Saudi Global Ports eyes $1b IPO in Riyadh

Saudi Arabia’s Public Investment Fund (PIF)-backed Saudi Global Ports Co. is planning an initial public offering (IPO) in Riyadh, potentially as early as next year, sources revealed.

Goldman Sachs Group Inc. and HSBC Holdings Plc have been chosen to assist with the offering, which could raise up to $1 billion, though details on timing and size remain undecided.

Owned jointly by the PIF and Singapore’s PSA International Pte, Saudi Global Ports operates key container terminals, including King Abdulaziz Port on the Arabian Gulf, the region’s largest terminal, and Riyadh Dry Port. The IPO aligns with PIF’s broader strategy under Vision 2030 to diversify the economy by investing in transport and logistics.

This initiative follows the PIF’s recent stake sales, including a $1 billion divestment in a mobile-phone operator and the Saudi government’s $12.4 billion sale of Aramco shares. Representatives from Saudi Global Ports, PIF, PSA, Goldman, and HSBC declined to comment.

Attribution: Bloomberg

Subediting: M. S. Salama