Saudi Arabia’s Public Investment Fund (PIF) plans an initial public offering (IPO) of its traffic management firm, Saher, wholly owned by its subsidiary Tahakom Comprehensive, Bloomberg News reported.
Tahakom, formally known as Saudi Technology & Security Comprehensive Control Company, has approached Saudi Fransi Capital on the possible sale of a 30% stake on the Saudi Stock Exchange (Tadawul).
Founded 10 years ago, Saher is as a country-wide system monitoring traffic flow through a network of cameras and radar, along with issuing fines.
The PIF, the kingdom’s sovereign investor, seeks to control more than $2 trillion portfolio by 2030, and currently has assets of around $290 billion.
The fund has recently launched a raft of overseas investments, in addition to developing new domestic industries, and privatising some state-owned companies.