{"id":102756,"date":"2025-11-25T00:00:00","date_gmt":"2025-11-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2025\/11\/25\/alkhorayef-group-is-reportedly-tapping-banks-for-oil-and-gas-services-unit-ipo\/"},"modified":"2025-11-25T00:00:00","modified_gmt":"2025-11-25T00:00:00","slug":"alkhorayef-group-is-reportedly-tapping-banks-for-oil-and-gas-services-unit-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2025\/11\/25\/alkhorayef-group-is-reportedly-tapping-banks-for-oil-and-gas-services-unit-ipo\/","title":{"rendered":"AlKhorayef Group is reportedly tapping banks for oil and gas services unit IPO"},"content":{"rendered":"

Good morning<\/strong>. We have another brisk issue this morning, led by unconfirmed reports that oil giant Aramco is looking at a USD 10 bn sell-down of assets, and a SAR 1.5 bn expansion project at King Abdulaziz Port inaugurated, courtesy of Mawani and SGP. Let\u2019s dive in.<\/p>\n

HAPPENING TODAY-<\/p>\n

#1- <\/strong>The <\/strong>Saudi-Italian Investment and Business Forum<\/a><\/strong> kicks off today at the Mandarin <\/strong>Oriental Al Faisaliah in Riyadh<\/strong>, continuing a series of joint investment events between the Kingdom and Italy aimed at strengthening economic partnership and expanding cooperation. The two-day forum will bring together senior officials and business leaders to explore investment and cooperation prospects in the Kingdom, particularly in energy, manufacturing, tourism, infrastructure, advanced technologies, logistics, and other vital sectors.<\/p>\n

#2-<\/strong> The <\/strong>General Aviation Airshow - Sand & Fun<\/a><\/strong> kicks off today at Al Thumamah Airport in <\/strong>Riyadh. <\/strong>The five-day event will feature over 90 aerial performances and nighttime light shows, in addition to an exhibition area hosting more than 100 companies to showcase the latest in aviation technology and design. The program also includes Hangar Talks where experts and Saudi astronauts discussing sustainable aviation, eVTOL aircraft, and AI in aerospace.<\/p>\n

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WATCH THIS SPACE-<\/p>\n

<\/a> #1- <\/strong>IPO WATCH- Dammam-based AlKhorayef Group is reportedly engaging <\/strong>investment banks and <\/strong>financial <\/strong>advisors for a potential IPO of its oil and gas services unit<\/strong>, AlKhorayef Petroleum<\/a>, Bloomberg<\/a> reports, citing sources it says are familiar with the matter. AlKhorayef Petroleum operates across the Middle East, Africa, and Latin America, while its parent company, AlKhorayef Group, spans industrial services, lubricants, and water solutions. The PIF acquired a 25% stake in the subsidiary in 2023. <\/p>\n

IN CONTEXT- The move comes as the Kingdom remains the region\u2019s most active IPO <\/strong>market this <\/strong>year<\/strong>, with nearly USD 4 bn raised, despite mixed performance among major listings, according to the business information service.<\/p>\n

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<\/a> #2- <\/strong>Cenomi Centers opens books on FCY debt sale: <\/strong>Institutional and retail investors have until today to subscribe to Cenomi Centers\u2019 new USD-denominated sukuk<\/a>, with minimum orders set at USD 200k with USD 1k increments, according to a bourse disclosure<\/a>. The Reg S-compliant offering \u2014 which was announced late last week and kicked off yesterday \u2014 carries a five-year maturity with its final size, pricing, and yield subject to market conditions. The notes will be listed on The International Stock Exchange (TISE), a European-based (but non-EU) exchange headquartered in Guernsey. <\/p>\n

ADVISORS- <\/strong>Our friends at Mashreq are serving as joint lead managers alongside Abu Dhabi Commercial Bank, Arqaam Capital, Citigroup, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, JP Morgan, Sharjah Islamic Bank, and the National Bank of Ras Al Khaimah. Mashreq is also serving as a global coordinator on the transaction along with Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital, and Goldman Sachs International.<\/p>\n

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<\/a> #3- Saudi and Portuguese companies inked 15 investment agreements<\/strong> on the sidelines of the Saudi-Portuguese Forum held in Riyadh, Secretary-General of the Saudi Chambers of Commerce Waleed Alorainan told Asharq Business (watch, runtime: 2:43<\/a>). Discussions were held regarding projects in infrastructure, airports, and ports, during which Saudi projects in were presented.<\/p>\n

DATA POINT-<\/strong> Alorainan added that 25 Portuguese companies have obtained, or are in the process of obtaining, licenses to operate in Saudi Arabia, joining the 650 Portuguese companies already active in the Kingdom. Bilateral trade between the two countries amounts to SAR 3 bn, including SAR 2 bn in Saudi exports to Portugal.<\/p>\n

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#4- <\/strong>The Kingdom delivered the second and final shipment of its pledged oil support to <\/strong>Syria<\/strong>, with a tanker carrying 1 mn barrels of crude docking at Baniyas port, Syria\u2019s Energy Minister Mohammed Al Bashir said on X<\/a>. The cargo completes the 1.65 mn-barrel grant<\/a>, aimed at covering local fuel needs and supporting ongoing economic and development cooperation between the two countries.<\/p>\n

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FROM THE RUMOR MILL- <\/strong>Two new alcohol stores are planned in the Kingdom, including one for diplomats in Jeddah and another in Dhahran catering for non-Muslim staff at Aramco, unnamed sources told Reuters<\/a>. Both stores are to open in 2026, but no timelines are released yet, the newswire quoted two of the sources.<\/p>\n

Not the only rumor regarding alcohol this week:<\/strong> Premium residency holders \u2014 non-Muslim expatriates on the special residency track \u2014 are now able to buy from Riyadh\u2019s diplomatic quarter liquor store, previously reserved exclusively for foreign diplomats, Semafor<\/a> reported earlier, citing people it said are familiar with the matter. The sources said the change wasn\u2019t officially announced and circulated merely by word of mouth.<\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

US markets started the week in a sea of green<\/strong>, buoyed by increased odds of a December rate cut that took investors\u2019 minds off AI bubble fears. The Nasdaq rose 2.69% \u2014 its best day since May \u2014 on strong Alphabet and Nvidia gains, while the Dow was up 0.44% yesterday and the S&P 500 inched up 1.55%. (Reuters<\/a> | CNBC<\/a>)<\/p>\n

Not everyone is bullish: <\/strong>The \u201cBig Short\u201d investor Michael Burry used the first post in his newly launched paid-subscription newsletter Cassandra Unchained<\/a> to warn AI\u2019s inflated valuations<\/a> could be leading to a dot-com-like bubble down the road. Burry has reportedly placed a USD 1.1 bn wager against AI\u2019s poster children Nvidia and Palantir.<\/p>\n