The flash of purple abayas at a conference in Saudi Arabia’s second-largest city, Jeddah, was more than a fashion statement. It’s a sign of the changes Jeddah is embracing as King Abdullah slowly loosens restrictions on women in his conservative land.
Al Masah Capital Management Ltd. is setting up a fund to invest in the increasing number of initial public offerings from companies in the Gulf Cooperation Council and South East Asia, Chief Executive Officer Shailesh Dash said.
Saudi Fransi Capital, the top adviser for initial public offerings in the kingdom since 2012, expects the pace of share sales in the Gulf’s largest stock market to accelerate as equity valuations improve.
JPMorgan Chase & Co. and HSBC Holdings Plc are among banks planning to compete for a role in the largest Saudi Arabian share sale in at least 12 years, according to five people with knowledge of the matter.
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.
Zambia’s kwacha weakened for a fourth day, the world’s worst performer after Ukraine’s hryvnia, as dollar supplies in Africa’s second-biggest copper producer dried up and the price of the metal stayed near a 44-month low.