Saudi Arabia’s Mutlaq Al-Ghowairi Contracting Co. has postponed plans for an initial public offering, due in part to concerns over the impact of the Iran war, in the latest blow to regional capital markets activity.
The entrance to the Saudi Stock Exchange in Riyadh. Photographer: Mohammed Almuaalemi/Bloomberg
BlackRock Inc.’s Global Infrastructure Partners and Brookfield Asset Management Ltd. are among private equity firms shortlisted to buy a stake in a Kuwaiti pipeline network, indicating sustained interest for marquee Gulf assets despite a monthslong war that’s impacted regional production and roiled energy markets globally.
Saudi Arabia’s Mutlaq Al-Ghowairi Contracting Co.’s shareholders are seeking up to 3 billion riyals ($799 million) in a Riyadh initial public offering, in what would be the Gulf’s first major listing this year.
Tower cranes at a construction site in the King Abdullah Financial District in Riyadh, Saudi Arabia, on Sunday, Dec. 1, 2024. Riyadh’s long-awaited metro system opens as the kingdom pushes ahead with plans to modernize the capital and ease the heavy traffic that has become a commonplace complaint in the city.
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