Industry PIF-backed elevator company explores US IPO A German elevator company backed by Saudi Arabia’s Public Investment Fund (PIF) is exploring selling shares to the public in the US, Reuters has reported, without citing sources. Düsseldorf-based TK Elevator is expected to be valued at more than €20 billion ($22.7 billion), according to earnings calculations by the news agency. TK Elevator is the […] April 18, 2025
Banking & Finance Mashreq’s sukuk offer hits $3bn despite challenging markets Mashreq, the UAE’s fifth-largest bank by assets, said its first sukuk issued since US reciprocal tariffs were announced was oversubscribed six times. The Dubai-listed bank raised $500 million through a five-year sukuk at a profit rate of 5.03 percent per annum. The sukuk, rated “A” by global rating agency S&P, will be listed on Euronext Dublin. […] April 17, 2025
Markets Paper firm plans first Saudi IPO since global stock rout Saudi Arabia’s United Carton Industries Company (UCIC), the largest paper packaging company in the Middle East by sales, plans to sell shares to the public to fund expansion. This is the first Saudi announcement of a planned IPO on the Saudi Exchange’s main market since a rout in global markets following Donald Trump’s near tripling […] April 16, 2025
Markets Abu Dhabi backers deny selling crypto before $5bn crash The Abu Dhabi backers of a Dubai-licensed cryptocurrency business have denied wrongdoing after its token’s market cap dropped by more than $5 billion in a matter of hours, raising alarm among investors. Mantra, a Hong Kong-based blockchain company focused on tokenising real-world assets, is backed by Abu Dhabi’s Shorooq Partners, which led an $11 million […] April 16, 2025
Markets Saudi health training IPO values company at $19m Future Vision for Health Training sold 2 million shares to the public in an initial public offering last week that valued the Saudi healthcare education company at SAR 70 million ($19 million), according to AGBI calculations. The sale of 20 percent of the company at SAR 7 per share was more than six times oversubscribed, […] April 15, 2025
Food & Drink Saudi coffee chain Barn’s plans IPO on Tadawul Barn’s, a homegrown Saudi coffee chain, is planning an initial public offering (IPO) on the Tadawul stock exchange, with an aim to generate funds to finance Middle East expansion. It is working with Saudi regulator Capital Market Authority to meet the IPO criteria and appoint bankers for the potential offering, Bloomberg reported, citing CEO Mohammed […] April 15, 2025
