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Markets news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

The sale of 'everything app' Careem to Uber for $3.1 billion has distorted the mean value of Mena VC exits

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 […]

ADGM

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 […]

People speak in the lobby of the Dubai Financial Market. Strict IPO rules mean loss-making startups cannot go public

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 […]

Investcorp co-CEO Rishi Kapoor. The Bahrain-based company says it is particularly interested in the Philippines, Indonesia and Thailand

Investcorp lines up diverse strategies for east and west 

Multibillion-dollar asset manager Investcorp Capital is planning listing activity from its companies in the east in the next six months, but sees more profit in mergers and acquisitions in the west. The Bahrain-based company, which was listed on the Abu Dhabi Stock Exchange in November, on Monday reported income of $34 million for the first […]

HSBC is among the global banks that are reported to be in talks for the upcoming Saudi Aramco share sale.

Saudi Arabia taps banks for new Aramco share sale

Saudi Arabia is set to hire banks including Citigroup, Goldman Sachs Group and HSBC Holdings for a potential secondary share sale in state oil company Aramco that could raise nearly $20 billion – up from earlier estimates of $10 billion. Bloomberg and Reuters reported that the kingdom is in talks with several banks as it […]

Taking off: Emirates NBD ranked above all other businesses that have declared their 2023 dividends

Emirates NBD tops Gulf dividend yield rankings 

Emirates NBD, Dubai’s largest bank, has so far topped the Gulf list of dividend yield pay-outs awarded to shareholders in 2023, Refinitiv data shows. The government-controlled lender, whose shares are up 27 percent in the past 12 months, provides a dividend yield of 6.9 percent based on its closing stock price of February 8. The […]

A listing ceremony at Qatar Stock Exchange. 'You need more than [IPOs] to improve stock exchange liquidity,' said one market observer

Qatar sets up $200m fund to drive trade in Doha stocks

Qatar Investment Authority has launched a $200 million fund for Doha-listed stocks as part of plans to reinvigorate trading on the country’s bourse. Trading turnover on the Qatar Stock Exchange has dropped from QAR160.4 billion ($44.1 billion) in 2022, when Russia’s invasion of Ukraine boosted the prices of Gulf hydrocarbon exports, spurring local, regional and […]

Dubai Taxi vehicles in front of Dubai Global Village. Taxis and limousines completed 46 million trips, up 8% year on year

Increased staffing drives up Dubai Taxi profits

Profits at Dubai Taxi Corporation rose 54 percent in 2023, which it attributes to an increase in its driving staff. The Dubai Financial Market-listed company reported revenues of AED1.95 billion ($532 million) for the 12-month period, a year-on-year increase of 11 percent. It resulted in a net profit of AED345 million and an 18 percent […]

Retailer Lulu has branches across the Mena region, India and the Far East. It plans a billion-dollar IPO before the end of the year

Saudi Arabia and UAE to dominate Mena IPOs in 2024

Nearly 30 companies in the Middle East and North Africa plan to launch initial public offerings this year, despite mixed share price performance from many regional businesses that went public last year, a report has found. Businesses from Saudi Arabia and the UAE will again dominate Mena IPOs in 2024, according to the report by […]

International investors Gulf markets woman walking at Dubai Financial Market

Gulf markets attracting more international investors

International investors are increasingly considering opportunities in Gulf markets, according to traders and observers. The only exception is China, where interest in investing in the Gulf remains relatively low.  GCC countries raised $6.8 billion through 29 offerings during the first nine months of 2023, buoyed by a privatisation push in Dubai, several record-breaking listings from […]

The Aramco IPO raised $30 billion and industry observers believe now is the right time for a second listing that could raise a further $10 billion

Appetite high for Aramco’s $10bn second listing

Now is the right time for the Saudi state oil company Aramco to follow through on its much-anticipated second share listing, industry experts have said. Observers believe that growing international investor appetite for the region’s stock markets makes the timing attractive. However, geopolitical regional tensions, concerns about global oil demand, and high interest rates could […]

DFM's total revenue reached AED541.6m in 2023, an increase of 54% from last year’s AED351.2m

Dubai bourse operator’s 2023 profit up 124% to $90m

Dubai Financial Market Company, the operator of the Dubai bourse, said net profit jumped 124 percent to AED329.4 million ($89.68 million) last year. The earnings surge was driven by a substantial increase in trading activities, capital inflow and an influx of new investors. Total revenue reached AED541.6 million in 2023, an increase of 54 percent […]

Ades Holding is expected to raise about $1.22bn from selling more than 338.72 million existing and new shares

Avalon Pharma’s market value at $437m on listing

Saudi Arabia’s Middle East Pharmaceutical Industries Company (Avalon Pharma) has priced its initial public offering (IPO) at the top of its range at SAR82 ($21.87), implying a market capitalisation of SAR1.64 billion ($437.33 million) on listing. The recorded orders during the institutional book-building stood at SAR68.27 billion, representing a coverage of 138.76 times. The retail […]

US treasury secretary Janet Yellen. The department issues the treasury instruments that are seen as low-risk investment opportunities

Saudi US treasuries holdings hit two-year high 

Saudi holdings of US treasuries surged to a two-year high of $128.1 billion in November from a six-year low of $108.7 billion in June, according to newly released data from the US Department of the Treasury.  Treasuries are government debt instruments issued by the Treasury and auctioned by the US Federal Reserve, and are considered […]

Saudi German Health runs hospitals and clinics in Saudi Arabia, the UAE, Egypt and Yemen

GCC companies lead early sukuk moves in 2024

Saudi Arabia’s largest healthcare provider has announced plans to issue a riyal-denominated sukuk as analysts predict that $170 billion of the sharia-compliant bonds will be issued this year. Middle East Healthcare Company, the parent of Saudi German Health, said in a filing to the Saudi Stock Exchange that the offering size would be determined later, […]

Federal Reserve chair Jerome Powell. The Fed has set its benchmark Effective Rate of interest at 5.33% but the markets expect a cut

Treasury yields fall as traders bet on US rate cuts

US 10-year treasury yields have slid from October’s 15-year highs as markets bet the Federal Reserve will start cutting its benchmark interest rate in 2024. Declining 10-year treasury yields, against which many sovereign and corporate bonds worldwide are priced, have led to lower borrowing costs. “We’re starting to see some more new issuance in 2024, […]