Richard Attias & Associates Moves Toward Potential $1 Billion IPO
Richard Attias & Associates (RA&A), the organizer of Saudi Arabia’s Future Investment Initiative (FII) summit, is moving forward with preparations for a potential initial public offering, appointing a group of banks to advise on the deal.
According to people familiar with the matter, the firm is working with Citigroup Inc. and SNB Capital to arrange the prospective share sale, which could take place as early as this year and value the events business at up to $1 billion.
Founder Richard Attias and Sanabil, an investment arm of Saudi Arabia’s sovereign wealth fund, are considering selling part of their stakes. Sanabil owns approximately 75% of RA&A, while Attias holds the remaining stake and serves as chairman.
Moelis & Co. is also advising on the potential transaction. The company had previously worked with Evercore Inc. to explore acquisitions before pausing those plans to focus on a share sale, Attias has said.
Representatives for RA&A, Citigroup and SNB Capital declined to comment.
Since its launch in 2017, RA&A has produced every edition of the FII summit — often dubbed “Davos in the desert” — which features high-profile figures such as Citigroup Inc.’s Jane Fraser, BlackRock Inc.’s Larry Fink and Goldman Sachs Group Inc.’s David Solomon.
The conference attracts thousands of attendees, tied to a $15,000 annual membership to the FII Institute, the nonprofit overseeing the Riyadh event and its broader platform. The latest gathering, held in October, highlighted the kingdom’s pivot toward advanced manufacturing and artificial intelligence.
Attias said last year that the business is expanding beyond FII, which accounts for roughly 10% of total revenue. The company organizes more than 50 conferences annually and maintains offices in New York, Paris and Dubai.
The listing plans come amid intensifying competition among Gulf cities to position themselves as leading events hubs. Doha, Abu Dhabi and Dubai are all expanding their conference calendars, while Dubai World Trade Centre and the UK’s Informa Group are also exploring a listing of their joint events business.
An IPO of RA&A would provide a boost to Saudi Arabia’s market for new share sales, which has faced headwinds including weak debuts, valuation concerns and lower oil prices.
