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Markets news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

Turkey's finance minister Mehmet Simsek

Erdoğan’s stock grows as Turkey’s index doubles

Turkey’s main stock index has nearly doubled since veteran leader Recep Tayyip Erdoğan’s surprise re-election in May, and experts forecast the rally can persist until early 2024 at least. Further gains seem probable as retail investors buy equities to hedge against resurgent inflation and the president’s new finance chiefs convince institutions the country is returning […]

A trader at Qatar Stock Exchange. Mekdam listed on the Doha market in August 2021

Qatari company seeks $43m over ‘systematic defamation’

A Qatari company has filed a civil lawsuit seeking more than QR157 million ($43.1 million) for defamation in the run-up to its stock market listing. Mekdam Holding Group, which has interests in technology, engineering, procurement and construction, oil and gas, and logistics, said its compensation claim had been filed with the country’s Investment and Trade […]

Investcorp co-CEO Rishi Kapoor. The Bahraini investment company has more than $50 billion in assets under management across three continents

Bahrain’s Investcorp completes first IPO in Indonesia

Investcorp has successfully listed its Indonesian franchisee of the Mothercare brand as its focus on Asia continues to grow. The listing of PT Multitrend Indo is the Bahrain alternative investment company’s first IPO on the Indonesian stock exchange and the 26th in its 40-year history. Mothercare is one of Indonesia’s leading baby and kids retailers, […]

Abu Dhabi acquisition printing press

Abu Dhabi deal could bolster ‘blank cheque’ companies

The first so-called “blank-cheque” company to list in the Middle East this week signed a deal with United Printing & Publishing, an Abu Dhabi state investment fund business. Special purpose acquisition companies (SPACs) raise money through an initial public offering and then use the proceeds to acquire other companies. ADC Acquisition Corporation is the UAE’s […]

Muscat Stock Exchange will offer Oman's biggest IPO

Strong demand for Oman’s biggest IPO in two decades

Oman’s joint-biggest initial public offering is attracting huge interest among retail investors, despite subdued recent activity on Muscat’s bourse, a senior financial industry executive told AGBI. OQ Gas Network (OQGN), a subsidiary of national oil company OQ, will sell 49 percent – or 2.12 billion – of its shares in an IPO. The company this […]

Ades Holding is expected to raise about $1.22bn from selling more than 338.72 million existing and new shares

PIF-backed Ades Holding’s order book hits $76bn

Saudi oil and gas driller Ades Holding set the final price for its initial public offering (IPO) at the top-end at SAR 13.50, implying a valuation of SAR 15.242 billion ($4.06 billion). The institutional book-building process was 62.7 times oversubscribed, while the order book stood at SAR 286.853 billion ($76.49 billion). The Public Investment Fund-backed […]

The Tadawul move is part of Saudi Arabia's strategy to attract more local and international investors

Saudi Tadawul to launch four Size Indices

The Saudi stock exchange (Tadawul) is launching four new indices based on company size and public listing performance. The four Size Indices are the Tadawul Large Cap Index, Tadawul Medium Cap Index, Tadawul Small Cap Index and the Tadawul IPO Index. The maximum weight for any single stock will be 15 percent, following Tadawul All […]

Architecture, Building, Tower

Egypt’s new capital developer plans IPO in 2024

Egypt is planning to float five to 10 percent of the shares of the company building its vast new capital 45 km east of Cairo by the second quarter of 2024, its chairman said on Monday. The sale on the stock exchange of shares in the Administrative Capital for Urban Development (ACUD), now owned 51 […]

Lumi reported a profit of SAR100 million in the first half of 2023

Lumi’s retail IPO tranche orders hit $333m

Saudi-based car rental company Lumi said the retail tranche of its initial public offering (IPO) was oversubscribed 11.5 times, with demand reaching SAR1.25 billion ($333.25 million). The retail subscription, which took place on September 12, was subscribed by 124,888 investors. It comprised 1,650,000 shares, representing 10 percent of the total offering. Based on the results […]

Markets have experienced a mixed 2023 but historically the fourth quarter is often the best for Gulf equities

Oil rally to bolster Gulf stock markets

A renewed oil price rally is boosting investor sentiment on regional bourses ahead of the final few months of 2023. Listed Gulf companies with low borrowing and bountiful cash surpluses should outperform their more indebted rivals, asset managers have predicted. Historically, the fourth quarter is often the best for Gulf equities, usually following a prolonged […]

