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Capital Markets

Tanmiyat eyes Reit and IPO for expansion

Tanmiyat Investment Group, a Saudi development company, plan to divest $1 billion-worth of assets through a property trust listing in the US and to set up a Singapore-based finance firm to fund its expansion abroad. The firm is also considering an IPO in either Singapore or London in 2009 to raise about $1.2 billion, or equivalent to 30% of its total $4 billion assets.

The family-run business has not yet decided when the IPO will happen but it has made it clear that it will not undertake an IPO until the company has expanded into other countries and has an international presence.

In contrast, the Reit is likely to be set up in the next three or four months and have a portfolio that will include some of Tanmiyat’s residential, office and hotel assets in Saudi Arabia, Turkey and Dubai. In the next few years Tanmiyat is due to spend up to $15 billion in property development in Saudi Arabia, Dubai and Turkey.

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