Saudi Arabia’s market for initial public offers of shares, the strongest in the Gulf for the last two years, is expected to stay strong despite global markets roiled by volatility and the European debt crisis. According to a Reuters report, the Kingdom’s fifth new listing of the year, set for next week, is expected to get a bullish reception despite weak global equity markets.
Tokio Marine Saudi Arabia, an affiliate of the Japanese insurance firm, will start trading on June 24 as Alinma Tokio Marine. The IPO was nearly 12 times oversubscribed. Meanwhile the catering unit of Saudi Arabian Airlines is seeking to raise SR 1.3 billion by floating 30 percent of its shares.
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