Cover the launch

Dar al Majid Real Estate Company in Saudi Arabia was witnessed by a complete request for all its shares offered during the first public subscription of $ 1.26 billion ($ 336 million) within minutes of receiving subscription applications in Riyadh, according to people familiar with the agreement. People who have refused to reveal their identity due to the privacy of information said that the shareholders in the real estate development business would sell a 30%stake, or about 90 million shares, at a price of between 13.5 and 14 Riyale per share. The market value of the company, known as “Majidia”, is estimated at the upper limit of the price range. The order record of the institutions will continue until August 4, while the period of individuals will take place from 14 to 18 August. Saudi Arabia are at the top of the Middle East proposals. Saudi Arabia is the most active market in the Middle East in terms of new public proposals so far this year, as companies have raised more than $ 3 billion. However, the results of some recent proposals were varying, in view of turning investors’ attention to the corporate evaluation of the Saudi market, in an atmosphere characterized by low oil prices for a long time. Real estate development companies such as “Majidiya” are expected to benefit from the reduction of Saudi Arabia in foreign investment in real estate, and the effort to increase the rates of citizens’ ownership of housing within its extensive efforts to diversify the economy. Other property companies are preparing to launch the ‘Precious Property Symbol’ is one of the other companies that has obtained an organizational approval of the proposal. The company, “The Marketing House for Trade Group”, which specializes in building materials, is also preparing for general offer within the next few weeks. ‘Al -Majidiya’ was founded in 1999 with a focus on the development of residential communities in the city of Riyadh. BSF Capital is the investment bank arm of the Saudi Bank of France, the first public offering arrangement.