Saudi Global Ports Co. (SGPC), a joint venture backed by the Public Investment Fund (PIF) and Singapore's PSA International, is reportedly preparing for an initial public offering (IPO) on the Saudi Exchange (Tadawul). The company has selected major banks, including Goldman Sachs and HSBC, to lead the IPO process, which could raise up to $1 billion. This move aligns with Saudi Arabia's broader strategy to diversify its economy and attract foreign investment, particularly in the logistics and transportation sectors, as part of its Vision 2030 initiative.

The PIF's increased focus on domestic investments, as indicated by its recent decision to reduce international holdings, underscores the importance of local projects like SGPC. The IPO is expected to enhance the visibility and financial strength of SGPC, which operates key container terminals in Saudi Arabia. This development could also stimulate competition in the logistics sector, as the PIF aims to leverage its investments to boost the country's infrastructure capabilities and economic diversification efforts.