The developer of Saudi Arabia’s $8bn Prince Abdul Aziz bin Mousaed Economic City will launch an initial public offering by the end of 2006, a major investor in the project was quoted as saying by Reuters.
The developer will offer 150 million shares, representing a 30 per cent stake in the company, which boasts a capital of 5 billion riyals ($1.33bn), said Ahmed Al-Tuwaijry, managing director of Saudi-based Rakisa Holding Co. According to him, the IPO will open to Saudi citizens only and needs to be approved by the Saudi Capital Market Authority.
Rakisa is leading the consortium developing the project some 700km north of Riyadh. The development will feature a new airport as well as industrial and residential areas.
