Analysis Markets Oman reveals plan to steer IPOs to Muscat exchange Oman’s Financial Services Authority has revealed its strategy to overhaul the country’s capital markets – which could provide extra funds for underrepresented sectors and lure investors looking for less saturated markets, according to analysts. However, the success of the plan will depend on how incentives for listing are implemented, they warn. Trading activity has been […] August 15, 2024
Video length: 03:30 Video Markets Why gold ETFs are losing their shine Even as gold prices hit record highs – analysts believe they could range between $2,200 and $2,600 per ounce until the end of this year – exchange traded funds that follow the precious metal have had their worst first half since 2013, losing almost $7 billion in value. The World Gold Council’s Andrew Naylor and […] August 13, 2024
Analysis Markets Saudi blue-chips help Gulf dividends dwarf global average Saudi companies form the bulk of Gulf businesses that have announced second quarter dividends, but it is the Commercial Bank of Kuwait that provided the highest dividend yield. Saudi Aramco, Bahrain’s Batelco and Dubai’s Tecom Group are other standouts by this metric. Of the listed Gulf companies with a market capitalisation of more than $1 […] August 13, 2024
Opinion Markets Stock market crashes: waiting for the Big One Big pressures are building after bad trading on global bourses August 9, 2024
Analysis Markets Analysts bullish on Aramco despite share price drop Shares in Saudi Aramco slumped to a four-year low this week as turmoil on global equity markets spurred a further sell-off in the world’s largest listed oil company. Yet analysts believe Aramco’s poor performance this year – the stock had fallen 17 percent in 2024 as of Tuesday’s close – masks a bullish outlook for […] August 8, 2024
Real Estate UAE real estate companies rebound after market turmoil Real estate companies bore the brunt of Monday’s stock sell-off in the GCC, although prices showed significant signs of recovery on Tuesday. Dubai Financial Market closed on Monday down 4.5 percent, while Saudi Arabia’s Tadawul exchange was down 2.1 percent. Kuwait’s bourse was showing a negative of 2.13 percent on a day when $6.4 trillion […] August 7, 2024
Opinion Markets Global markets and the nervous wait for the Fed cavalry Seldom have there been so many negative factors in play August 5, 2024
Finance Boursa Kuwait’s earnings rise on higher trading volumes The operator of the Kuwaiti stock exchange said its net profit rose 11 percent year on year in the first six months of 2024 as a result of higher trading volumes. Boursa Kuwait’s earnings jumped to KD9.4 million ($31 million), compared with KD8.4 million a year ago. Total operating revenues rose 13 percent to KD17.2 million […] July 31, 2024
Markets Alef Education profits rise but share price struggles Alef Education has reported pre-tax profits of AED249 million ($68 million) for the first half of 2024. However, the company’s share price continues to struggle. At noon on Tuesday the share price was AED1.18, down 12.6 percent on its debut IPO price in June. Alef was the first education technology business to list on a […] July 30, 2024
Finance DFM profit rises 62% on higher trading activity Dubai Financial Market, the operator of the emirate’s stock exchange, reported a 62 percent rise in net profit for the first six months of 2024 on higher trading activity and new investors. DFM net profit increased to AED181 million ($49.3 million) in the first half, compared with AED112 million a year ago. Total consolidated revenue […] July 30, 2024
Opinion Oil & Gas Oil traders’ view from the beach is not entirely sunny There's a lot to think about over the summer, from luxury handbags to China's economy July 29, 2024
Markets UAE capital markets partner with Hong Kong exchange The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […] July 26, 2024
Analysis Markets Looming ‘vision’ project deadlines spur GCC bond market growth Gulf countries are racing to complete ambitious “vision” agendas, pushing the total value of GCC bond and sukuk issuances since 2014 to more than $1 trillion. Each GCC country is working towards its own goals – whether that be the Saudi Vision 2030, We the UAE 2031, or Kuwait Vision 2035 – with the aim […] July 23, 2024
Economy Moody’s upgrades Turkey’s credit rating by two notches Turkey’s efforts to improve its economic credentials and attract investment have been given a boost by the credit ratings agency Moody’s, after what the agency said was a return to a more balanced economic policy programme. In a statement on July 19, Moody’s said it had upgraded Turkey’s long-term foreign and domestic currency issuer and […] July 22, 2024
Markets Saudi stock operator profit rises 56% on strong revenue Saudi Tadawul Group, the kingdom’s stock exchange operator, reported a 56 percent surge in second-quarter profit on higher trading activity. Net profit after zakat – the obligatory charity donation – reached SAR164 million ($44 million) in the April to June period, compared to SAR105 million a year earlier. Operating revenues reached SAR354 million, an increase […] July 22, 2024
Opinion Markets Regional debt issuance boosts Islamic bond take-up Large Muslim countries have skewed global sukuk markets July 19, 2024
Finance Egypt to float Suez Canal subsidiary next year Egypt’s Suez Canal Authority (SCA) is planning to list Canal Mooring & Lights Company, a specialist in the mooring and unmooring of ships, on the local bourse, a news report said. The proposed listing will take place early next year, Bloomberg Ashraq reported, quoting SCA’s chairman Osama Rabie. In June 2023, the official confirmed the […] July 17, 2024
Markets Abu Dhabi National Hotels hires banks for catering unit IPO Abu Dhabi National Hotels, which trades on the Abu Dhabi stock exchange, has appointed banks to work on the initial public offering of its catering business, according to a news report. Citigroup and First Abu Dhabi Bank will oversee on the flotation of ADNH Catering, raising between $300 million and $400 million, Bloomberg reported, citing […] July 17, 2024
Analysis Markets Healthcare sector props up Gulf IPOs in 2024 The healthcare sector has emerged as a significant contributor of initial public offerings in the Gulf region during the first half of 2024, according to a report by the Kuwait Financial Centre, known as Markaz. This comes despite an overall decline in new listings. However, Saudi Arabia’s Al-Hokail Academy Specialized Digital Polyclinics Company cancelled its […] July 16, 2024
Markets Saudi Arabia’s PIF hires banks for Nupco’s $1bn IPO Saudi Arabia’s Public Investment Fund (PIF) has hired banks for the initial public offering of its wholly owned subsidiary, National Unified Procurement Company (Nupco), a media report said. The sovereign wealth fund has appointed global and local bankers, such as JPMorgan Chase & Co., Morgan Stanley and SNB Capital, to manage Nupco’s flotation, Bloomberg reported, […] July 16, 2024
Real Estate Omani fund targets commercial assets after IPO Jabal Real Estate Investment Fund has targeted a swathe of commercial assets in Oman after officially listing on the Muscat Stock Exchange. The company, which has a capital portfolio of OR17 million ($45 million), is considering an office building and a warehousing complex in the sultanate. No further details were given, although both properties boast […] July 11, 2024
Oil & Gas Aramco returns to debt markets after shares sale Saudi Aramco returned to the debt market on Wednesday, offering bonds maturing in 10, 30 and 40 years and aiming to raise at least $6 billion. The company is looking to capitalise on investors’ interest in its secondary share offering by raising more cash to finance its debt and a huge investment programme. Final terms […] July 10, 2024
