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.


BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

MILAN | ITALY – A Saudi-led coalition fighting in Yemen said on Thursday it had intercepted and destroyed an explosive drone launched towards the kingdom as Yemen’s Houthi group said it had it a target at Saudi Arabia’s Abha airport. In a statement published by Saudi state news agency SPA, a spokesman for the coalition … Continue reading BREAKING NEWS | Saudi – Led Coalition Says Intercepts Drone, Houthis Say Abha Airport Hit

ENTERTAINMENT | Paris Hilton Says She ‘Feels Free’ After YouTube Documentary

There’s a scene in a new documentary about Paris Hilton, where the so-called socialite is speaking with former classmates from a Utah boarding school. They joke about how on her reality series ‘The Simple Life’, Hilton pretended to be clueless over many things – including how to perform any sort of manual labor. One bluntly … Continue reading ENTERTAINMENT | Paris Hilton Says She ‘Feels Free’ After YouTube Documentary

ROYALS | Meghan Markle, Prince Harry Ditch Royal Titles For Upcoming Television Event

Meghan Markle and Prince Harry’s royal titles were ditched for the first time in a promo video for their upcoming television appearance, The Duke and Duchess will be honored for TIME Magazine’s annual list of 100 of the world’s most influential people. ABC will air the special on Sept.22, the first time the magazine is … Continue reading ROYALS | Meghan Markle, Prince Harry Ditch Royal Titles For Upcoming Television Event

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