Sign inSubscribe

Search Site

VideosInforgraphics
Sign inSubscribe
Trends banner

Business, Uncategorized

‘Wadeem’ sold out for $1.49bn

This is the highest Abu Dhabi real-estate release to date.

Tesla Q2 sales down 13.5%

Shares rally after the disclosure, better than some forecasts.

TomTom cuts 300 jobs

The firm said it was realigning its organization as it embraces AI.

Aldar nets $953m in sales at Fahid

Aldar said 42 percent of the buyers are under the age of 45.

Qualcomm to Alphawave for $2.4 bn

The deal makes Alphawave the latest tech company to depart London.

Al-Ittefaq plans an IPO

The company said the subscription study and preparation for the regulatory requirements may last until 2023. (Linkedin)
By TRENDS Desk
September 15, 2022 11:13 am
  • The value of the company is estimated at over $2 billion
  • A deal with the financial adviser to manage the company’s initial public offering is expected soon

Riyadh, Saudi Arabia— Al-Ittefaq Steel Products Co. is looking at an initial public offering, to be listed on Tadawul.

Jassim Al-Abbas, general manager of business development, sales and marketing, told Argaam the company is intending to offer part of its shares for public subscription on Saudi Arabia’s main market.

The value of the company is estimated at over $2 billion he said, adding that Hilal Al-Tuwairqi owns around 60 percent of the firm’s capital, while the remaining 40 percent is held by other investors.

A deal with the financial adviser to manage the company’s initial public offering is expected soon, the executive said, adding that the subscription study and preparation for the regulatory requirements may last until 2023.

[adinserter block="5"]

Most Read

Getting vaccinated is ‘the most patriotic thing’ to do

The Fourth of July is a sacred day in our country. A day of history, of hope, remembrance and resolve with promise and possibilities. Before me stands monuments of the…

UAE’s working mothers get extended maternity leave

The Gulf country is setting a new benchmark for supporting working mothers by doubling the mandated maternity leave to 120 days, Kathryn Martin VFS Global tell TRENDS.

Saudi Arabia to generate $150 billion in investments from its new transport policy

The government would provide thirty-five percent of the investments The rest of it, sixty-five percent, will come from the private sector Saudi Arabia expects to generate $150 billion from investments…

GCC healthcare: Transforming the region and impacting the world

PwC forecasts that AI could contribute US$320 billion to Middle Eastern economies by 2030, with healthcare predicted to see some of the largest gains relative to its current size

New-Age Growth Comes Home to the GCC

The region, fueled by ambition and massive investment, is rapidly advancing in technology and infrastructure, aiming to secure a leading role in the 4IR.

[adinserter block="4"]