Saudi Arabian travel group Al-Tayyar plans to sell a 30 percent stake in an initial public offering in the first quarter of 2008.

This was revealed by chairman Nasser Al-Tayyar in Dubai on Wednesday.  

The firm had said in 2006 it was planning an IPO, initially slated for 2007.

Al-Tayyar said the IPO was expected to raise some 550 million riyals ($146.7 million). - Reuters