May 05 2006 |
more articles from
|
Saudi Banks Prepare for the $680 Million IPO of Emaar Saudi Arabia from May 13
Beirut (APD) - Banks in Saudi Arabia are getting set for the initial public offering of the consortium developing King Abdullah Economic City (KAEC) under the name Emaar Saudi Arabia, according to Saudi media reports. A total of 255 million shares will be offered to the public starting May 13 in a two-week subscription period.Emaar Properties, the regional real estate developer based in Dubai, had formed a consortium to develop the $26.6 billion (SR 100 billion) KAEC project in December 2005 together with the Saudi conglomerates, Aseer , Saudi Binladen Group (SBG) , and Savola.
The stake assumed in the new venture by Emaar Properties via Emaar International Development was 50%, while Aseer signed for 10%, SBG and Savola for 5% each. The remaining 30% of Emaar Saudi Arabia's capital would be raised through the impending $680 million IPO offering shares at a par value of SR 10 per share with no premium.
Besides preparing special centers for collection of subscription applications, Saudi banks started publicizing the IPO via internet and marketing messages on automated teller machines (ATMs).
The KAEC multi-stage development has been touted as means to expand the Saudi economy, create employment opportunities and function as a catalyst to attract foreign investment, global trade, commerce and industry.
Based on initial forecasts, the project and its several components will create up to 500,000 employment opportunities in the various industries and service-oriented companies that will open in KAEC.
The new city will be a mixed-use development located on 55 million square meters near Rabigh, north of the commercial hub of Jeddah.
KAEC will have six components, ranging from a large seaport, to an industrial district, financial island, education zone, resorts, and residential area.
Completion of the overall project is scheduled in stages with the first batch of businesses and residents moving into KAEC in a period of 24 to 36 months. [TS]
By Mirna Sleiman, APD Staff Writer in Beirut
© APD (Arab Press Digest) 2006
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment