IPO of Flynas eyed; Jeddah Tower nears completion: KHC CEO

Talal Al-Maiman, CEO of Kingdom Holding Co. (KHC)

Talal Al-Maiman, CEO of Kingdom Holding Co. (KHC), announced the plan to float subsidiary Flynas Co. (37.1% owned) shares in the Saudi market, expecting success.

In a statement to Al Arabiya at the World Economic Forum (WEF) in Davos, Al-Maiman said that the company divested around SAR 6 billion in investments to cut loans and debt costs in 2023, exiting some Saudi properties.

He added the company's focus for the current year is investing in Saudi Arabia, including a SAR 2.2 billion tourist resort project with the Red Sea International Co.

The residential and office real estate sectors in Riyadh are lucrative, given the capital's expansions and rising appeal, he added.

Al Maiman disclosed ongoing talks with China about future investment opportunities, reflecting strong Saudi-China relations.

He mentioned the company's low debt-to-equity ratio (27%) but high debt costs, leading to reduced debt until favorable investment opportunities emerge.

Regarding the Jeddah Tower project, Al Maiman revealed upcoming offers for completing the world's tallest tower in Jeddah, delayed previously due to the main contractor.

Finally, he commented on stock investments, noting market instability and the company's cautious approach in early 2024, especially in the U.S. and China.