Mubasher: Al-Raya Holding Company plans to float a stake of its shares on Boursa Kuwait over the coming period, along with expanding its business in the GCC country, the company’s CEO said. 

The Kuwait-based firm is also looking to boost its footprint in Egypt and Saudi Arabia, Jassim Mohammed Al-Faji added. 

Al-Raya hired an advisor to manage its listing process on the Kuwaiti bourse, in addition to completing most of the procedures requested by the Capital Markets Authority (CMA) and the bourse, Al-Faji told Reuters in an interview.

The official further indicated that the firm owns subsidiaries operating currently in the fields of real estate, hotels operation and management, food industry, restaurants, cafes, clothes, infrastructure, and insurance.

Al-Raya’s investments in Kuwait range between KWD 6 million and KWD 7 million in real estate, infrastructure, clothes, cafes, and restaurants.

As for the company’s investments in Saudi Arabia, Al-Faji noted that his firm owns Jaddarah Hotel company with total investments of SAR 42 million.

Al-Raya also nods to double its business in Saudi Arabia, especially in Makkah and Jeddah, while it also plans to inject investments in the tourism industry, he noted. 

In Egypt, the firm owns a 100% subsidiary, while its total investments in the North African nation amount to EGP 250 million.

The parent company’s potential expansions in Egypt will be financed through its self-financing resources, in addition to pumping liquidity from Kuwaiti and foreign banks.