Saudi Arabia's Crown Prince-led PIF said to consider Saher IPO

Bloomberg report states operator Tahakom might sell a 30% stake in the automated traffic management system

Saudi Arabia's Crown Prince chairs PIF.
Saudi Arabia's Crown Prince chairs PIF.

Saudi Arabia’s Crown Prince HRH Mohammed Bin Salman-chaired sovereign wealth vehicle, Public Investment Fund (PIF), is reportedly planning an initial public offering (IPO) of its traffic management firm, Saher, which it owns through Tahakom Comprehensive, also known as Saudi Technology & Security Comprehensive Control Co.

Bloomberg reported that Tahakom Comprehensive was working with Saudi Fransi Capital on the possible sale of a 30% stake in Saher, which is operated the former firm.

Saher is an automated traffic management system that covers major cities in Saudi Arabia, using cameras to monitor speed limits and record violations on the road.

The IPO of Saher would be listed on Saudi Arabia’s Tadawul stock exchange, according to Bloomberg’s report, which however added that a final decision had yet to be made, and “the parties may decide not to proceed with the sale or offer a different amount to the public”.

Bloomberg added that a spokesperson for Tahakom “confirmed the company was considering an IPO”, but did not reveal additional details.

Saudi Arabia’s PIF was, as of September 2018, the largest project developer in the GCC, with pre-execution schemes worth $534bn (SAR2tn).

The sovereign wealth fund’s work in Saudi Arabia includes gigaprojects such as Neom, The Red Sea Project, the 334km2 Qiddiya entertainment city, and the uber-luxury Amaala project.

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