Saudi stock exchange Tadawul appoints SNB Capital as lead manager for IPO; plans sale for individuals on Nov.30

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Updated 07 November 2021
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Saudi stock exchange Tadawul appoints SNB Capital as lead manager for IPO; plans sale for individuals on Nov.30

RIYADH: The Saudi stock exchange co., better known as Tadawul, said in a statement today that it appointed SNB Capital as the lead Manager, financial Advisor, global coordinator and underwriter for its upcoming initial public offering of 30 percent of its shares. 

Tadawul has also appointed J.P. Morgan Saudi Arabia, and Citigroup Saudi Arabia as financial Advisors, book-runners, global coordinators and underwriters on the IPO, it said.

The Saudi exchange got the Capital Market Authority (CMA) approval last week on the sale of 36 million ordinary shares to the public, representing 30 percent of its shares. The share price will be determined after the book-building period, it said in the statement.

Saudi Tadawul Group’s chief executive officer, Khaled Al-Hussan, said that the price range for the subscription will be announced on November 21, when the subscription opens, while individuals’ subscription will start on November 30, in an interview with Alarabiya, adding that 10 percent of the offered shares will be for individuals.

Al-Hussan confirmed the existence of about 30 to 40 companies planning to list in the financial market. 

“We achieved 477 million riyals in net profits for the first 9 months of 2021, and the Tadawul Group aims to distribute 70 percent of its profits unless there are exceptional projects,” he added. 


Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference 

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Saudi Arabia’s NDF unveils strategic partners for MOMENTUM 2025 conference 

RIYADH: Saudi Arabia’s National Development Fund has unveiled the lineup of strategic partners for the Development Finance Conference MOMENTUM 2025, as the Kingdom accelerates efforts to build a more integrated development-finance ecosystem.  

The conference, scheduled for Dec. 9–11 at the King Abdulaziz International Conference Center in Riyadh, will bring together policymakers, lenders and global development institutions as the Kingdom seeks to expand financing channels for key sectors. 

Saudi National Bank and Arab National Bank are named Main Partners, while Riyad Bank will serve as Banking Partner, NDF said in a press release.  

Bank AlJazira and Saudi Awwal Bank join as Enabling Partners, and public-sector participants include Invest Saudi, the Made in Saudi Program, and the Saudi Conventions and Exhibitions General Authority. 

Riyadh Municipality also joins the list as the host city partner, while Saudi Post is the logistics partner for the conference. 
 
“Collectively, these partnerships advance the conference’s vision of fostering collaboration among public and private sectors, contributing to Saudi Vision 2030 objectives,” the release said. 

Organized by NDF, this year’s conference is convened under the theme “Leading Development Transformation.” 

MOMENTUM 2025 reflects the NDF’s central role as a principal enabler of development in the Kingdom and as a strategic driver of the national development finance system through its 12 affiliated development funds and banks.  

“Through this conference, NDF aims to align efforts, amplify impact, enhance coordination and integration, and build meaningful partnerships with leaders across the public and private sectors. Together, these efforts are intended to ensure sustainable growth and empower strategic sectors to deliver on national and global development goals,” the release added.  

The program will feature more than 100 speakers from over 120 local and international entities, further underscoring the conference’s role as a national forum supporting the leadership’s vision of building a dynamic financing ecosystem that empowers key sectors. 

Several princes, ministers, senior officials, CEOs, global leaders, development experts, and economists are scheduled to attend the conference. 

The event will spotlight the contribution of the private sector and small and medium-sized enterprises in elevating the Kingdom’s economic growth, generating jobs, and boosting competitiveness.