Saudi's Olayan says IPO depends on market conditions

Saudi Arabian billionaire Lubna Olayan said that timing for floating some of the family business assets depends on market as well as macroeconomic conditions, Reuters reported.

"We had four quarters of negative GDP growth, which impacted many private businesses," Olayan, who is the chief executive officer of Olayan Financing Co., said at a business conference in Riyadh.

Last year, Olayan family said it was considering listing at least 30 percent of its Saudi business in a sale that could value the company at several billion dollars.