The initial public offering of Saudi pre-fabricated buildings manufacturer Red Sea Housing Services, was two times oversubscribed in four days after it was launched on 12 August, according to the lead underwriter Saudi Hollandi Bank.

Twenty year-old Red Sea is majority-owned Dabbagh Group of Companies, founded by Sheikh Abdullah Dabbagh in 1962, a former Saudi Minister for Agriculture. Initially the company was focused on the agricultural and engineering sectors, but over the next three decades turned into a diversified conglomerate. The group now comprises 28 autonomous companies, operating in 30 different countries and easily has assets worth US$1bn.

From 1991, the entire group was run by Amr Dabbagh. Under his leadership came huge growth in each of its five focus areas: telecommunications, energy, food, real estate and financial services. After his move to head the Saudi Arabian General Investment Authority, day-to-day management was taken over by Adel Fakeih, now mayor of Jeddah.