Egypt issues regulations for SPACs

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Updated 21 November 2021
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Egypt issues regulations for SPACs

CAIRO: Egypt’s Financial Regulatory Authority  has issued regulations governing the listing of special purpose acquisition companies on the Egyptian Stock Exchange for the first time.

The new regulations governing SPACs – which are also known as blank check companies — require the issued and paid-up capital not to be less than EGP10 million ($636,000), to be paid by the sponsors, with a commitment to increase its capital within one month from the date of its registration with the authority through public subscription or private placement.

Also, the ownership percentage of legal persons shall not be less than 50 percent of the capital, while the proportion of financial institutions or qualified investors shall not be less than 25 percent. 


Saudia adds 20 flights to Red Sea for Eid Al-Fitr holiday

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Saudia adds 20 flights to Red Sea for Eid Al-Fitr holiday

RIYADH: Saudia has added 20 flights connecting Riyadh and Jeddah with the Red Sea Destination during Eid Al-Fitr holiday, increasing total operations on the routes to 44.

The expanded service comes through collaboration with the Saudi Tourism Authority and Red Sea Global as part of ongoing efforts to promote premier tourism destinations across the Kingdom. 

According to a press release, the initiative aims to establish the destination as a world-class luxury tourism hub. 

The Red Sea Destination is an ambitious luxury tourism project on Saudi Arabia’s west coast, developed by the Public Investment Fund’s Red Sea Global as part of Vision 2030.

Upon full completion in 2030, the regenerative tourism site will feature 50 resorts with 8,000 hotel rooms and over 1,000 residential properties across 22 islands and six inland locations, all powered entirely by renewable energy.

The press release states that passengers flying to and from the Red Sea will experience “Saudia’s integrated guest experience, including advanced AI-powered digital services for personalized travel planning, streamlined airport procedures, and an onboard experience reflecting Saudi hospitality alongside a wide range of entertainment for guests of all ages.”

The partnership represents a long-term strategic collaboration between Saudia and the Saudi Tourism Authority to strengthen tourism initiatives through expanded flight connectivity, increased seat capacity, and distinctive travel experiences that reflect the Kingdom’s cultural character. 

These efforts support Saudi Arabia’s national tourism goal of attracting 150 million visitors by 2030, the statement noted.

Saudia’s expanding fleet continues to drive growth across its global network, which currently serves more than 100 destinations across four continents, including all 26 domestic airports in Saudi Arabia.

The airline plans to introduce additional international routes as part of its strategy to connect the world with the Kingdom. This expansion will be supported by the delivery of 116 new aircraft, joining the existing fleet of 149 planes.

The airline is a member of the International Air Transport Association, the Arab Air Carriers Organization, and has been part of the SkyTeam alliance since 2012.