first nine months of 2023 and 2024 SINGAPORE – Media OutReach Newswire – 17 December 2024 – DHL Express, has bolstered […]

A New Chapter for Aesthetic Medicine and Surgery in Hong Kong Connecting the Future: Bridging the Worlds of Aesthetic Medicine, Skin Health Management, Surgical Treatments & Anti-aging in The Greater Bay Area HONG KONG SAR – Media OutReach Newswire – 16 December 2024 – Organized by the Allied Health Society for Asia Pacific and Deltus, Aesthetic Medicine & Surgery Conference & Exhibition (AMSC) Hong Kong was held […]

A Harmonious Fusion of Eastern Philosophy and Italian Design SINGAPORE – Media OutReach Newswire – 16 December 2024 – AKAR DE NISSIM, the distinguished designer furnishing house renowned for its seamless blend of artisan traditions with contemporary designs and impeccable craftsmanship, is delighted to announce the launch of its latest collection, DAYA. Created in collaboration with Laabmilano, this collection epitomises Italian design, melding iconic forms, and poetic […]

KUALA LUMPUR, MALAYSIA – Media OutReach Newswire – 16 December 2024 – In December, China’s leading premium modern tea drink brand, NAIXUE, officially opened its first store at The Exchange TRX mall in Kuala Lumpur, Malaysia. Situated in a prime location on the concourse level of the mall, NAIXUE features a bright and cozy interior. During the opening, NAIXUE’s freshly-made tea drinks attracted a large crowd, with […]

SINGAPORE – Media OutReach Newswire – 16 December 2024 – The Financial Independence, Retire Early (F.I.R.E.) movement continues to gain momentum worldwide, and Singapore is no exception. More and more Singaporeans are being drawn to the idea of achieving early retirement and financial independence. While the allure of escaping traditional work structures and enjoying life on one’s own terms is undeniable, experts caution that the pursuit of […]

BANGKOK, THAILAND – Media OutReach Newswire – 12 December 2024 – The ACES Awards 2024, organized by MORS Group, brought together an impressive constellation of Asian companies and leaders who are reshaping the regional business landscape with inspiring vision, sustainable strategies, and community-driven values. Representing 682 nominations across 41 industries and 17 countries, the honourees collectively demonstrate how strategic foresight, responsible growth, and inclusive engagement can forge […]

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SINGAPORE – Media OutReach Newswire – 12 December 2024 – BLKDOT PTE. LTD. is thrilled to announce the first-ever Singapore tour of MIMIRICHI’s Paper World, an interactive theatrical performance that promises a delightful blend of laughter, creativity, and fun for audiences of all ages. From December 19th to 22nd, 2024, theatre-goers can experience this unique performance that combines pantomime, physical comedy, and improvisation to create an unforgettable […]

FBS Joins Forces with Dignity for Children Foundation to Brighten the Holidays for About 350 Families in Malaysia SINGAPORE – Media OutReach Newswire – 13 December 2024 – FBS, a leading global broker, is honored to support the Dignity for Children Foundation in their heartfelt holiday campaign, Christmas Gift-A-Meal, taking place this December. The initiative aims to bring joy and warmth to families in Malaysia by providing […]

Unveiling Next Year’s Theme – Education: A Shared Future for All HONG KONG SAR – Media OutReach Newswire – 13 December 2024 – The 14th Learning & Teaching Expo 2024 successfully concludes today. This year’s theme, Shaping Education for a World of Change, marks the largest edition in the event’s history. The Expo united government officials, education experts, industry leaders, exhibitors, and educators from across the globe, […]

Saudi Arabia’s Public Investment Fund (PIF) has acquired a 15% stake in the holding company of Heathrow Airport, marking a significant step in the sovereign wealth fund’s expansion into global infrastructure. The transaction, valued at approximately £1.3 billion, is part of a broader agreement where Paris-based private equity firm Ardian also purchased a 22.6% stake in FGP Topco, Heathrow’s parent company, from the Spanish infrastructure firm Ferrovial. Together, the deals represent a combined investment of £3.3 billion, valuing Heathrow at £8.7 billion, slightly lower than its previous valuation of £9.5 billion.

Ferrovial, which held a substantial interest in Heathrow since 2006, has been gradually divesting its stake. This sale is part of its strategy to refocus its portfolio while retaining a 5.25% minority interest in the airport. Qatar Investment Authority remains one of Heathrow’s major shareholders with a 20% stake, alongside other institutional investors like Singapore’s GIC and Canada’s Caisse de dépôt et placement du Québec, each holding smaller shares.

The move underscores PIF’s commitment to diversifying its investments and aligning with Saudi Arabia’s Vision 2030, which emphasizes economic diversification beyond oil revenues. Heathrow Airport, one of the busiest global travel hubs, handled over 80 million passengers annually before the pandemic and remains a critical node for international connectivity.

