The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, has appointed Riyad Capital and Morgan Stanley as financial advisers for the planned initial public offering (IPO) of its technology subsidiary, Saudi Information Technology Company (SITE), according to a report by Semafor.
Sources indicated that SITE is expected to be listed on the Saudi Exchange (Tadawul) next year, marking another strategic step in the Kingdom’s ongoing efforts to strengthen its capital markets and expand its technology sector.
In May, Bloomberg reported that PIF was considering a share sale for SITE and had invited several banks to submit proposals to participate in the potential offering.
Founded in 2017, SITE is wholly owned by the Public Investment Fund and provides a broad portfolio of advanced technology services, including cybersecurity, cloud computing, and systems integration.
This move comes amid a surge in IPO activity in Saudi Arabia, which continues to lead the Gulf region in new listings as part of its ambitious economic diversification plan led by PIF, aimed at reducing dependence on oil revenues and promoting sustainable growth across non-oil sectors.
