Saudi Real Estate Infrastructure Company "Binyah" has signed an agreement with SNB Capital, under which the second party will study the company’s growth opportunities and future strategy, including the potential for Initial Public Offering (IPO) on the Saudi stock exchange, Tadawul.
The signing ceremony was attended by representatives from both sides. Eng. Fahad Al-Misfer, CEO of Binyah, signed the agreement on behalf of the company, while Mr. Zaid Al- Ghoul, Managing Director and Head of Investment Banking at SNB Capital, signed on behalf of the bank. The signing ceremony took place in the presence of the Chief Operating Officer, Eng. Abdulrahman Abukeshek, Chief Development Officer, Eng. Zeyad Alshihry and a number of executives from Binyah and SNB Capital.
The signing comes within the framework of the expansion and development strategy of Binyah and its continuous support for its operations, which has witnessed significant growth through winning many major projects and recording many successes, qualifying it to support the national economy of the Kingdom.
It is expected that this decision will contribute to boosting the company's successful performance, increasing its growth and expansion opportunities, and maintaining its strong performance and stable financial position.
Eng. Fahad Al-Misfer emphasized that the appointment of the financial advisor is an important step and a qualitative leap in the company's journey and serves to consolidate its economic position and accomplish its strategic objectives to achieve growth and enhance its investment and competitive strength.
Al-Misfer added that Binyah's strategy is based on becoming one of the distinguished companies capable of keeping pace with the economic transformations in the Kingdom, and in line with the goals of Vision 2030.
Accordingly, the company has implemented a development and expansion plan through the launch of many new integrated projects with comprehensive services and diversified activities, taking advantage of its extensive accumulated experience, the professionalism of its team, assets, and crucial capabilities in the construction and infrastructure sectors. This qualifies it to acquire new projects according to a well-considered expansion plan throughout the Kingdom, thereby enhancing its investment capabilities, financial position, and profitability.
It is worth noting that Binyah is a leading infrastructure development company in Saudi Arabia, driven by a unified strategic mission to meet customer needs and build long-term customer loyalty. Binyah works to achieve advanced construction masterpieces for its customers, further advance the economy, and provide excellent jobs.
The Saudi Real Estate Infrastructure Company "Binyah" was founded in early 2017 in Riyadh as a joint venture between two leading Saudi companies: the Saudi Real Estate Company (60% ownership), listed on the Saudi Stock Exchange and owned by the Saudi Public Investment Fund (PIF); and the Mohamed Al Ali Al-Suwelim Trading and Contracting Company (MASCO) (40% ownership), a leader in the field of contracting and construction with a specialty in infrastructure projects.