Finance Market cap of top 16 UAE-listed companies hit $591bln The aggregate market capitalisation of the top 16 national companies listed on UAE exchanges reached AED2.71 trillion ($590.83) as of January 2024. This figure is anticipated to grow significantly to AED 6 trillion in the coming years, the UAE state-run Wam news agency reported, citing official market data. The top 16 listed companies accounted for […] January 7, 2024
Opinion Economy The year ahead: opportunities, risks and excitement Every year brings events that shake markets – but investors who stay cool can come out stronger January 6, 2024
Finance Value of Saudi bourse rises 14% to $3 trillion in 2023 The total market capitalisation of the Saudi stock exchange rose 14 percent year on year to SAR 11.26 trillion ($3 trillion) in 2023 on higher turnover value, the Saudi Exchange (Tadawul), the operator of the bourse, said in a report. The number of trades executed during the year rose 6.96 percent to 94.02 million from […] January 2, 2024
Finance New investors joining DFM rise 13% in 2023 The number of new investors at the Dubai Financial Market (DFM) increased 12.5 percent year on year to 57,054 in 2023. The growth was driven by several factors, including the strong momentum in the market following the listing of government and semi-government companies and the increasing popularity of online trading, the UAE state-run Wam news […] January 2, 2024
Finance Market cap of Egyptian bourse rises 79% in 2023 The market capitalisation of the Egyptian stock exchange surged 79 percent in 2023, hitting EGP1.72 trillion ($55.47 billion) from EGP961.2 billion in 2022. The benchmark EGX30 index closed at 24,894.26 points in 2023, compared to 14,598.53 points in 2022, Egypt Today newspaper reported. This was a rise of 71 percent. Investor concerns over rising inflation […] January 1, 2024
Finance eXtra to seek approval for consumer finance unit IPO Saudi retailer United Electronics Company (eXtra) plans to launch an initial public offering (IPO) of its Shariah-compliant consumer finance business. United Company for Financial Services (Tasheel), which provides non-banking financial services to its clients, is owned by eXtra’s subsidiary, United International Holding Company. The IPO will be a “significant transaction” subject to the shareholders’ approval, […] January 1, 2024
Analysis Markets Dubai and Saudi markets likely to perform best in 2024 Dubai and Saudi Arabia have been the top performers in a mixed year for Gulf stock markets and it is likely the duo will again outpace their regional rivals in 2024, analysts predict. As of December 18, Dubai’s index had gained about 19.7 percent and Saudi Arabia was up 8 percent. Yet Abu Dhabi – […] December 28, 2023
Finance Net stock purchases in UAE by institutional investors hit $2bn Net stock purchases by global and regional institutional investors reached nearly AED7 billion ($1.9 billion) on the Abu Dhabi and Dubai bourses in 2023. Total purchases hit AED302.7 billion, compared to total sales of AED295.8 billion, the UAE state-run Wam news agency reported, citing data from the local stock exchanges. Institutional investors dominated the UAE […] December 26, 2023
Finance Egypt generates $5.6bn from stake sale in 14 companies Egypt’s privatisation programme has generated $5.6 billion from the sale of complete or partial stakes in 14 state-owned entities, according to Prime Minister Mostafa Madbouly. The International Finance Corporation (IFC) is conducting preliminary studies for the potential inclusion of 50 additional state-owned companies under its initial public offering (IPO) programme, Egypt Today reported, citing Madbouly. […] December 25, 2023
Markets MBC raises $390m with oversubscribed IPO Saudi media company MBC Group’s IPO on the Saudi stock exchange was 17.6 times oversubscribed, raising SAR1.46 billion ($390 million). A minimum of nine shares were allocated to each subscriber and the remaining shares were distributed pro rata, according to a statement on stock market website Tadawul by lead manager and advisor HSBC Saudi Arabia, […] December 22, 2023
Construction Developer Jabal Omar plans debt-to-capital conversion Jabal Omar Development Company, one of the largest companies on the Saudi stock exchange, said this week it will settle around SAR547.5 million ($146 million) in debt owed to two companies by converting it into shares in a formal capital increase. The real estate developer builds and manages property in the pilgrimage city of Mecca. […] December 21, 2023
