A $1 billion stake sale in Saudi Arabia’s largest mobile phone operator is the latest sign that the market for follow-on equity offerings is picking up in the Middle East.The Public Investment Fund’s sale of a 2% stake in Saudi Telecom Co.

Saudi Arabia’s Public Investment Fund is selling 2 per cent of its stake, or 100 million shares, in Saudi Telecom Company, the kingdom's biggest mobile operator, according to a regulatory filing with the Tadawul stock exchange.

In October, the International Monetary Fund lowered its GDP growth prediction for Saudi Arabia this year and next because of oil output cuts continuing to the end of 2024. Reduced

Saudi Arabia’s sovereign wealth fund is selling part of its stake in the kingdom’s main mobile-phone operator as it tries to raise cash for the government’s trillion-dollar economic transformation plan.