Saudi Ground Services, a unit of Saudi Arabian Airlines, plans to raise $600 million to $800 million through the sale of a 30 percent stake in an initial public offering, three people with knowledge of the matter said.
Saudi Arabia’s Public Investment Fund is planning to sell a 15 percent stake in the National Commercial Bank, the kingdom’s biggest bank by assets, in an initial public offering, Chairman Mansoor Al Maiman said in a phone interview.
Dubai’s stock index tumbled the most in a month after BlackRock Inc. cut its holdings in United Arab Emirates shares, citing “speculative excess.” Saudi Arabia’s gauge rose above 9,000 for the first time since 2008.
Saudi Arabia, the world’s biggest crude exporter, probably needs to boost shipments this year to keep pace with record government spending, according to a former adviser to the nation’s finance ministry.
Growth in Saudi Arabia’s economy, the Arab world’s largest, will slow to 2.2 percent next year as oil production declines, said Said al-Shaikh, senior vice president and chief economist at National Commercial Bank.
Saudi Arabia is laying 2,400 miles of rail lines, almost enough to stretch across the continental U.S., in a push to diversify from oil that will also benefit Saudi Basic Industries Corp. and Saudi Arabian Mining Co.