Saudi hotel firm wins **d for share listing in May

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* Abdul Mohsen al-Hokair Group to float 30 percent of shares * IPO to have book-building part for institutions, then retail offering * Saudi wants to diversify bourse away from banks, petrochemicals (Recasts, adds details) By Matt Smith DUBAI, May 7 (Reuters) - Saudi Arabia's market regulator has granted permission for a family-owned hotel and leisure group to launch an share sale this month in a move that will help diversify Riyadh's bourse. Abdul Mohsen al-Hokair Group for Tourism and Development Co can sell 30 percent of its shares in an initial public offering (IPO), a stock exchange statement said on Wednesday. Saudi Arabia's stock market is the Gulf's largest and is more diverse than neighbouring exchanges, but petrochemicals and banking dominate Riyadh's bourse and these two sectors account for 13 of the 20 largest listed stocks. That has led Saudi authorities to encourage family-owned groups and businesses in other industries to go public.

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