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
Opinion Markets Stock-picking in Chinese, American and Middle Eastern markets China’s economy is looking weaker than it has for decades February 12, 2024
Markets 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 […] February 12, 2024
Finance 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 […] February 9, 2024
Markets 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 […] February 9, 2024
Markets 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 […] February 8, 2024
Markets 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 […] February 7, 2024
Analysis Markets 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 […] February 6, 2024
Markets 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 […] February 6, 2024
Markets 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 […] February 5, 2024
Opinion Economy Gulf is resilient as Fed holds interest rates Once the cuts come, GCC central banks will follow February 2, 2024
Markets 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 […] January 31, 2024
Opinion Markets Jack be nimble, if you want to make money in the Tadawul Investors should increase their exposure to Saudi non-oil sectors such as retail and food January 30, 2024
Opinion Markets Markets face bumpy ride rather than soft landing Persistent inflation, high interest rates and slow growth will dog 2024 January 29, 2024
Finance 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 […] January 25, 2024
Markets 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 […] January 22, 2024
Opinion Markets Frogs, dogs and elephants – the zoology of business talk Sometimes only an animal analogy will do to describe complex corporate concepts January 19, 2024
Banking & Finance 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, […] January 17, 2024
Opinion Markets Carbon credit futures can be the next big thing for markets This emerging sector opens up opportunities for financial hubs across the GCC January 17, 2024
Analysis Markets 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, […] January 16, 2024