RIYADH, 20 February 2006 — HSBC will lead manage Emaar Saudi Arabia’s initial public offering, which could be worth up to SR3 billion ($800 million) and open as early as March, banking sources said yesterday. Emaar Saudi Arabia is developing a $26.7 billion real estate project on the Saudi Red Sea coast. The UAE’s Emaar Properties owns about half the company. The IPO will offer 50-51 million shares at SR50 each, one banker said. The offering will represent 30 percent of the firm’s capital. “The target date for the IPO is March,” the source said.