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Saudi Arabian Airlines looks for IPO approval this month

Saudi Arabian Airlines (Saudia) has said the initial public offering for its catering unit is expected to be approved by the regulators this month, Gulf Daily News has reported. The IPO, which analysts estimate to be worth between $400m and $540m, was initially planned for the third quarter of 2010 and was postponed to the end of last year, awaiting regulatory approval. "The proposal is with the markets regulatory authority. I believe we should get the approval within one month," Saudia spokesman, Abdullah Al Ajhar said.