Markets Saudi hospital operator Almoosa announces IPO By Neil Halligan November 28, 2024, 4:02 PM Reuters/Faisal Nasser More than 50 Saudi Arabian companies are said t0 be waiting to list on the kingdom’s bourse in 2025 30% of shares for sale New hospitals in 2028 Saudi IPOs dominate market Almoosa Health Company has announced plans to launch an initial public offering of 30 percent of its shares on the Saudi stock market. The price range for the offering will be announced on December 4, with the institutional book-building process starting the same day. This will be followed by a retail subscription period from December 23-24 and final allocations set for December 29. Almoosa Health operates two facilities in the city of Al Ahsa in the Eastern Province, with a total of 730 beds, and 290 clinics. The company plans to add two hospitals in Al Hofuf and Khobar with around 700 beds by 2028. It also plans to build five primary care centres in Al Ahsa, Al Khobar and Dammam with 1,430 beds by 2027. Almoosa Health announced a net profit of SAR27.9 million in the third quarter, down 5 percent on the same period last year. Revenue in the quarter reached SAR308 million, up 27 percent year-on-year. “Driven by our commitment to maintaining strong operating leverage and efficiencies that enhance financial performance, we believe that we have reached the right point in our journey to invite new shareholders to participate in our future growth,” said CEO Malik Almoosa. Almoosa Health has appointed Saudi Fransi Capital as the lead manager for the IPO. Saudi finance firm UIHC’s IPO 132 times oversubscribed Kuwaiti companies looking at Saudi exchange listings Late-year flurry of flotations forecast for Gulf Saudi Arabia has dominated the Middle Eastern market for share sales this year, raising more than $16.8 billion which was lifted significantly by Saudi Aramco’s secondary offering in May. More than 50 Saudi Arabian companies are waiting to list on the kingdom’s bourse in 2025, Shakeel Sarwar, head of asset management at Bahrain’s Sico Bank, told AGBI last month. Saudi Arabia and UAE will dominate IPO activity next year, he said, “with notable transactions expected from sectors such as consumer and airlines”.
Finance 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 (EEF). 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 […] 3 hours ago
Leisure & Hospitality Hilton set to triple Egypt presence with new brands Hilton is set to triple its presence in Egypt, increasing the number of hotels to 25 and expanding its footprint to more than 40 properties over the coming years. The expansion includes the opening of its lifestyle brand, Tapestry Collection, on the African continent, as well as Egypt’s first Curio Collection and a resort under […] 3 hours ago
Trade UAE finalises trade deal with five-nation EAEU bloc The UAE has finalised an economic agreement with the Eurasian Economic Union (EAEU) that will reduce or remove tariffs and eliminate technical barriers to trade with five countries. The economic partnership agreement with the EAEU, made up of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, will align customs procedures and harmonise digital trade and ecommerce, UAE […] 13 hours ago
Oil & Gas Conflict hampering Mediterranean operations, says Chevron CEO US energy major Chevron has struggled to keep natural gas production online in the Eastern Mediterranean during the conflict in the Middle East, according to its chairman and chief executive Mike Wirth. Chevron is the largest producer of natural gas for Israel, in particular through two “large” offshore platforms, Tamar and Leviathan, that also supply […] 13 hours ago
