The Saudi Al-Khoref Group has begun preparations for the possible listing of its subsidiary, which specializes in oil and gas services, joining the list of companies that want to offer their shares for public subscription in the Kingdom, according to informed people. The group has reached out to companies that could help arrange the potential offering of Al-Khorayef Petroleum, said the people, who declined to be identified for information privacy. The people explained that the preparations are still at an early stage, and a final decision has not been made whether to proceed with the deal or not. Representatives of Al Khareef Group did not respond to a request for comment. Representatives of the Public Investment Fund, which bought a 25% stake in Al Khareef Petroleum in 2023, also declined to comment. The IPO market in Saudi Arabia Saudi Arabia witnessed the most active IPO market in the Middle East this year, with companies raising around $4 billion. However, performance has been mixed, with only two of the ten largest listings trading above their offer price so far. The benchmark Saudi stock market index is among the worst performers in emerging markets, with investors growing cautious due to prolonged weakness in oil prices and its potential impact on government spending levels. Also read: “Al Ramz Real Estate” aims to raise 900 million riyals by offering its shares on the Saudi stock exchange. The role of the Public Investment Fund. The Public Investment Fund has played a pivotal role in deepening the Saudi financial markets by listing companies within its portfolio. However, it has slowed the pace of selling interests, including in companies such as “Saudi Ports International,” amid weaker market conditions, according to “Bloomberg.” Al-Khorayef Petroleum’s headquarters are located in Dammam, and the company operates in the Middle East, Africa and Latin America. The majority stake is owned by Al-Khorayef Group, which is a group of companies operating in industrial services, lubricants and water solutions.