Al Bawani Company’s board of directors is considering selling a stake in an initial public offering (IPO) in the Saudi market during the coming period to achieve sustainable growth, CEO Fakhr Al Shawaf told CNBC Arabia.
The company is open to any opportunity that achieves added value. Al Bawani seeks to be a key player in the sectors, where it operates and compete with major companies outside the Kingdom.
Al Bawani reported 39% growth last year. It targets to enhance growth to SAR 27 billion by 2027, Al-Shawaf said, noting that the group adopts an expansion strategy in the energy and mining sectors. It also aims to boost investments in the assets to be offered by the state’s funds, as well as public and private projects.
Since its inception, Al Bawani was keen that its strategy aligns with short and long-term development plans, through which Al Bawani was ready to implement a number of mega projects offered by the Kingdom in various sectors.
Further, the partnership with the Public Investment Fund (PIF) was an exceptional opportunity for Al Bawani Holding Group, as it leveraged the fund’s experience to implement its strategy and transform into a leading group with multiple activities in the region.
The building and construction sector is closely related to the Saudi solid and robust economy that witnesses diversification. The current headwinds currently faced by the sector are different from the previous due to the diversification and size of projects, which need qualified companies with strong track records. Through Al Bawani Construction Co. (ABCC), Al Bawani has all capabilities that allow it to compete for mega projects and deliver these projects with the best quality at low cost, compared to global prices.
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