BUSINESS | Saudi Arabia’s Amlak International Announces Intention To Float

RIYADH | SAUDI ARABIA – Saudi Arabia’s Amlak International for Real Estate Finance will proceed with an initial public offering of 30% of its shares on the Riyadh exchange, it said in a statement.

Amlak, a real estate financing company with assets of around 3.1. billion riyals ($826 million), said the final offer price would be announced on June 30 following a book – building process which start on June 22.

Saudi Arabia’s NCB Capital is the sole financial advisor, bookrunner, underwriter and lead manager for the deal, which will have two tranchers, to retail and institutional investors.

Major shareholders will be subject to a six month lock-up period. Amlak’s shareholders include the Saudi Investment Bank and Amlak Finance, a Dubai-based Islamic mortgage company.

‘Driven by population growth and supportive government policy, housing demand in the kingdom is expected to increase 188,000 units per year until 2021, increasing to 203,000 per year from 2022-2025, and to 219,000 per year from 2026-2029’, the company said.

The kingdom is encouraging more companies to list in a bid to deepen capital markets as part of economic reforms aimed at reducing reliance on oil revenues.

Saudi retailer BinDawood Groop is working on a plan to go public this quarter, two sources told Reuters last week.

The group, which owns the Danube and BinDawood supermarket brands, has hired Goldman Sachs, JP Morgan Chase, NCB Capital and GIP to organize the deal, the sources said, with Moelis & Co as a financial adviser.


SPORTS | Formula One Season Set To Start In Bahrain After Australian Grand Prix Postponement

MILAN – – The start of the Formula One season has been delayed after the Australian Grand Prix was postponed from March to November because of the COVID-19 pandemic.The Australian race in Melbourne has been rescheduled from March 21 to November 21. The Chinese GP has also been delayed but no new date has been … Continue reading SPORTS | Formula One Season Set To Start In Bahrain After Australian Grand Prix Postponement

BREAKING NEWS | Investments In Saudi Arabia’s Economy Will Reach Six Trillion Dollars: Crown Prince

AL ULA – – Saudi Arabia’s Crown Prince Mohammed bin Salman says major investment opportunities in Saudi Arabia will amount to six trillion dollars over the next ten years, including 3 trillion dollars in investments in new projects, within the framework of the opportunities provided by Vision 2030, reported Saudi Press Agency. Saudi Arabia’s Crown … Continue reading BREAKING NEWS | Investments In Saudi Arabia’s Economy Will Reach Six Trillion Dollars: Crown Prince

TRAVEL | Saudi Arabia Warns Citizens Against Travel To 12 Countries Without Approval Over Virus Fears

RIYADH – – Saudi Arabia warned on Wednesday its citizens against travel without prior approval to 12 countries where the coronavirus pandemic is still not under control.The Interior Ministry said the countries were Libya, Syria, Lebanon, Yemen, Iran, Turkey, Somalia, Armenia, Congo, Afghanistan, Venezuela and Belarus.It added that the same permission applies to other countries … Continue reading TRAVEL | Saudi Arabia Warns Citizens Against Travel To 12 Countries Without Approval Over Virus Fears

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