Markets Oman’s OQBI poised to make Muscat bourse debut Oman’s OQ Base Industries will debut on Muscat’s bourse on December 15 after the state oil company subsidiary completed a $489 million initial public offering. OQBI, the third OQ unit to float since March 2023, has offloaded 49 percent of its shares. Of the shares sold, 30 percent went to institutions, 40 percent to retail […] December 5, 2024
Analysis Markets Mena delivery app Talabat outperforms its German parent When Talabat makes its debut on Dubai Financial Market next week, the food delivery app will be worth nearly as much as its parent company despite providing only about a quarter of Delivery Hero’s revenue. This might suggest Talabat’s initial public offering (IPO) was overpriced but a closer look at both companies’ earnings shows otherwise […] December 4, 2024
Analysis Banking & Finance Liquidity squeeze deepens for Saudi Arabia’s banks Liquidity in Saudi Arabia’s banking sector has tightened again as lending increased more quickly than deposits in the third quarter. The loan-to-deposit ratio among Saudi Arabia’s 10 largest banks was 100.1 percent in Q3, up from 97.8 percent in the previous three months, according to management consultancy Alvarez & Marsal. Loans and advances at the […] December 3, 2024
Analysis Retail Apple, HP and Dell lose market share in Gulf Apple, HP and Dell are losing market share in the Gulf, analysts have told AGBI, but their weakening position appears to be due to the allure of their rivals rather than a boycott of American brands. The region’s relatively wealthy, young and tech-savvy consumers are an attractive target for makers of smartphones, tablets and computers. […] December 3, 2024
Sustainability Latest talks on global plastics treaty end in stalemate Negotiations over creating a legally binding global treaty to combat plastic pollution adjourned on Monday with the 170 participating nations failing again to reach agreement. Some oil-producing countries, including Saudi Arabia and Russia, objected to proposals supported by more than 100 other nations to limit plastic production, Reuters reported. Plastics are made from hydrocarbons – […] December 2, 2024
Energy Strong institutional demand for latest Omani IPO OQ Base Industries (OQBI) has attracted strong institutional interest in its $490 million initial public offering (IPO), the Omani business’s parent company said on Thursday. OQBI, which produces methanol, ammonia and liquefied petroleum gas, will be the third subsidiary of Omani state oil company OQ to float and join Muscat’s bourse. The Omani government is […] November 28, 2024
Analysis Real Estate Why Saudi real estate stocks are less popular than you might think Most developers are unlisted Land ownership is fragmented Dubai-style compounds not popular Saudi Arabia has rising property prices, soaring homeownership rates and steady mortgage approvals – so you might think its real estate sector w... Register now: It’s easy and free This content is available for registered members only. Register for your free account today […] November 27, 2024
Analysis Markets Egypt’s bourse rally endures despite shaky foundations Cairo’s share index has trebled over the past two years as increasing numbers of Egyptians invest in stocks to preserve their wealth in response to double-digit inflation and a declining national currency. Company valuations remain cheap compared with regional peers, experts say, and so the market rally in Egypt may endure. However, the absence of […] November 27, 2024
Analysis Economy Rise of service-based economies highlights flaws in GDP data Methodology dates back to WWII Hard to capture services growth Implications for Gulf policymakers This month Dubai made headlines across regional media as the emirate announced its gross domestic product grew 3.3 percent in the second q... November 20, 2024
Analysis Markets State-backed UAE companies lead the pack for share price gains The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […] November 19, 2024
Banking & Finance Saudi Arabia’s debt rule changes could increase sales Saudi Arabia’s market regulator has simplified its sukuk and bond issuance rules in reforms that should boost debt sales by both domestic and international entities in Riyadh, a top Islamic finance expert told AGBI. The kingdom’s debt capital market had $408 billion of outstanding issuance as of June 30, up 18 percent versus a year […] November 14, 2024