Philippines minister of finance Benjamin Diokno

Philippines reveals plan to issue first sovereign sukuk

The Philippines government intends to issue its first sovereign sukuk before the end of the year, as it ramps up investment and trade opportunities in the Gulf. Discussions are ongoing about the sukuk’s potential structure, Rosalia de Leon, national treasurer, told reporters during the 2023 Philippine Economic Briefing in Dubai on Tuesday. She said it […]

Lulu is opening two large shopping malls in Ahmedabad and Chennai in India

UAE mall operator Lulu plans a Gulf listing in 2024

Retail conglomerate Lulu Group International expects to launch its initial public offering (IPO) in the first half of 2024, said chairman and managing director Yusuff Ali. The IPO will be launched in the Gulf, but no specific stock exchange has been decided, Ali said on the sidelines at an event in New Delhi. The hypermarket […]

SAL is owned by Saudi Arabian Airlines - Saudia - and Tarabot

Saudi logistics company SAL announces IPO

Saudi Logistics Services Company – known as SAL – said on Tuesday it would launch an initial public offering of 30 percent of its shares on the Saudi market. It was not clear when the SAL IPO will take place. A statement said the price of each of the 24 million shares would be determined […]

Backed by PIF, Ades Holding operates a fleet of 85 rigs in seven countries

PIF-backed Ades Holding aims to raise $1.2bn from IPO

Oil and gas driller Ades Holding has set its share price range at between SAR 12.50 and SAR 13.50, seeking to raise as much as SAR 4.57 billion ($1.22 billion) from its initial public offering (IPO) on the Saudi stock exchange. The institutional book-building process started on September 10 and will close on September 14. […]

Investcorp reaps huge gains on stake sale in India’s Safari

Investcorp, a Bahrain-based alternative investment firm, has exited its investment in Indian luggage maker Safari Industries. The company invested INR750 million ($10.36 million) in Safari Industries in February 2021.  During Investcorp’s ownership period, Safari Industries increased its production capacity and expanded its physical store footprint in new and under-served markets in the South Asian country.  […]

Taqa executives and ADX officials at the listing of Taqa's dual-tranche bonds in Abu Dhabi

Taqa lists $1.5bn green bonds on Abu Dhabi exchange

Abu Dhabi National Energy Company (Taqa) has listed its dual-tranche $1.5 billion bonds on the Abu Dhabi Securities Exchange (ADX). The order book was nearly 10 times oversubscribed, with regional and international investors placing total orders of over $15 billion, the energy major said in a statement. The five-year $500 million notes, maturing in 2029, […]

A woman walks past a building displaying the logo of Spanish telecom company Telefonica

Risk-averse Gulf telecom companies look to Europe

Following myriad lacklustre investments in Asia and Africa, some former telecom monopolies in the Gulf are now buying minority stakes in long-established operators in Europe to provide lower-risk, dividend-based returns. STC Group, previously known as Saudi Telecom Co and majority-owned by the kingdom’s Public Investment Fund, this week revealed it had spent 2.1 billion euros […]

Shanghai Stock Exchange president Cai Jianchun and Saudi Tadawul Group CEO Khalid Abdullah Al-Hussan at the signing ceremony

Saudi and Chinese bourses to explore cross-listings

Saudi Tadawul Group and Shanghai Stock Exchange have signed a memorandum of understanding to promote mutual development and collaboration – a sign of deeper ties between the kingdom and the world’s second largest economy. The two exchanges will explore opportunities in cross-listing, fintech, ESG, data exchange, and research, the Shanghai Stock Exchange said in a […]


Aramco targets $50bn in IPO on local bourse

Saudi Aramco is planning to sell a stake valued at $50 billion through a secondary share offering on the Saudi stock exchange, according to a media report. The sale is likely to happen before the end of the year after consultations with an adviser, the Wall Street Journal reported, citing Saudi officials. Aramco has been […]

Tech shares

SoftBank’s Arm to be valued at up to $54bn

Arm Holdings Ltd, the chip designer owned by SoftBank Group Corp, is planning to ask investors to pay $47 to $51 for each of its shares when it begins marketing its initial public offering (IPO) next week, people familiar with the matter said on Saturday. The price range, which has not been previously reported, would […]

Lumi IPO

Saudi car rental company aims for $290m from IPO

Saudi-based car rental company Lumi is likely to raise up to SAR1.089 billion ($290 million) after announcing the price range for its initial public offering (IPO) on the Saudi Exchange (Tadawul). The wholly-owned auto rental subsidiary of Riyadh-listed Seera Group Holding set the price range between SAR62 and SAR66 per share, giving the company a […]