Mall operator Al Othaim plans IPO of 30% stake on Saudi stock market 

The company operates a total of 10 shopping malls and 38 entertainment centers. (Supplied)
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Updated 10 May 2022
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Mall operator Al Othaim plans IPO of 30% stake on Saudi stock market 

RIYADH: Abdullah Al Othaim Investment Co. plans to join Saudi Arabia’s stock market with an initial public offering of a 30 percent stake.

GIB Capital, which was selected to manage the offering, announced in a bourse statement that the company intends to proceed with an IPO of 30 million shares on the main Saudi index TASI.

Also known as Al Othaim Malls, the company specializes in the construction, management, and operation of shopping malls across the Kingdom.

“The listing will provide an important strategic dimension to propel the company’s growth strategy, enabling expansion into new geographies and building upon the success of its mall and entertainment offerings,” the company’s chairman Abdullah Al-Othaim said in a statement.

“Ultimately, our customers, investors, and the wider community alike will benefit from the resulting increase in quality offerings, particularly in currently underserved areas, as well as job creation in line with Vision 2030,” he added.

The company operates a total of 10 shopping malls, 38 entertainment centers, 37 fashion retail stores, 29 restaurants and coffee shops and two cinemas.


Jordan, Lebanon sign 21 cooperation agreements across various fields

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Jordan, Lebanon sign 21 cooperation agreements across various fields

RIYADH: Jordan and Lebanon have sealed 21 cooperation agreements across various fields, including energy, electrical interconnection, and industry.

Jordanian Prime Minister Jafar Hassan and his Lebanese counterpart, Nawaf Salam, witnessed the signing of the deals between the two countries, following their chairing of the eighth session of the Jordanian-Lebanese Joint Higher Committee in Beirut, the Jordan News Agency, or Petra, reported.

Additional areas of cooperation included trade, investment, and tourism, as well as transport and several service sectors.

This reflects the ongoing trade relationship between the two countries. In 2023, Jordan exported $101 million worth of goods to Lebanon, while Lebanon exported $111 million to Jordan, according to data from the Observatory of Economic Complexity.

Petra stated: “In joint press statements after the signing of the agreements, Hassan said that Jordan will continue, as it always has, to support Lebanon and to stand by its security, stability and sovereignty.”

It added: “He stressed that supporting Lebanon is a firm Jordanian position under the continuous guidance of His Majesty King Abdullah II, who tasked him with working intensively to translate the historic relations between the two countries into comprehensive cooperation across all fields.”

The prime minister noted that despite the absence of a shared border between Jordan and Lebanon, the two nations are closely connected through long-standing ties of communication, cooperation, and integration at both official and public levels, extending across economic and cultural spheres.

He further stated that both countries are committed to reinforcing these ties and advancing their relationship, with the next phase expected to see broader institutional cooperation that serves the interests of Jordan and Lebanon.

Hassan underlined that the Joint Jordanian-Lebanese Higher Committee convened again, highlighting the two sides’ commitment to maintaining and regularly holding these meetings in line with the strong fraternal ties.

The prime minister added that both sides agreed to maintain ongoing communication and coordination among ministers, officials, and technical teams to ensure the implementation of the agreed accords and to explore future areas of cooperation in ways that serve the interests of both countries and their peoples.