The developer of Saudi Arabia’s $8bn Prince Abdul Aziz bin Mousaed Economic City will sell a 30 per cent stake in an initial public offering in the first quarter, the chairman of a key investor in the project said. The developer will have a capital of SR7.5bn ($2bn), Abdullah Al Rakhis, chairman of Rakisa Holding Co told a conference on Saturday.
“The IPO will be for 30 per cent of the capital and will take place in Q1,” Rakhis said. Rakisa is leading the consortium developing the project at Hail, about 700km north of Riyadh. The development will include a new airport as well as industrial and residential areas.
