Kingdom Holding Co. CEO Announces Plans to Float Flynas Shares and Jeddah Tower Completion

Riyadh - Talal Al-Maiman, the CEO of Kingdom Holding Co. (KHC), revealed plans to float subsidiary Flynas Co. shares in the Saudi market, expressing confidence in its success. Speaking at the World Economic Forum (WEF) in Davos, Al-Maiman stated that KHC divested approximately SAR 6 billion in investments during 2023 to reduce loans and debt costs while also exiting some Saudi properties.

Al-Maiman emphasized that KHC's primary focus for the current year is investing within Saudi Arabia. This includes a SAR 2.2 billion tourist resort project with Red Sea International Co., highlighting their commitment to contributing to the growth of the local economy.

Recognizing Riyadh's expanding appeal and development, Al-Maiman highlighted lucrative opportunities within the residential and office real estate sectors in the capital city.

Furthermore, he disclosed ongoing discussions with China regarding potential future investment opportunities, underscoring strong relations between Saudi Arabia and China.

Al-Maiman acknowledged KHC's low debt-to-equity ratio of 27% but noted high debt costs as a challenge. However, he expressed optimism about reducing debt until favorable investment prospects emerge.

Addressing one of their most prominent projects, Al Maiman provided an update on Jeddah Tower—the world's tallest tower—revealing upcoming offers for its completion after previous delays caused by issues with the main contractor.

Lastly, he commented on stock investments and market instability while emphasizing KHC's cautious approach in early 2024—particularly concerning investments in the United States and China—as they navigate unpredictable market conditions.

With these strategic moves and a continued focus on domestic investments alongside international collaborations, Kingdom Holding Co. aims to strengthen its position as a key player driving economic growth and development in Saudi Arabia.