Saudi KEC to launch IPO

23 May 2010

Saudi's Knowledge Economic City is set to start an initial public offering on Monday aimed at raising SR1.02bn, Reuters has reported. The IPO, which will offer 30% of the company through issuing 102 million shares, will help raise the firm's capital to SR3.4bn, the company's CEO, Tahir Bawazir said. Under government plans, the new city will have 30,000 residential units and aims to attract information technology companies and health and education centres. KEC is expected to attract around SR32bn of investment and it is not expected the firm would need to borrow in the future, Bawazir said.

A MEED Subscription...

Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.