Saudi's Al Mozaini Real Estate to launch IPO
Saudi Arabia's Hamad & Ahmad Mohammed Al-Mozaini Real Estate Company is set to launch an initial public offering (IPO) and list on the Saudi Stock Exchange (Tadawul) Parallel Market, Nomu.
The company has appointed Yaqeen Capital as the arranger for the real estate firm's public subscription process.
Hamad & Ahmad is the latest Saudi-based company to capitalise on the kingdom's capital market, which has seen significant growth on the back of ambitious economic reforms.
The kingdom has consistently dominated the IPO activity in the Middle East.
During the first quarter of the year, 12 out of 14 listings in the region originated from Saudi Arabia, according to EY. Five IPOs on the Tadawul Main Market raised a total of $1.8 billion, while seven IPOs on Nomu attracted $69 million.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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