Forecast Projected Growth of Chinese Luxury Market in 2025: A Shift Towards Experience, Innovation, Chinese Brands and Sustainability HONG KONG SAR – Media OutReach Newswire – 13 December 2024 – MDRi, a leading provider of business insights, today released its China Luxury Consumer Forecast 2025, presenting an in-depth analysis of luxury consumption trends in Mainland China and Hong Kong. The report highlights a market in transition, where […]

SINGAPORE – Media OutReach Newswire – 12 December 2024 – The globally-operating logistics service provider Rhenus has joined the Air France KLM Martinair Cargo SAF Program, investing in Sustainable Aviation Fuel (SAF) to help cut emissions in aviation. The initiative supports the company’s sustainability efforts while offering customers the opportunity to reduce their emissions. The participation in the Sustainable Aviation Fuel (SAF) Program launched by Air France […]

BANGKOK, THAILAND – Media OutReach Newswire – 12 December 2024 – Celebrating its 10th year, Chiang Mai Design Week 2024 (CMDW2024), organized by Thailand’s Creative Economy Agency (Public Organization), or CEA, has become a key platform for local creators, designers, artists, and craftsmen. It serves as a hub for talent showcases, knowledge exchange, and innovation, fostering meaningful collaborations among entrepreneurs, designers, and investors. These partnerships create new […]

HONG KONG SAR – Media OutReach Newswire – 12 December 2024 – MooneyBird, a proptech company specializing in real estate marketing and AI technologies, has launched Hong Kong’s first AI-powered real estate marketing system. This innovative system is specifically designed for small and medium-sized real estate agencies, offering an integrated solution that combines brand website design, automated marketing, and client management tools. This solution strives to facilitate […]

SINGAPORE – Media OutReach Newswire – 12 December 2024 – Singapore Flower Delivery Pte Ltd, today announced the acquisition of Singapore Florist, a renowned local florist with a 37-year history of serving the community, for an undisclosed amount. Singapore Florist will continue to operate under its existing brand name, under Singapore Flower Delivery Pte Ltd. The company is committed to preserving the legacy of Singapore Florist while […]

HAIKOU, CHINA – Media OutReach Newswire – 9 December 2024 – The 27th China (Hainan) International Trade Fair for Tropical Agricultural Products took place at the Hainan Free Trade Port on Dec. 5-8. Participants from 2,200 enterprises representing over 10 countries and regions attended the event, sharing the latest agricultural advancements and innovative technologies. The 27th China (Hainan) International Trade Fair for Tropical Agricultural Products During the […]

Organizations Worldwide Brace for a Year of AI Transformation, Security Challenges, and Sustainability Imperatives SINGAPORE – Media OutReach Newswire – 11 December 2024 – NetApp® (NASDAQ: NTAP), the intelligent data infrastructure company, released its second annual Data Complexity Report, which examines how global organizations are navigating the increasing complexity of managing their data for AI. This year’s report provides a global view into how AI will impact […]

SINGAPORE – Media OutReach Newswire – 11 December 2024 – JForce Employment Service, an employment agency in Singapore, continues to set the standard in providing well-trained domestic helpers by operating its own dedicated maid training centre in Indonesia. This overseas facility is central to JForce’s mission as a maid agency, supplying highly skilled domestic helpers, particularly in the area of elderly care maid training, ensuring maids are […]

BANGKOK, THAILAND – Media OutReach Newswire – 11 December 2024 – The Asia Corporate Excellence and Sustainability (ACES) Awards 2024 brought together some of the most forward-thinking organisations and individuals from across Asia, highlighting their outstanding contributions to innovation, leadership, sustainability, and social impact. Since its inception in 2014, the ACES Awards has grown to become one of the region’s most esteemed accolades, consistently celebrating excellence and […]

HONG KONG SAR – Media OutReach Newswire – 10 December 2024 – XTransfer, the World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, is excited to announce that it has been awarded the “Best Payment Solutions Provider” at the Corporate Treasurer Awards 2024, organized by Corporate Treasurer magazine. This award highlights XTransfer’s exceptional performance in delivering innovative payment solutions for global SMEs engaged in foreign trade. […]

SINGAPORE – Media OutReach Newswire – 10 December 2024 – Organised by the Hong Kong Chinese Orchestra and presented by Chinachem Group, the “One Beat, One World: Connecting Through the Drum” Carnival and 5G Live Concert wrapped up triumphantly yesterday (8 December) at the Art Park in West Kowloon Cultural District. Now in its second year, the drumming extravaganza featured world-class drummers and dancers delivering a spectacular […]

Partnership launched to transition Nguyen Gia Livestock Production Cooperative’s 50,000 hens to 100% certified cage-free production systems, providing solutions for Vietnamese companies to meet their cage-free commitments. HANOI, VIETNAM – Media OutReach Newswire – 10 December 2024 – Global Food Partners (GFP) has partnered with Nguyen Gia Livestock Production Cooperative, led by Mr. Nguyen Huu Tue, one of North Vietnam’s largest egg producers, to spearhead the country’s […]

Increasing global insolvency levels heighten risks for executives. The febrile geopolitical landscape poses liability challenges for global corporations caught up in world events. “AI washing” is an emerging risk trend, leading to securities class action lawsuits. D&O market remains competitive but a step up in scrutiny of corporate conduct around the globe means loss potential is still high. SINGAPORE – Media OutReach Newswire – 5 December 2024 […]

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