JEDDAH: Knowledge Economic City Development Co. Ltd. (KEC) has appointed NCB Capital and Swicorp as joint financial advisers to list 30 percent of its shares in the upcoming initial public offering (IPO).
The agreement signing ceremony was held at the company’s headquarters in Jeddah on Wednesday and was attended by the newly appointed chairman of the board, Ibrahim ibn Mohamad Al-Issa and KEC board members. Also present from NCB Capital were Ahmed Farid, NCBC CEO, and Hassan Al-Jabri, head of investment banking, as well as Fahad Siraj Malaikah, Swicorp’s executive director and head of capital markets.
Al-Issa expressed his satisfaction at the acceleration of developments in Knowledge Economic City and that the IPO process was under way involving such prominent financial entities. “The KEC is an exceptional project that has unique attributes and will surely become a symbol of Saudi pride and an icon of successful diversification of our local economy with the development of knowledge-based industries.
The apparent potential of the project has already attracted many reputed international partners,” Al-Issa said. “We are pleased that NCB Capital and Swicorp have joined us to list KEC on the Saudi stock Market, thus enabling citizens to share in the success of the project.”
“I am extremely proud that Al-Ahli Capital was appointed as the financial adviser for KEC’s IPO project. The city is one of the four economic cities that are planned for the different provinces of the Kingdom. KEC differs from the others as it will concentrate on the development of knowledge-based industries, moreover it will become the center for Islamic research and knowledge as well as a medical hub,” Farid said.
“Swicorp is deeply honored to have provided financial advisory for the project since inception and is proud to be associated as financial adviser for Knowledge Economic City,” said Malaikah. “It is a privilege for Swicorp to participate in the development of the holy city (of Madinah) and economic cities and to bring such a business opportunity to investors. We have invested our international know-how attained across seven markets as well as our 20-year experience of the Saudi investment sector into preparing this IPO.”