Saudi Car Rental Firms Weigh IPOs Amid Kingdom’s Tourism Push

Two Saudi Arabia-based car rental firms are considering new share sales in Riyadh, seeking to capitalize on the kingdom’s drive to attract more tourists.

Cherry Rent-A-Car is working with EFG Hermes and BSF Capital on a potential initial public offering, according to people familiar with matter, who declined to be named as the information is confidential. Key Car Rental Co. is also working on a possible listing, some of the people said.

No final decisions have been made on timing, size or valuation on either deal. A spokesperson for Cherry said the firm hasn’t yet received regulatory approval for ...