Saudi Barnes addresses banks in preparation for a public offer in Riyadh

The Saudi Cafe series “Barnes” started working on a preliminary public offering in the Riyadh market as part of its efforts to expand its presence in the Middle East. Jeddah -based company CEO Mohamed Al -zein said Barnes is currently working with the Saudi Capital Market Authority to fulfill the steps for obtaining the necessary finish approval, and he also wants to appoint banks to advise on the expected proposal. Al -zein added that the agreement could raise at least hundreds of millions of dollars, pointing out that the proceeds would be used to finance expansion plans. ‘Barnes’ aims to increase the number of branches by 2030 to 1000 branches, compared to approximately 850 branches currently through the expansion in the Emirates, the sultanate of Oman, Kuwait and Morocco. The series was founded in 1992, and it currently owns branches in Saudi Arabia, Bahrain and Egypt. The inclusion of “Barnes” in the Saudi Market has “Barnes” has not specified as an accurate time limit for the potential public offering, but any careful inclusion in the Saudi financial market “Tadawul” will be added to about six proposals in the Saudi market that took place this year, in the midst of the market fluctuations. The most important trade market index has fallen by about 3.6% over the past three weeks, compared to losses of more than 6% in other emerging markets. Bankers who specialize in stock markets in the Middle East hope to restore the momentum of proposals after the expiry of the worst periods of turmoil in the markets, although the drop in oil prices is still a major threat to the region, as Brent’s price has dropped by about $ 10 per barrel this month. Saudi Arabia’s proposals. Possible fluctuations The local economy of Saudi Arabia is one of the most affected by the fall in oil prices, as Goldman Sachs has warned that this decline could push the budget deficit to $ 67 billion. At the end of March, before the recent flurry of fluctuations and poor oil prices, a group of Saudi businesses obtained organizational approvals, including the economic airline “Flynas”, the operating business “Sports Halls” and the “Specialized Hospital for Medical Services”. Read more about these risks here: The volatile markets can confuse the plans of new proposals in Saudi Arabia and the ownership of the “Barnes” mark is owned by the Al -AMJAD business for trade and industry.