Jizan developers to list shares by 2009

26 March 2008
Saudi Binladen Group and Malaysia’s MMC Corporation are to list shares in their joint venture company, which is developing Jizan Economic City (JEC) by the first quarter of 2009.

The initial public offering (IPO) of the joint venture company had originally been planned for as early as 2007.

“This is something we have been considering for some time,” says Azlan Shahrin, a senior executive at MMC. “The plan is still to go ahead and list the company by the first quarter of next year.”

In January 2008 the local Saudi Investment Bank was appointed adviser for the IPO.

The development of the economic city is estimated to be worth $30bn. Plans for the city include a major port, two aluminium smelters, a copper smelter, a steel mill and an oil refinery.

The detailed design for the port is under way and construction is expected to begin in early 2009. No agreements have yet been signed to develop the copper plant.

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