Finance Egypt’s United Bank set to raise $104m from listing By Pramod Kumar November 13, 2024, 9:06 AM Alamy via Reuters United Bank is expected to start trading on the Egyptian stock exchange by year-end, pending necessary regulatory approvals Egypt’s United Bank is set to raise between EGP4.2 billion and EGP5.1 billion ($85-104 million) through an initial public offering (IPO) on the Egyptian stock exchange. The bank set the indicative price range of EGP12.7 to EGP15.6 per share, according to local media reports. The final price will be determined through a book-building process. In October, state-owned United Bank announced its floatation plans, selling 330 million shares, or 30 percent of its capital, through an IPO. Of these shares, 95 percent, or 313.5 million, will be allocated to institutional investors, with the remaining 5 percent (16.5 million) offered to retail investors. Trading on the local stock exchange is expected to commence by year-end, pending necessary approvals from the Egyptian Financial Regulatory Authority and the Egyptian Exchange. United Bank’s total assets increased to EGP106 billion in June 2024 from EGP72 billion in 2021. Additionally, the bank’s profits grew to EGP1.7 billion in 2023 from EGP1.1 billion in 2021. The bank has 68 branches and 1,800 employees. In December 2022, Saudi Arabia’s Public Investment Fund (PIF) was said to be in advanced talks to acquire United Bank, Bloomberg reported.
Real Estate Trump Towers proposed for Saudi and UAE capitals The Trump Organization intends to build Trump Towers in Riyadh and Abu Dhabi, marking its expansion across the Gulf region. The projects will be developed in partnership with Dar Global, the global development arm of Saudi-listed Dar Al Arkan, Eric Trump, the US president-elect’s son, told Reuters. The Abu Dhabi project is scheduled for launch next year, he said. Ziad El […] 4 hours ago
Aviation PIF acquires 15% stake in London’s Heathrow airport Saudi Arabia’s Public Investment Fund (PIF) has acquired a 15 percent stake in FGP TopCo, the holding company of Heathrow Airport Holdings. The stake was purchased from Spanish infrastructure giant Ferrovial and other FGP TopCo shareholders. Simultaneously, Ardian, a Paris-headquartered private equity fund, has acquired 22.6 percent of FGP TopCo from the same shareholders through a […] 4 hours ago
Economy Jordan to get $131m under IMF’s finance programme Jordan will receive $131 million from the International Monetary Fund (IMF) under its $1.2 billion extended fund facility programme. The four-year programme, approved in January 2024, remains on track, the IMF said in a statement following the completion of a second review. Jordan’s economy continues to grow amid low inflation, the fund said, adding that […] 3 hours ago
Sustainability UAE to get first lithium battery recycling plant The UAE’s first lithium battery recycling plant will become fully operational by Q2 2027. The facility, a collaboration with state-backed Kezad Group and Witthal Gulf Industries, a unit of Singapore-based Witthal Group of Companies, will have the capacity to recycle 5,000 tonnes of battery waste annually by 2027. The plant is expected to save an […] 3 hours ago
