Saudi Arabia Seeks New IPOs to Attract Foreign Investors - Bloomberg
Saudi Arabia aims to increase potential public offerings as it seeks to diversify its economy away from oil and develop its financial sector.
“We are doing almost 30% from last year,” said Mohammed Al-Rumaih, chief executive officer of the Saudi stock exchange in an interview with Bloomberg Television, referring to the increase in numbers.
Asked about the pipeline for initial public offerings in the kingdom, Al-Rumaih said that like last year they were from different industries.
Saudi Arabia’s stock exchange saw about 15 firms list last year, with food and beverage the top category. It has already seen companies raise more than $1 billion this year. IPOs are a key part of the kingdom’s plan to diversify investment and draw in stronger revenues from outside the oil industry.
Al-Rumaih expects more listings from telecom and other tech companies in the future.
No comments:
Post a Comment