Cayan Group, a Saudi-based real estate investment firm and developer, is looking to list on the Saudi and UAE stock markets, as well as float its shares in an initial public offering (IPO), chairman Ahmed al-Hatti said in an interview with CNBC Arabia television.
Cayan is currently planning to build two towers worth SAR 2.5 billion in Saudi Arabia, al-Hatti added.
Al-Hatti told CNBC that Saudi's recent decision to impose taxes on undeveloped land is a positive move that will force land owners to either sell or develop unused plots. He said the decision will reflect positively on real estate companies in the kingdom.
Cayan is a limited liability real estate developer founded 12 years ago, according to Argaam.
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