On Monday, Retal Urban Development Company, a Saudi real estate developer, was listed on Tadawul following a $384m initial public offering IPO), as public offerings begin to take hold of the region.

Retal offered 30% of its issued share capital, or 12 million shares, for SAR 120 per share. The company allocated 90 % of its IPO shares to participating parties in the book-building process and 10% to individual investors across the GCC. The IPO comes on the back of a 10-year growth journey in Saudi Arabia, with Retal admitting that it is now well-positioned to take advantage of increasing market needs thanks to its scalable business strategy, allowing it to increase revenue for its shareholders as well as improving the standard of living for Saudi citizens in line with Vision 2030.

Retal CEO Abdullah bin Faisal bin Abdulaziz Al-Braikan said: “The growth prospect for Retal is evident through the growing demand for houses supported by the increasing availability of home financing and the Saudi Government’s plans to increase homeownership to 70% by 2030G.”