The family-run business has not yet decided when the IPO will happen but it has made it clear that it will not undertake an IPO until the company has expanded into other countries and has an international presence.
In contrast, the Reit is likely to be set up in the next three or four months and have a portfolio that will include some of Tanmiyat’s residential, office and hotel assets in Saudi Arabia, Turkey and Dubai. In the next few years Tanmiyat is due to spend up to $15 billion in property development in Saudi Arabia, Dubai and Turkey.