Saudi Arabia’s Lubna Olayan: IPO depends on market conditions

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Saudi Arabian billionaire Lubna Olayan said on Wednesday that the timing for floating parts of her family’s business, one of the kingdom’s largest conglomerates, depends on market conditions and the economic situation.

“We had four quarters of negative GDP growth which impacted many private businesses,” Olayan told a business conference in Riyadh.

Reuters reported last year that the Olayan family was considering listing at least 30 percent of its Saudi business in a sale that could value the company at several billion dollars.

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