Finance Borse Dubai to sell $1.6bn stake in Nasdaq State-owned Borse Dubai will sell nearly 27 million shares in the US stock exchange operator Nasdaq for $1.6 billion. The holding company for Dubai Financial Market and Nasdaq Dubai will reduce its stake from 15.5 percent to 10.8 percent, or 62.4 million shares, making it the second largest shareholder in Nasdaq, the US bourse operator […] March 20, 2024
Tech Hong Kong most likely for IPO listing of Dubai’s Telegram Telegram, the Dubai-based messaging app known for its encryption features and large group chats, is most likely to target Hong Kong for its potential listing, experts have said. This preference stems from the challenges its founder, Pavel Durov, might face in Western markets due to his Russian nationality. Durov said in a Financial Times interview […] March 18, 2024
Finance Parkin raises $428m as IPO oversubscribed 165 times Parkin, the Dubai government’s parking management company, has raised AED1.6 billion ($427.5 million) after pricing its initial public offering (IPO) at the upper end of its range at AED2.1 per share. The offering was oversubscribed 165 times as the order book hit AED259 billion at the final offer price, the UAE state-run Wam news agency […] March 15, 2024
Video length: 09:01 Analysis Economy Currency bond traders flow into Egypt after bailout deals JPMorgan Chase & Co has issued a circular urging its clients to buy up Egyptian sovereign debt, less than two months after it removed Egypt from local-currency bond indexes. “The Egypt carry trade is back in focus, and this time should be different,” the New York bank’s Gbolahan Taiwao wrote in a note on March […] March 14, 2024
Finance Parkin expands IPO retail tranche after high demand Parkin, the Dubai government’s parking management company, has increased the UAE tranche of its initial public offering (IPO) from 10 percent to 12 percent, after high demand for its shares . After approval from the Securities and Exchange Authority, the retail offer rose to just under 90 million ordinary shares, from 75 million. The retail […] March 13, 2024
Finance Tadawul 2023 profit falls as trading values drop 22% Saudi Tadawul Group Holding Company, the operator of the Saudi stock exchange (Tadawul), posted a decline in 2023 profits as trading value dropped sharply. Net profit for the full year fell 8 percent year on year to SAR390 million ($104 million). Revenue fell 1.6 percent year on year to just over SAR1 billion due to […] March 11, 2024
Markets Drake & Scull gains approval to resume trading on Dubai bourse Drake & Scull International has been given the green light to resume trading on the Dubai Financial Market, after an absence of more than five years. The decision from the Securities and Commodities Authority follows the Dubai contractor agreeing to increase its share capital by up to AED600 million ($163 million), as part of a […] March 6, 2024
Markets Egyptian pound plunges 55% to match black market dollar The Egyptian pound plunged by 55 percent on Wednesday to a record official low of 48 against the US dollar, bringing it almost in line with the parallel market rate. The Egyptian central bank (CBE) said in a statement that it planned to allow the exchange rate to be determined by market forces. At 2pm […] March 6, 2024
Opinion Markets We must build investors’ trust in carbon markets. This is how Voluntary carbon markets are recovering after a difficult couple of years, but there's more to do March 6, 2024
Finance Dubai’s Parkin valued at $1.7bn on listing Parkin, the Dubai government’s parking management company, has set the price range for its proposed initial public offering (IPO) at AED2 to AED2.1 ($0.54–0.57) per share. The company will offer a 25 percent stake, which is the emirate’s first privatisation deal this year, giving it a valuation of between AED6 billion and AED6.30 billion ($1.6 […] March 5, 2024
Finance ADQ explores potential listing of Etihad Airways ADQ, the UAE’s sovereign wealth fund, is considering a potential listing of Etihad Airways, making it the first publicly traded airline in the GCC. The fund has held discussions with banks on a possible floatation deal as soon as this year, Bloomberg reported, citing a source familiar with the deal. ADQ has been weighing the […] March 3, 2024
Markets Dubai parking operator IPO will fund EV expansion plans Parkin, the Dubai government’s parking management company, plans to channel proceeds from its initial public offering into technological upgrades, including expansion of its electric vehicle services. The company will release nearly 25 percent of its shares on the Dubai Financial Market next month. The offering begins on March 5, with a price range to be […] February 27, 2024
Construction Drake & Scull to issue sukuk for return to Dubai market The directors of Drake & Scull International are looking to recapitalise the troubled construction giant via a sukuk, with a view to resuming trading on the Dubai Financial Market. A general assembly meeting will be held “as soon as possible” to increase the company’s share capital, which will be done through a mandatory convertible sukuk, […] February 27, 2024
Analysis Banking and Finance Egyptian economic woes to prolong startup funding slump Egyptian startups face another tough year finding funding, as the prospect of further currency devaluations and stubbornly high inflation deter investors, despite the attractive demographics of the Arab world’s most populous nation. The number of venture capital deals in Egypt in the first nine months of 2023 was 47, down by nearly two thirds on […] February 26, 2024
Opinion Markets Shaping the fate of the Gulf’s capital markets Economic diversification provides a shot in the arm but conflict is concerning February 23, 2024
Markets Saudi Arabia prods blue chips to list more shares Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre. Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was […] February 21, 2024
Finance Vodafone dividend helps push e& to record profit Telecommunications company e&, formerly known as Etisalat, reported record net profit in 2023. The Abu Dhabi-listed company said profit was driven by higher dividends from Vodafone Group, higher income from associates and lower tax expenses. Net profit for the full year reached AED10.3 billion ($2.80 billion), up three percent year on year, as revenue rose […] February 21, 2024
Markets Saudi stock exchange to hold Hong Kong forum in May The Saudi stock exchange operator Tadawul has chosen Hong Kong for its first capital market forum outside the country, part of a drive to make the Gulf state a global financial centre for attracting foreign capital. “For the first time we’re taking the Saudi Capital Market Forum beyond Saudi borders in collaboration with the Hong […] February 21, 2024
Markets IPO requests in Saudi Arabia rise by 30% Saudi Arabia’s Capital Market Authority said this week that it had received 56 initial public offering applications, a number well ahead of analysts’ expectations. State oil major Saudi Aramco is also likely to issue a bond this year. CMA chief Mohammed ElKuwaiz told a capital markets forum in Riyadh on February 19 that the applications […] February 20, 2024
Analysis Markets Mena VC exit route remains uncertain in young sector The Mena region’s venture capital industry has blossomed over the past decade as firms have raised $14.5 billion from investors since 2015 and spent a similar amount buying into early-stage companies over the same period. Yet returns on these outlays remain uncertain, and the sector is still in its infancy. From 2015 to September 30 […] February 20, 2024
Markets ADGM predicts fresh wave of green finance companies Abu Dhabi Global Market has a “strong pipeline” of green and sustainable finance companies due to open in the free zone this year as the sector expands and matures, a senior ADGM official has told AGBI. “There are a number of asset managers and others establishing themselves here that are green and climate transition-focused,” said […] February 19, 2024
Analysis Markets Tough IPO rules deter UAE tech startups from listing The UAE’s burgeoning startup sector has helped it become a centre for tech innovation, yet almost none of these fledgling companies have gone public due to stock market regulations. Since 2021 the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) have welcomed a flurry of initial public offerings as part-privatised government-related companies diversify […] February 19, 2024
