Tadawul says ‘going public’

May 8, 2014 1:28 am

Saudi Arabia’s stock exchange, Tadawul, plans to sell shares in an initial public offering (IPO), as the Arab world’s largest bourse seeks to gradually open up to foreigners and boost institutional investment, Bloomberg has reported. The bourse will hire advisers soon for the share sale, Tadawul CEO, Adel Al Ghamdi said. That would make it the second market in the GCC to go public after Dubai’s. “The Saudi stock exchange is going through tremendous transition at this stage,” Al Ghamdi said. “We are going public, that is our aspiration.”