Telecoms PIF’s $1bn Saudi Telecom sale could be sign of things to come Saudi Arabia’s Public Investment Fund has offloaded a $1 billion stake in the kingdom’s former telecoms monopoly in a deal that could mark the start of further equity sales as government entities seek to raise money for infrastructure spending. In October, the International Monetary Fund lowered its GDP growth prediction for Saudi Arabia this year […] November 14, 2024
Mining Alba to decide on Ma’aden merger early next year Aluminium Bahrain (Alba) expects to decide whether to merge with subsidiaries of Saudi Arabia’s Ma’aden by the first quarter of 2025, its chief executive said on Wednesday. Alba, Bahrain’s largest listed company with a market valuation of almost BHD2 billion ($5.3 billion), on September 16 announced it had entered a non-binding agreement with Ma’aden. Under […] November 13, 2024
Analysis Economy US dollar strength persists despite long-foretold decline Since the end of the gold standard in the 1970s, financial industry observers have long predicted the US dollar’s demise as the preeminent global currency. Yet 10 weeks from Donald Trump’s second inauguration as US president, the dollar still reigns supreme – at least for now. This is despite periodic efforts by oil-exporting US rivals […] November 12, 2024
Analysis Markets Dollar upbeat ahead of Trump’s White House return Donald Trump’s US presidential election victory has extended a dollar rally that began in late September on expectations that the real estate mogul’s return to the White House may ultimately force the Federal Reserve to resume interest rate rises. Five of the six GCC countries peg their currencies to the dollar, while the sixth – […] November 7, 2024
Markets China to sell dollar bonds in Saudi Arabia China will sell dollar bonds in Saudi Arabia this month, its first debt issuance denominated in the US currency since October 2021. The imminent issuance marks a further deepening of ties between Opec’s top oil producer and the world’s largest economy by purchasing power parity. China is Saudi Arabia’s most important trade partner, buying 16 […] November 6, 2024
Oil & Gas Oil prices fall as Trump wins US election Oil prices fell on Wednesday as the US dollar rallied on Donald Trump’s election as president. Investors believe a Trump presidency will bolster the dollar as interest rates may need to remain high to combat inflation resulting from any new tariffs and polices that may further pressure China’s economy, weakening demand there. Brent crude oil futures were down […] November 6, 2024
Analysis Markets Volkswagen’s troubles sour Qatari investment Qatar owns 10% of Volkswagen VW share price at 14-year low Other dividends higher Volkswagen’s shares have tumbled by more than two-thirds from a 2021 peak, slashing the value of Qatar’s stake in the German conglomerate, as shrinking ma... November 5, 2024
Oil & Gas Saudi Aramco blames lower sales for drop in profit Saudi Aramco, the world’s largest listed oil company, reported a 21 percent drop in third-quarter net profit on Tuesday that it blamed on lower crude prices and sales volumes and shrinking refining margins. The state-controlled conglomerate made a net profit attributable to shareholders of $26 billion in the three months to September 30, down from […] November 5, 2024
Markets OQ’s methanol unit is latest in Oman’s privatisation push OQ Base Industries is to sell up to 49 percent of its shares through an initial public offering in Oman – the fourth flotation of an OQ subsidiary since March 2023. The Omani state oil company raised OR748.8 million ($1.94 billion) in October by offloading a 25 percent stake in its upstream subsidiary OQ Exploration […] November 4, 2024
Finance Duo dream big with Abu Dhabi’s first tokenised treasuries fund The first tokenised treasury bill fund licensed in the Abu Dhabi Global Market launched on Thursday, with its creators hoping to attract $100 million from investors within a year. Such funds buy United States treasuries, which are US government bonds, and then create a blockchain-based token to represent these assets, thereby enabling digital, fractional ownership […] October 31, 2024
Markets Shares in Oman’s OQEP recover after poor debut Shares in Oman’s OQ Exploration and Production rebounded on Tuesday, recovering some of their losses following a shock slump on the Muscat bourse a day earlier as dividend-seeking institutional investors took advantage of the sell-off to acquire at lower prices. OQEP, the upstream subsidiary of state oil company OQ, raised OMR748.8 million ($1.94 billion) in […] October 29, 2024
