Wednesday 10, October 2018 by Kudakwashe

NCB Capital advises Amlak International and Nayifat Finance on IPOs

 

Saudi Arabia is encouraging more companies to list in a bid to deepen capital markets under an economic reform push aimed at reducing the reliance on oil revenues.

Saudi-based NCB Capital is advising two local finance companies, Amlak International for Real Estate Finance and Nayifat Finance, on possible share listings.

The duo operates within sectors the Government is keen to develop. Amlak, with a paid up capital of SAR 906 million ($242 million) provides real estate financing, while Nayifat offers financing to SMEs and consumer finance.

Amlak's shareholders include the Saudi Investment Bank and Dubai- based Islamic mortgage company Amlak Finance.

The Kingdom has set a target for the mortgage market to reach a total value of SAR 502 billion by 2020 from a current SAR 290 billion, while it also wants to raise SMEs' financial sector financing to five per cent by 2020 from two per cent now, reported Reuters.

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