Saudi Arabia’s AlKhorayef Group has started preparations for a potential listing of its oil and gas services subsidiary, according to people familiar with the matter, adding to the list of companies looking to go public in the kingdom.
The group has reached out to firms that could help arrange a possible IPO of AlKhorayef Petroleum, the people said, declining to be identified discussing confidential information. The preparations are at an early stage, and no final decision has been taken on whether to proceed with a transaction, the people said.
Representatives for AlKhorayef Group did not respond to a request for comment. Representatives for the Public Investment Fund, which acquired a 25% stake in Al Khorayef Petroleum in 2023, declined to comment.
Saudi Arabia has been the Middle East’s most active IPO market this year, with companies raising nearly $4 billion. Still, performance has been uneven, and only two of the ten largest debuts are currently trading above their offer prices.
The kingdom’s benchmark stock index is among the worst-performing in emerging markets, as investors grow wary of prolonged oil price weakness and the potential hit to government spending.
The PIF has played a key role in deepening Saudi Arabia’s capital markets by listing portfolio companies. However, it has slowed the pace of share sales, including in firms like Saudi Global Ports, amid softer market conditions, Bloomberg News has reported.
Headquartered in Dammam, AlKhorayef Petroleum operates across the Middle East, Africa and Latin America. It is majority-owned by AlKhorayef Group, a conglomerate with businesses spanning industrial services, lubricants and water solutions.
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