Olayan family puts Saudi IPO plans on hold; decision predates anti-corruption purge

Dubai

THE Olayan family, which runs one of Saudi Arabia's biggest conglomerates, is putting plans to sell shares in some of its local assets on hold amid slow economic growth in the kingdom, people familiar with the matter said.

Olayan Financing Co, which controls the billionaire family's investments in the Middle East, decided not to proceed with an initial public offering of a holding company of about 20 local units, the people said, asking not to be identified because the discussions are private. Plans for the sale of the holding company, which may be worth as much as US$5 billion, could be revived in the future, they said.