Saudi Arabia’s Theeb Rent-a-Car to raise $137.6m in IPO

Established in 1991 in the Saudi capital, the company has a wide presence in the Kingdom through its 48 branches. (Supplied)
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Updated 28 March 2021
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Saudi Arabia’s Theeb Rent-a-Car to raise $137.6m in IPO

  • The shares offered are expected to reach a gross amount of SR516 million

DUBAI: Theeb Rent-a-Car, the Riyadh-based vehicle rental company, will start trading on the Saudi stock exchange on Monday.
The shares offered are expected to reach a gross amount of SR516 million ($137.6 million), with each share valued at SR40, the company said in a Tadawul filing.
It earlier announced it was selling 12.9 million shares, representing 30 percent of its share capital.
The hire company reported a net profit of SR41.9 million for the first nine months of 2020, an increase of 8 percent on the same period in 2019.
Short-term leasing accounted for 44.8 percent of revenue, followed by long-term leasing (30.2 percent) and used car sales (25 percent).
Established in 1991 in the Saudi capital, the company has a wide presence in the Kingdom through its 48 branches, including in domestic and international airports. It has a fleet of around 19,000 rental cars, according to its website.


Saudi-French cooperation to localize veterinary vaccine manufacturing

Updated 16 sec ago
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Saudi-French cooperation to localize veterinary vaccine manufacturing

RIYADH: In the presence of sector leaders, the National Livestock and Fisheries Development Program signed a memorandum of understanding with French company Ceva under the patronage of Minister of Environment, Water and Agriculture Abdulrahman bin Abdulmohsen Al-Fadhli, who also chairs the program’s board.

The agreement aims to localize vaccine manufacturing, transfer technology and technical expertise, and expand the industrial and commercial production of veterinary vaccines across the Kingdom.

According to the MoU, the two parties will work to achieve high efficiency in mass production scale-up and establish a clear path for sustainable commercial operation that meets the needs of the local and national market, as well as strengthen the biosecurity and food security system.

The MoU also includes the development and modernization of messenger RNA vaccine technologies, along with joint research and development of a Middle East Respiratory Syndrome vaccine for camels. This involves designing, evaluating, and developing vaccines specifically tailored to combat the virus.

The agreement also covers the development of a rabies vaccine and related solutions, as well as supporting national efforts to control the disease through vaccine provision, capacity building, and the implementation of integrated prevention strategies.

The collaboration between the program and Ceva aims to meet the needs of the poultry vaccine market in the Kingdom, currently estimated at around SR750 million ($199 million).

The company will work to cover approximately 30 percent of this market with an initial investment of around SR250 million.

With continued government support for poultry projects and increased production in the sector, the market is expected to grow at a rate exceeding 10 percent annually, reaching approximately SR1.25 billion by 2030.

The addition of the world’s leading poultry vaccine manufacturer to Biotech Park highlights the program’s key role in developing new industries within the livestock and fisheries sector.

It also highlights the program’s commitment to building international partnerships with global companies, organizations, research centers, and universities to support advanced biotechnology industries and attract high-quality investments. It also seeks to create new economic sectors based on biotechnology, enhance veterinary health security, and support the sustainable economic development of the livestock sector, as well as empower national and emerging companies and provide advanced research and industrial infrastructure.

This will solidify the Kingdom’s position as a global hub for biotechnology industries and the development of national capabilities.

Ceva is the first international partner to join Biotech Park, the future veterinary biotechnology city launched by the program in Dhurma Governorate. The city is the world’s first specialized and fully integrated hub for veterinary biotechnology, serving as a benchmark for sector development and a platform supporting markets across the Kingdom, the Gulf, the Middle East, Africa and beyond.

The signing of Ceva is a significant step, given its position as the world’s leading manufacturer of poultry vaccines and medicines, and one of the most prominent international companies in the field of biotechnology.

The MoU aims to localize the veterinary vaccine industry, ensuring its compatibility with the strains of poultry diseases prevalent in Saudi Arabia. This includes the transfer of technology and technical expertise from Ceva, along with the implementation of specialized training programs to guarantee that manufacturing facilities comply with international Good Manufacturing Practice standards.