Markets Foreign investment in Saudi capital market reaches $93bn Foreign investment in the Saudi capital market reached SAR347.01 billion ($92.52 billion) in 2022, up from SAR305.34 billion in 2021 and SAR86.86 billion in 2018, according to the kingdom’s market regulator. Overseas investors constituted 14.2 percent of the total free float value in the Tadawul All Share Index (Tasi) last year, compared to 3.77 percent […] November 20, 2023
Markets Investors unsure on pricing Gaza conflict, says UBS Global investors and markets are “not sure” how to price in the fallout from the Israel-Gaza conflict, according to Swiss private wealth bank UBS. “It’s very hard for the markets to price these events,” Mark Haefele, chief investment officer in the global wealth management division at Swiss bank UBS, told reporters on Thursday. “So far, […] November 17, 2023
Finance Deutsche sees Turkish among top emerging bond market Turkey’s domestic sovereign bonds are set to be one of the top trades in emerging market fixed income next year, Deutsche Bank said in an outlook note. Despite a sharp recent repricing offering much better entry levels into Turkish government bonds, it was still a bit too early to re-enter the market in general, though […] November 14, 2023
Finance Dubai Taxi Company to list 25% stake in IPO Dubai Taxi Company has announced plans to launch its initial public offering (IPO) after its legal status was amended to a public joint-stock company. The company will issue 624.75 million shares at a nominal value of AED 0.04 on the Dubai Financial Market, representing 24.99 percent of its total issued share capital. The subscription period […] November 13, 2023
Finance Mena IPOs drop but analysts still bullish for 2024 Listings on Middle East and North African stock markets slowed during the third quarter, but analysts remain upbeat for 2024 despite concerns over the Israel-Gaza conflict. There were six initial public offerings (IPOs) in Q3, raising $523 million in total. This is a 14 percent drop in volume and a 66 percent slump in proceeds compared […] November 7, 2023
Oil & Gas Sabic slumps to loss as petrochem prices slide Petrochemicals producer Saudi Basic Industries Corporation (Sabic) swung to a net loss in the third quarter, hit by a slump in product prices, a loss from offloading a subsidiary and a hefty impairment on its European operations. Sabic, 70 percent owned by Saudi Aramco, made a net loss of SAR 2.88 billion in the three […] November 2, 2023
Analysis Finance Middle East varies tactics amid US treasury volatility As expected, the US Federal Reserve kept interest rates on hold at its meeting this week. Always keenly watched in the Middle East because of its hefty reliance on the dollar, US interest rates are also important due to their influence on US state debt, known as treasuries. Yields on US medium-dated government debt have […] November 2, 2023
Analysis Finance Middle East bonds drop despite issuance surge Middle East bond indexes endured a tough October, extending the losses for 2023 despite a bumper year for regional debt issuance. The slump in the benchmarks mirrors a sustained surge in US treasury yields. Bond yields and prices are inversely correlated, while Gulf bonds are priced based on a spread over US treasury yields. As […] November 1, 2023
Finance Dubai taxi operator to raise $300m in IPO next month Dubai Taxi Corporation, a unit of the Road and Transport Authority (RTA), aims to raise nearly AED1.10 billion ($300 million) from a share sale in November, Bloomberg reports. The taxi operator intends to distribute a dividend of AED71 million in April for the fourth quarter of 2023, the news agency reported, citing an investor. Dubai […] October 31, 2023
Finance Egyptian stock-tracked fund reports best week in 11 years Investors have flocked to an exchange-traded fund tracking Egyptian shares to ride a rally in the country’s stocks as domestic investors worried about soaring inflation and a potential currency devaluation take refuge in equities. The VanEck Egypt Index ETF, tracking the MVIS Egypt Index, jumped nearly 19 percent last week, its best weekly performance since […] October 31, 2023
Finance DFM profit doubles to $51m as trading volume surges Dubai Financial Market (DFM) reported a 109 percent rise in net profit to AED186.2 million ($50.69 million) in the first nine months of the year, compared to AED89 million a year earlier. The profit was driven by a significant increase in trade volume and value, as well as an influx of new investors, according to […] October 31, 2023
