Al Inma Bank is to launch a $2.8bn (£1.4bn) initial public offering today, the largest Saudi flotation and the latest regional IPO spurred by surging oil prices.

The government-backed, Shariah-compliant bank will sell 70 per cent of its equity in a 10-day offering open only to Saudi nationals. It will be the Gulf's second-largest flotation, trailing last year's IPO of DP World, Dubai's ports operator.