Knowledge Economic City Development Co (KEC) has appointed NCB Capital and Swicorp as joint financial advisors for its planned initial public offering (IPO).

KEC will offer to public 30 per cent of its shares in the IPO which is expected to be launched by the end of this year.

The total amount that KEC plans to raise though the IPO has not been revealed.

The signing ceremony with the financial institutions took place at the company’s headquarters in Jeddah. It was attended by the newly appointed chairman of the KEC board, Ibrahim bin Mohamad Al Issa and other KEC board members. Also present from NCB Capital were Ahmed Farid, NCBC CEO and Hassan Al Jabri, head of Investment Banking, as well as Fahad Siraj Malaikah, Swicorp’s executive director and head of Capital Markets.

“KEC is an exceptional project that has unique attributes and will surely become a symbol of Saudi pride and an icon of successful diversification of our local economy with the development of knowledge-based industries. The apparent potential of the project has already attracted many reputed international partners,” stated Al Issa.

”We are pleased that NCB Capital and Swicorp have joined us to list KEC on the Saudi stock market, thus enabling citizens to share in the success of the project.”

Launched in June 2006, Knowledge Economic City (KEC) is the third of four economic cities being developed in Saudi Arabia. Strategically located 5 km east of Al Haram and 7 km from Madinah airport, the 4.8 million sq m project comprising residential areas, a theme park, business, retail, and educational hubs as well as the King Abdul Aziz Mosque should provide over 20,000 job opportunities and cater to 150,000 residents. KEC is expected to draw an investment of over SR30 billion.

The project was established by the King Abdullah Foundation for His Parents, Savola Group, Quad International Real Estate Development Company, Project Management Development Company (PMDC), and Taiba Investment and Real Estate Development Company. – TradeArabia News Service