RIYADH: KFC and Pizza Hut restaurants operator Americana Group, owned by Saudi Arabia’s Public Investment Fund, has obtained approval from the Capital Market Authority for dual listing in Abu Dhabi and Riyadh. The firm’s dual offering is the first of its kind in the Saudi Capital Market, according to the CMA’s statement. The food company, which is also owned by an investment vehicle led by Dubai-based businessman Mohamed Alabba, received approval to offer a 30 percent stake or 2.53 billion shares. In April, First Abu Dhabi Bank, Goldman Sachs Group and SNB Capital said they are working on the initial public offering, which could raise around $1 billion and value Americana at as much as $8 billion, according to Bloomberg. This year, Gulf markets have witnessed a banner year with regards to initial public offerings, benefiting from a war-driven surge in oil prices. In July, the Gulf Cooperation Council exchanges have seen an increase in foreign inflows despite ongoing global volatility, which sent shares to their lowest levels in years because of inflation and interest rate concerns. Saudi Arabia’s stock market raised almost $9.3 billion through 15 IPOs last year, making it one of the most active markets in the Middle East and Africa.