Markets Shares in Abu Dhabi’s Pure Health surge on bourse debut Shares in Abu Dhabi’s Pure Health gained more than 70 percent on its debut on the UAE capital’s bourse on Wednesday. The healthcare provider, part-owned by Abu Dhabi sovereign fund ADQ, sold 10 percent of its stock at AED 3.26 ($0.89) per share in an initial public offering that raised AED 3.62 billion ($986 million) […] December 20, 2023
Exclusive Construction Aldar ‘confident’ of doubling market cap within five years Abu Dhabi developer Aldar Properties is ramping up an international expansion drive that, alongside plans to grow its UAE portfolio, will help to double its market cap, its group chief executive said. Aldar’s market cap is currently $12 billion, and group CEO Tilal Al Dhiyebi foresees “doubling that in five years,” he told AGBI in […] December 18, 2023
Finance Family companies don’t like to be questioned, says Mishal Kanoo Most family-run companies in the UAE shy away from becoming listed because they are not accustomed to the level of scrutiny and transparency that an IPO entails, according to leading Gulf businessman Mishal Kanoo. Kanoo, chairman of The Kanoo Group, one of the largest independent groups of companies in the Gulf region – and the […] December 14, 2023
Markets Saudi market regulator says 46 IPO requests under review Saudi Arabia’s capital market regulator has confirmed that 46 initial public offering (IPO) requests were still under study in the third quarter of 2023. Five listing requests were for the main market (Tasi) and 41 requests were pending for the Nomu-Parallel Market, the state-run Saudi Press Agency reported, citing the Capital Market Authority’s latest quarterly […] December 11, 2023
Markets Dubai Taxi shares jump 19% in debut trading Dubai Taxi Company shares rose by 19 percent in its debut trading on Thursday after a $315 million initial public offering (IPO), marking the emirate’s first privatisation in over a year. Shares in Dubai Taxi opened at AED2.20 ($0.60) on the Dubai Financial Market, according to data from the stock exchange website. The offer price […] December 7, 2023
Analysis Markets Real estate trusts struggle despite strong Dubai market Dubai’s resurgent property market has delivered riches to property owners and shareholders of leading developers like Emaar Properties, but investors in two listed Dubai real estate investment trusts – Emirates REIT and ENBD REIT – are nursing sustained losses. Both trusts are listed on Nasdaq Dubai. The emirate’s international bourse launched in 2005 with the […] December 6, 2023
Construction Saudi cement maker Al Jouf plans to sue over $36m loss A Saudi cement producer is planning to sue three of its former board members for their role in an investment that resulted in a SAR136 million ($36.3 million) loss. Al Jouf Cement Company said in a filing to the Saudi Stock Exchange it was seeking authorisation from its general assembly for the liability lawsuit, which […] December 5, 2023
Finance Saudi Arabia studies battery materials trading platform Saudi Arabia is exploring the potential launch of a new commodity trading platform for battery materials, including graphite and rare earths, its vice minister of industry and mineral resources said. Riyadh’s efforts to build an economy that is not dependent on oil include a shift towards mining the country’s untapped mineral resources – worth about […] December 1, 2023
Finance Dubai Taxi IPO order book hits $41bn on strong demand Dubai Taxi Company said the order book for its initial public offering (IPO) swelled to over AED150 billion ($41 billion), as it was covered 130 times. “This represents the highest oversubscription level achieved by an IPO on the Dubai Financial Market,” the company, a unit of the state-owned Roads and Transport Authority, said in a statement. […] November 30, 2023
Markets Abu Dhabi IPO Fund plans up to four listings by 2024-end Abu Dhabi can expect up to four further listings of private companies by the end of 2024, according to Bassel Khawaja, advisory head of the Abu Dhabi IPO Fund. Speaking on the sidelines of Abu Dhabi Finance Week (ADFW), Khawaja told AGBI the fund is currently assisting three unnamed companies with their IPO readiness. He […] November 29, 2023
Markets Saudi exchange-traded fund to list in Hong Kong Saudi Arabia’s exchange-traded fund (ETF) will be listed on the Hong Kong stock exchange tomorrow. Investors will be able to trade the constituent stocks of the Saudi stock market directly in the Hong Kong market through the ETF in Hong Kong dollars or renminbi, state-owned Xinhua news agency reported, citing Paul Chan, financial secretary of […] November 28, 2023
