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Arabian Drilling IPO may fetch $710m as book-building starts

Arabian Drilling Company, a Saudi oilfield services firm, will price its planned initial public offering (IPO) between SAR 90 ($23.89) and SAR 100 ($26.55) per share, HSBC Saudi Arabia said on Wednesday. HSBC Saudi Arabia, Goldman Sachs Saudi Arabia and SNB Capital are joint financial advisers, bookrunners and underwriters for the IPO, which could fetch […]

Qatar launches new initiative to boost stock market liquidity

The Qatar Investment Authority (QIA) tweeted on Tuesday that it launched a new market making initiative to boost liquidity at the Qatar Stock Exchange as part of a wider raft of reforms to attract foreign investors. The $445 billion sovereign wealth fund said that licensed market markets would be able to access some of QIA’s […]

Liz Truss and Kwasi Kwarteng

UK tipped to see record levels of Middle East capital in 2022

Outbound investment from the Middle East to the UK is forecast to rise sharply this year, particularly for deals up to $250 million. Corporate finance specialist Lumina Capital Advisers said the strong dollar, weak sterling and the UK’s uncertain economic outlook made it a “highly attractive destination” for Middle East capital.  Sterling tumbled to a […]

A Burjeel hospital

UAE health firm Burjeel to offer 11% stake in October IPO

Abu Dhabi-based hospital operator Burjeel Holdings plans to offer an 11 percent stake in an initial public offering on the Abu Dhabi Securities Exchange, the company said in a statement on Monday. Burjeel will be the first private company to be listed on the Abu Dhabi exchange since 2011. The company intends to offer about […]

Kuwait said to relocate control of $7bn fund from London

Kuwait Investment Authority (KIA) is planning to move the management of a $7 billion fund from London back to its home country, Bloomberg reported, citing people familiar with the matter. The sovereign wealth fund will now oversee the satellite fund from its Kuwaiti headquarters instead of the London-based Kuwait Investment Office. However, the fund will […]

Salik is an automated toll system that was introduced to the UAE in 2007

Salik’s $1bn IPO target ‘easily achievable’ after stake boost

Dubai toll gate operator Salik’s decision to increase the number of shares offered in its initial public offering will yield lower stock price volatility, and the $1 billion the government aims to raise “seems easily achievable”, analysts have predicted. Salik Company announced on Friday that it has increased the size of the stake it is […]

Omani bourse eyes FTSE and MSCI emerging market status

The Muscat Stock Exchange (MSX) is working on upgrading to the ‘Emerging Market’ stock exchange status as part of a five-year strategy to go private in five years through a listing, the Oman Daily Observer reported, citing CEO Haitham Al Salmi. He added that the bourse is currently focusing on reclassifying the market to enter […]

Saudi Arabia’s bourse generates over $4bn from IPOs in H1 2022

The Saudi Exchange (Tadawul) have raised SAR 15.2 billion ($4.04 billion) in the first half of 2022 through initial public offerings (IPOs), Arab News reported. The bourse saw 10 listings and nine offerings from existing listed companies, generating SAR 10.7 billion. Nahdi Medical Company was the biggest on the IPO list, garnering a collection of […]

Tel Aviv bourse head seeks more bilateral investing with UAE

The head of Israel’s stock exchange on Tuesday called for increased investment from Israeli and Emirati investors in each other’s exchanges to boost liquidity. Two years after the so-called Abraham Accords, which saw relations normalised between Israel, Bahrain, the United Arab Emirates (UAE) and Morocco, a number of economic, trade and financial agreements between Israel […]

Salik confirms Dubai listing, retail offering starts this month

Salik Company, Dubai’s toll gate operator, announced its intention to proceed with an initial public offering (IPO) on the Dubai Financial Market (DFM). A total of 1.5 billion shares, each with a nominal value of AED 0.01, will be offered, representing 20 percent of Salik’s total issued share capital, WAM, the UAE state news agency, […]

Car, Automobile, Transportation

Dubai road-toll operator Salik to sell 20% of its shares via IPO

Dubai road-toll operator Salik is selling 20 percent of the company via an initial public offering, the company said in its intention to float document on Monday. Salik, which was converted into a private joint stock company in June, is selling 1.5 billion shares to the public with a listing planned around Sept. 29, it […]

Muscat-listed companies report 11% rise in Q2 profits to $468m

Total net profit of Muscat Securities Market-listed company rose 11 percent year-on-year to OR180.3 million ($468.4 million) in Q2 2022, investment bank Kamco Invest said in a report. Profit of the banking sector – the biggest on the exchange by market cap – improved 11 percent year-on-year to $276.4 million. The utilities sector followed with […]

Scoreboard, Number, Text

Investment in Abu Dhabi shares by Emirati women rises 75%

Emirati women have invested AED 34.6 billion ($9.42 billion) in Abu Dhabi stocks from the beginning of the year until mid-August, WAM, state news agency, reported, citing data from Abu Dhabi Securities Exchange. The bourse said that this represents a 74.7 percent growth over the corresponding period last year when their trading value was around […]

Abu Dhabi bourse tops Arab region in market value increase

The Abu Dhabi Securities Exchange (ADX) was the top Arab financial market in terms of performance last week, as the index surged by 3.6 percent and its market value by 3.03 percent, according to the Arab Monetary Fund (AMF). In its weekly bulletin on Arab capital markets’ performance, the AMF noted that the market value […]

Lighting, Person, Human

Foreigners invest $4.2bn in UAE stocks since start of 2022

The net investments of non-Arab foreigners in UAE stocks rose to over AED 15.54 billion ($4.22 billion) since the start of 2022, UAE state-owned news agency WAM reported. According to Abu Dhabi and Dubai financial markets, non-Arab foreign investors purchased local stocks worth AED 70.276 billion from the beginning of 2022 to the end of […]

Saudi Tadawul Group reports Q2 profit drop on mounting costs

Saudi Tadawul Group, the bourse’s owner and operator, on Sunday reported an almost 24 percent decline in second-quarter profit as expenses, including salaries, rose. Net profit in the quarter ended June 30 fell to SAR 137.7 million ($36.68 million) from a SAR 181.1 million in the year-earlier period. The group said operating expenditures increased 16.6 percent […]

Restaurant, Food Court, Food

Kuwait’s Alghanim Industries mulls minority stake listing

Kuwait-based Alghanim Industries’ executive chairman of Kutayba Y. Alghanim has announced plans to list a minority stake on Boursa Kuwait’s Premier Market, Kuwait Times reported.  “I would like to announce my intention of exploring the possibility of publicly listing a minority interest of the Kutayba Alghanim Group (Alghanim Industries) on the Premier Market of Boursa Kuwait,” […]