Finance Dubai taxi operator to raise $300m in IPO next month By Pramod Kumar October 31, 2023, 6:29 AM Wam The Dubai government’s finance department owns all the shares offered in Dubai Taxi Company's IPO Dubai Taxi Corporation, a unit of the Road and Transport Authority (RTA), aims to raise nearly AED1.10 billion ($300 million) from a share sale in November, Bloomberg reports. The taxi operator intends to distribute a dividend of AED71 million in April for the fourth quarter of 2023, the news agency reported, citing an investor. Dubai Taxi will pay almost 85 percent of its annual net profit in two dividend payments from 2024. US developer to build flying taxis in Abu Dhabi Dubai’s Hala reports 36% rise in trips as user numbers up Dubai company’s EVs aim to deliver ‘last mile’ in 100 cities The RTA is working with Bank of America Corporation, Citigroup, and Emirates NBD Capital on the IPO, with listing planned on the Dubai stock exchange. In September 2022, Dubai toll operator Salik raised AED3.74 billion from its initial public offering. The listing of Dubai Parking is likely to follow, the report said. According to the EY IPO Eye Q2 2023 report, activity in the Middle East and North Africa raised a total of $1.8 billion from 13 IPOs, down 80 percent year on year. The 44 percent growth in the number of listings was driven predominately by Saudi Arabia and the UAE.
Energy Fertiglobe’s $1bn blue ammonia bet hinges on Asia Abu Dhabi-listed Fertiglobe will invest $1 billion in expanding its blue ammonia plant capacity if Asian countries commit to buying. The final decision on the investment depends on securing contracts from Japan and South Korea, who have plans to subsidise imports of blue ammonia, CEO Ahmed El-Hoshy told Bloomberg. The increased production will come through the […] 49 mins ago
Real Estate PIF worker housing company buys luxury compound Smart Accommodation for Residential Complexes Company (Sarcc), the company established to provide housing for workers employed on major projects, has bought a luxury residential compound in Riyadh. Sarcc acquired Al Nakhla Residential Resort in Riyadh for SR2.5 billion ($667 million). The development, located in northern Riyadh, has more than 600 apartments and over 500 villas. […] 13 hours ago
Oil & Gas Iraq makes huge oil discovery but faces Opec restrictions Iraq has announced the discovery of a massive oil field expected to significantly increase the country’s hydrocarbon reserves, but Baghdad will face a number of challenges in its attempt to exploit the new resource. The field, located in the central part of the country, contains more than 2 billion barrels of medium and light crude […] 15 hours ago
Finance Investcorp chairman weighs IPO or deal with strategic investor Investcorp is considering a tie-up with a strategic investor or an initial public offering in the next few years, its executive chairman has said. Mohammed Alardhi said the Bahrain-based alternative asset manager had streamlined its strategy and reshuffled its leadership and management teams. For its next period of growth, Investcorp may look to outside investment, […] 15 hours ago
