JEDDAH, 15 December 2005 — Prominent business families in Saudi Arabia will gather in Riyadh on Sunday to discuss, debate and learn more about the initial public offering (IPO) process under the Saudi Capital Market Authority (CMA) rules and regulations.
More than 20 speakers including financial advisers, lawyers, CMA officials, strategic consultants and prominent businessmen will be answering whether, when and how to go through the IPO process.
“This comes at a very interesting time in Saudi Arabia,” said Basil Al-Ghalayini, CEO of BMG Financial Advisors and chairman of the forum. “With strong economic indicators, high liquidity, increased competitive environment and, most important, an overheated stock market with high valuations IPOs, an increasing number of merchant families are seriously considering the public route.”
The forum is considered to be the first of its kind, taking place right after Kingdom’s membership in the World Trade Organization. Major business operations managed by Saudi families are going through restructuring in order to prepare for the newly competitive environment. Restructuring may include mergers, acquisitions, divestures and finally taking the business public.
Ladies will have their share of the debate and their voice will be heard regarding their role in managing their families businesses after going public. Three prominent businesswomen will be on the panel debating the future executive role of female members post listing: Aisha Al-Mana, Alia Banaja and Aziza Al-Khateeb.
In addition to BMG Financial Advisors team, the Family Business Academy with its chairman, Subhi Batterjee, will participate as keynote speakers. Other speakers will include: Abdul Rahman Al-Zamil, chairman of the board of directors of Al-Zamil Industrial Group and member of Shoura Council; Abdul Rahman Al-Rashed, president of the Council of Saudi Chambers of Commerce & Industry; John Xefos, senior partner at Baker & Mckenzie; Dr. Fahad Al-Mubarak, CEO of Al-Malaz finacial consultancy office; Majed Gharoub, CEO of the law firm of Majed Gharoub; and Mutasem Khashoggi, president of Mutasem Khashoggi law firm.
Three families will share their experiences in going public, including Fitaihi (Ahmed H. Fitaihi Company), Ajil (Jarir Marketing Company) and Al-Drees.
At the gala dinner, Abdullah Al-Awadi, senior executive at Al-Ahlia Investment Company, will share his family experience in taking Al-Ahlia Investment Company public under the Kuwaiti capital market rules and regulations.
“This initiative is the first of future technical forums where BMG is playing a proactive role in educating the Saudi market”, said Al-Ghalayini.