An initial public offering (IPO), which could value the Saudi company at about $1 billion by the end of this year, is being considered by Rawabi Energy Co., part of Rawabi Holding Co. Rawabi is looking to raise as much as $500 million before this potential IPO, according to Bloomberg.

Anonymous sources stated that Rawabi is working with private investment bank Evercore on the pre-IPO funding and in discussions with potential backers, the people said.

Riyadh is the most active market in the Middle East and Africa for IPOs after Israel, according to Bloomberg data. Saudi Arabia raised almost $9.3 billion from share offerings last year. Boosted in large part by surging oil prices, the country’s main stock index is one of the world’s five best performing indices so far this year.

More than 70 companies have applied to list on the exchange, according to Chief Executive Officer Khalid Al-Hussan earlier this year.