Three Saudi companies have won approval by the capital market authority to launch initial public offerings on the biggest Arab bourse early next year.

Travel agent Al Tayyar Travel Group will offer 24 million shares, or 30 per cent of the company, to the public starting from February 22, a bourse statement said on Sunday. It gave no financial details.

In 2007, the group said that it planned to raise 550 million riyals ($146.7 million) by offering 30 per cent of the company to help fund acquisitions and to tap Saudi demand for foreign travel as well as the international pilgrimage market.

Food and restaurant firm Herfy Food Services Company will offer over 8 million shares, or 30 per cent of the company, starting from January 11, a statement said, without giving details.

Al Sorayai Trading and Industrial Group will offer 9 million shares, representing 30 per cent of the company, to the public starting from the February 1, it said.

Saudi Arabia is the best performing Gulf Arab stock market this year.-Reuters