RIYADH: The Saudi Railway Company, also known as SAR, has signed a cooperation agreement with ride-hailing platform Careem to offer passengers additional transportation services after they arrive at its stations.
The aim is to make it easier and for passengers to travel on from railway stations to their final destinations, according to a statement carried by the Saudi Press Agency on Wednesday.
The first phase of the agreement covers North Train stops in Riyadh and Qassim, and Eastern Train stations in Riyadh, Dammam and Hofuf. Phase two of the agreement will expand the service to stations in Al-Majmaah, Hail, Al-Jawf and Qurayyat on the North Train line, and Abqaiq on the East Train route, for a year.
The new passenger transportation service allows SAR customers to easily book a ride to their final destination ahead of their arrival at a station. Careem, which is owned by Uber, will provide reception areas at stations for the new service, with clear signs guiding passengers to them from platforms.
Abdulmajid Al-Khathlan, SAR’s director-general of commercial operations for the passenger sector, said that the agreement will improve the service provided to passengers, help them arrive at their final destinations in a timely manner, and enhance the logistics sector.
Ghaith Al-Juhani, the general manager of Careem in Saudi Arabia, said that the collaboration is an example of the company’s role in supporting the transport system and providing the best and easiest solutions for travelers.
He added that it represents a new way of thinking about the best methods of travel and transportation, and is helping to create a unique experience from which passengers will benefit.
Saudi Railway Co. and Careem launch joint passenger transport service
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Saudi Railway Co. and Careem launch joint passenger transport service
- Rail passengers will be able to book a Careem ride to take them to their final destination before they arrive at a station
- Special reception areas will be provided at stations covered by the service, which includes stops on the North Train and East Train lines
Stc Group issues US dollar-denominated sukuk with a total value of $2bn
RIYADH: Stc Group has issued US dollar-denominated sukuk with a total value of $2 billion across two tranches.
The group clarified that the issuance included the offering of $750 million in sukuk with a 5-year maturity at a yield of US Treasury plus 75 basis points, and an issuance of $1.250 billion with a 10-year maturity at a yield of UST plus 90 basis points, according to the Saudi Press Agency.
It noted that the total order book exceeded $8 billion across both tranches, with a coverage rate exceeding 4 times, and participation from over 300 investors in the subscription.
The issuance garnered strong demand from a broad and diverse base of international investors, reflecting solid confidence in the robustness and efficiency of stc Group’s business model and strategy.
This strategy is aimed at strengthening its digital leadership, seizing infrastructure opportunities, enabling massive projects, and contributing to the realization of Vision 2030 objectives, with a focus on achieving sustainable growth based on operational efficiency and maximizing shareholder value.
This issuance enhances stc Group’s access to international capital markets and solidifies investor confidence in the strength of its credit position.
It also supports its strategic role in accelerating the pace of digital transformation in the Kingdom and building a thriving digital economy.
