Banking & Finance UAE’s Al Ansari Exchange picks banks for Dubai IPO By Pramod Kumar August 23, 2022, 6:55 AM Al Ansari Exchange The UAE retail offer, which was increased from 5% to 7.5% of the 750 million ordinary shares on offer, was oversubscribed nearly 44 times UAE-based foreign exchange and remittance firm Al Ansari Exchange has picked EFG-Hermes and Emirates NBD Bank to lead its planned initial public offering (IPO) in Dubai, Bloomberg reported, citing people familiar with the matter. The money-exchange firm is likely to list in the first quarter of 2023. Preparations for the IPO are ongoing and details such as timing could still change, the news agency said. The Gulf region remains a bright spot for IPOs with a growing pipeline of potential listings, despite a few lacklustre trading debuts in recent months. The recent listings on the Dubai stock exchange – Union Coop and Tecom Group – fell on their first trading days. Al Ansari Exchange, set up almost six decades ago, currently has over 200 branches in the UAE.
Energy Turkey to triple cross-border electricity links Turkey is aiming to triple its electricity interconnections with neighbouring countries and is set to supply power to Syria soon, a news report said. Ankara is currently supplying electricity to Iraq, Daily Sabah newspaper reported citing energy and natural resources minister Alparslan Bayraktar’s speech at a panel discussion at the International Renewable Energy Agency (Irena) […] 3 hours ago
Energy Oil prices remain near four-month highs above $80 Oil prices slipped at market open on Tuesday but remained near four-month highs as Chinese and Indian buyers sought new suppliers in the wake of the Biden administration’s toughest sanctions yet on Russian oil. Brent futures slipped 22 cents, or 0.27 percent, to $80.79 a barrel by 01:22 GMT, while US West Texas Intermediate (WTI) crude fell 16 cents, […] 2 hours ago
Construction Abu Dhabi buys stake in US power company for $500m A subsidiary of Abu Dhabi Investment Authority (Adia) will acquire a minority stake in Alpha Generation (AlphaGen), a US-based power infrastructure company, by investing $500 million, amid a surge in power demand. The investment is subject to regulatory approvals and is expected to close in the first half of 2025. AlphaGen, is owned by affiliates […] 2 hours ago
Energy Sale of enriched uranium announced by Saudi Arabia Saudi Arabia intends to export enriched uranium, the country’s energy minister, Prince Abdulaziz bin Salman, said on Monday. The announcement is the latest indication of Saudi nuclear ambitions. Saudi Arabia has long expressed an interest in developing a nuclear power sector and has engaged in talks with the United States over nuclear cooperation, which were […] 13 hours ago
