Saudi Arabia’s Public Investment Fund and Dubai-based businessperson Mohamed Alabbar will sell a 30% stake in Americana Restaurants
The Middle Eastern operator of KFC and Pizza Hut restaurants is set for a landmark dual listing in which Saudi Arabia’s Public Investment Fund and Dubai-based businessperson Mohamed Alabbar will sell a 30% stake in the firm.
The firm will be the first to have shares traded in both Abu Dhabi and Saudi Arabia, where the Tadawul exchange has for years been encouraging firms to dual list. The listing is part of a late-year rush of IPOs in the Middle East even as markets worldwide are hit by fears over inflation and the risk of an economic slowdown. A surge in oil prices at the start of 2022, as well as increased investor inflows, led to a flurry of listings in the Persian Gulf, which notched up its best first half on record for stock-market debuts.
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