{"id":92599,"date":"2024-12-17T00:00:00","date_gmt":"2024-12-17T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/17\/pifs-saudi-global-ports-taps-banks-for-potential-ipo\/"},"modified":"2024-12-17T00:00:00","modified_gmt":"2024-12-17T00:00:00","slug":"pifs-saudi-global-ports-taps-banks-for-potential-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/12\/17\/pifs-saudi-global-ports-taps-banks-for-potential-ipo\/","title":{"rendered":"PIF\u2019s Saudi Global Ports taps banks for potential IPO"},"content":{"rendered":"

Saudi Global Ports (SGP<\/a><\/strong>)<\/a><\/strong> reportedly tapped banks including Goldman<\/strong> Sachs and HSBC to arrange<\/strong> an upcoming IPO<\/strong>, which could come \u201cas early as next year,\u201d Bloomberg<\/a> reports, citing sources in the know. The offering is expected to raise up to USD 1 bn. The port operator is a joint venture between the Public Investment Fund (PIF) and Singapore\u2019s PSA International. No details on the timing or size of the offering have been disclosed. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

Not the first we\u2019re hearing of it: <\/strong>Media reports earlier this year suggested the PIF was lining<\/a>up several companies in its portfolio<\/a> \u2014 including Stc, Ma\u2019aden, Nupco, and others \u2014 as part of a strategy to unlock fresh sources of capital to finance the government\u2019s economic diversification projects.<\/p>\n

About SGP: <\/strong>The PIF-backed outfit operates deep sea container terminals at Dammam\u2019s King Abdulaziz Port in addition to the Riyadh Dry Port Ecosystem, which includes Riyadh Dry Port, Riyadh Empty Yard, and Dammam Empty Container Yard, according to its website. SGP\u2019s different facilities are connected via rail and roadway networks. <\/p>\n","protected":false},"excerpt":{"rendered":"

The move comes as part of a PIF strategy to raise funds for diversification plans by offering stakes in portfolio companies<\/p>\n","protected":false},"author":1,"featured_media":92600,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2542],"tags":[10,29,1151,3340],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-92599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ipo-watch","tag-enterpriseam-ksa","tag-ipo-watch","tag-public-investment-fund-pif","tag-saudi-global-ports-sgp","wpautop","entry"],"acf":{"mongo_id":"d0a3467a-abf0-4f2c-8d69-2b65e3040ff1","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/1517.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF\u2019s Saudi Global Ports taps banks for potential USD 1 bn IPO","related_issue":[92588],"teaser":"The move comes as part of a PIF strategy to raise funds for diversification plans by offering stakes in portfolio companies","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.c0a1e9a0-d5fd-4022-a7ad-47ad42c56eca.mp3"},"yoast_head":"\nPIF\u2019s Saudi Global Ports taps banks for potential IPO - 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