Saudi Arabia’s sovereign wealth fund is reportedly weighing a wave of share sales this year, including as many as eight initial public offerings, as it looks to tap new funding sources amid a push to revive the kingdom’s stock market and lure foreign investors.
The Public Investment Fund is considering IPOs for companies including ArcelorMittal Jubail, events firm Sela, Saudi Global Ports, Alkhorayef Petroleum and CloudKitchens, Semafor reported, citing people familiar with the matter. It’s also assessing partial stake sales in listed firms such as Riyad Bank, while PIF-controlled Salic is mulling a sell-down of part of its roughly 16% holding in dairy giant Almarai, the people said.
Further out, Richard Attias & Associates — the organizer of Saudi Arabia’s flagship Future Investment Initiative conference — is working toward a potential IPO in 2026, alongside district cooling firm Saudi Tabreed, according to Semafor.
The prospective deals come as Saudi Arabia prepares to further open its capital markets to international investors from next month. PIF has raised billions of dollars in recent years by trimming stakes in domestic assets, helping finance sprawling development projects at home and investments overseas, alongside borrowing and government support.
The timing, however, is challenging. IPO momentum across the Middle East has faded, with listing volumes sliding to about $6 billion in 2025 — roughly half the prior year — as weak post-listing performance, stiffer competition from global markets and softer oil prices weighed on investor appetite.
📌 Why it matters:
PIF’s ability to recycle capital is central to sustaining Saudi Arabia’s investment ambitions at a time of softer oil revenues and more selective global investors.
📌 Bottom line:
A crowded IPO pipeline could help reignite Saudi equity markets, but success will hinge on pricing discipline and whether PIF can persuade investors to commit capital amid fragile sentiment.