Banking & Finance Turkey embraces crypto amid currency woes Turkey has emerged as a significant player in the global crypto market, with $170 billion flowing into the country over the past year, ranking it 12th in the world, higher than markets such as Germany, Russia and Canada. The Chainalysis Global Crypto Adoption Index said the surge can be attributed to Turkey’s currency challenges and […] October 27, 2023
Analysis Economy Egypt needs more dollars before devaluation, warn experts Egypt will devalue its currency further after December’s presidential election, as the country needs more time to increase its dollar reserves and give it a better chance of stabilising its ailing currency, analysts told AGBI. The Egyptian pound is linked to a basket of currencies in which the dollar is dominant. Policymakers have slashed the […] October 25, 2023
Banking & Finance Investcorp Capital to list on Abu Dhabi Securities Exchange Investcorp Capital has revealed plans to offer 643 million ordinary shares in an initial public offering on the Abu Dhabi Securities Exchange. The shares, which represent an estimated 29.34 percent of issued share capital after the IPO, will have a nominal value of $0.50 (AED1.84), according to a statement from the Bahrain-based alternative investment company. […] October 24, 2023
Video length: 3:34 VIDEO Tech New sectors to drive e& growth as telecoms becomes ‘saturated’ UAE tech and telecoms company e& – formerly Etisalat – is looking at more acquisitions in the GCC as well as Africa and Eastern Europe. “We are in processes as we speak,” said Salvador Anglada, CEO of e& enterprise, during an exclusive roundtable at Gitex. The telecoms major rebranded from Etisalat last year to become […] October 20, 2023
Finance UAE investor among top shareholders in UK’s Saga A UAE-based investor has acquired a 3.22 percent stake in London Stock Exchange-listed Saga Plc. Eldose Babu, based in Dubai, completed the stake acquisition on October 13, the UK holiday group said in a regulatory filing. The value of the deal wasn’t given. Babu will now be the third biggest shareholder after Roger De Haan, […] October 19, 2023
Analysis Finance Egypt shines as Mena’s top performing bourse in 2023 Egypt’s benchmark stock index soared to another all-time high this week, extending a prolonged rally as investors bought equities to hedge against soaring inflation and a fragile Egyptian pound. The EGX30 Index is the Middle East and North Africa region’s top performer in 2023, rising 51.2 percent to October 17, although in dollar terms its […] October 18, 2023
Markets Egypt issues $500m of green panda bonds in China Egypt issued $500 million of sustainable panda bonds on the Chinese financial market on Tuesday, becoming the first country from the Middle East and North Africa to do so. The panda bonds – securities denominated in yuan but issued by non-Chinese borrowers – will be used to finance projects that support sustainable development goals, in […] October 17, 2023
Retail Food store Kibsons says IPO could be on the table Kibsons, the family-owned food delivery company in the UAE, has said a potential listing of the business is “absolutely” on the table. Launched in 2016, it processes over 35,000 orders a week. And founder and CEO Halima Jumani says they are on target to hit $100 million in turnover this year. Jumani, who co-owns the […] October 17, 2023
Markets Belt and Road green bonds listed in Dubai by Chinese bank Bank of China has issued the first green bonds focused on Belt and Road Initiative projects in the Middle East, listing them on Nasdaq Dubai. The $770 million listing by one of China’s largest state-owned banks raises the total value of debt listed on Nasdaq Dubai to nearly $120 billion. The green notes have simultaneously […] October 16, 2023
Finance Turkey’s regulator approves largest IPO since 2018 Turkey’s market regulator has given the nod to launch food services company TAB Gıda’s floatation on the Borsa Istanbul bourse. The initial public offering (IPO) will be the “largest in dollar terms since 2018”, Daily Sabah newspaper said. The company will float about 20 percent, or 52.5 million, of its shares at 130 lira each, […] October 16, 2023
Finance Oman’s OQ Gas IPO order book hits ‘record-high’ $10bn Oman’s OQ Gas Networks (OQGN), the pipeline business of state energy giant OQ, said that the order book reached for its initial public offering was oversubscribed 14 times, reaching OMR4 billion ($10 billion) A total of 2.1 billion shares, representing 49 percent of OQGN’s issued share capital, were offered, generating OMR288 million, making the OQGN […] October 13, 2023
