Analysis Finance Kuwaiti stocks toil but analysts foresee 2024 rebound Overpriced valuations, high interest rates and oil production cuts have sapped investor confidence in Kuwait, and the country’s stock market is among the Mena region’s worst performers this year. Despite this, analysts predict a sustained rebound in crude prices, steady corporate earnings and renewed government infrastructure spending. This could boost ebbing sentiment and spark a […] October 13, 2023
Analysis Banking & Finance Turkey and Egypt can trip up Gulf lenders says analyst Gulf banks are in a resilient position as oil production cuts crimp economic growth, but lenders could face headwinds from macroeconomic volatility in Egypt and Turkey, an S&P Global analyst said this week. In Turkey, Dubai’s Emirates NBD owns Denizbank and Qatar National Bank owns QNB Finansbank, the country’s eighth and ninth largest banks by […] October 12, 2023
Finance Oman’s OQ Gas plans to raise $771m from IPO Oman’s OQ Gas Networks (OQGN), the pipeline business of state oil giant OQ, is expected to price its $771 million initial public offering (IPO) at the top of the marketed range, according to terms seen by Reuters. Orders below 140 Omani baisas ($0.36) per share risk missing out on the deal, one of the banks […] October 9, 2023
Opinion Real Estate Could Dubai property meet its nemesis in 2024? Global macro forces suggest an overheated real estate sector, reminiscent of 2008's tipping points October 2, 2023
Finance Saudi Arabia’s stock market cap rises 5% to $3 trillion Saudi Arabia’s total stock market capitalisation reached SAR 11.41 trillion ($3.04 trillion), rising 5.33 percent year-on-year in the first nine months of 2023, according to a report issued by the Saudi stock exchange (Tadawul). Tadawul All Share Index (Tasi) closed at 11,055.96 points, down 349.36 points in the year to September, or just over 3 […] October 2, 2023
Finance FTSE places Egypt on potential demotion watch list Global index provider FTSE Russell will add Egypt and Pakistan to the watch lists for potential demotion in its equity index suites. The two countries will be on watch lists for demotion from “secondary emerging markets”, with Egypt moving to become an “unclassified market” and Pakistan getting “frontier market” status. “Market participants and index users […] September 29, 2023
Banking & Finance Abu Dhabi insurer Adnic takes over Saudi’s Allianz SF Abu Dhabi National Insurance Company (Adnic) is to take a majority stake in one of Saudi Arabia’s top insurance companies as it looks to increase its presence in the kingdom. Adnic announced to the Abu Dhabi Securities Exchange (ADX) on Thursday that it plans to acquire 51 percent of share capital of Allianz Saudi Fransi […] September 28, 2023
Analysis Markets Erdoğan’s stock grows as Turkey’s index doubles Turkey’s main stock index has nearly doubled since veteran leader Recep Tayyip Erdoğan’s surprise re-election in May, and experts forecast the rally can persist until early 2024 at least. Further gains seem probable as retail investors buy equities to hedge against resurgent inflation and the president’s new finance chiefs convince institutions the country is returning […] September 28, 2023
Markets Qatari company seeks $43m over ‘systematic defamation’ A Qatari company has filed a civil lawsuit seeking more than QR157 million ($43.1 million) for defamation in the run-up to its stock market listing. Mekdam Holding Group, which has interests in technology, engineering, procurement and construction, oil and gas, and logistics, said its compensation claim had been filed with the country’s Investment and Trade […] September 27, 2023
Markets Bahrain’s Investcorp completes first IPO in Indonesia Investcorp has successfully listed its Indonesian franchisee of the Mothercare brand as its focus on Asia continues to grow. The listing of PT Multitrend Indo is the Bahrain alternative investment company’s first IPO on the Indonesian stock exchange and the 26th in its 40-year history. Mothercare is one of Indonesia’s leading baby and kids retailers, […] September 25, 2023
Markets Abu Dhabi deal could bolster ‘blank cheque’ companies The first so-called “blank-cheque” company to list in the Middle East this week signed a deal with United Printing & Publishing, an Abu Dhabi state investment fund business. Special purpose acquisition companies (SPACs) raise money through an initial public offering and then use the proceeds to acquire other companies. ADC Acquisition Corporation is the UAE’s […] September 22, 2023
Analysis Markets Strong demand for Oman’s biggest IPO in two decades Oman’s joint-biggest initial public offering is attracting huge interest among retail investors, despite subdued recent activity on Muscat’s bourse, a senior financial industry executive told AGBI. OQ Gas Network (OQGN), a subsidiary of national oil company OQ, will sell 49 percent – or 2.12 billion – of its shares in an IPO. The company this […] September 22, 2023
Finance PIF-backed Ades Holding’s order book hits $76bn Saudi oil and gas driller Ades Holding set the final price for its initial public offering (IPO) at the top-end at SAR 13.50, implying a valuation of SAR 15.242 billion ($4.06 billion). The institutional book-building process was 62.7 times oversubscribed, while the order book stood at SAR 286.853 billion ($76.49 billion). The Public Investment Fund-backed […] September 21, 2023
Markets Saudi Tadawul to launch four Size Indices The Saudi stock exchange (Tadawul) is launching four new indices based on company size and public listing performance. The four Size Indices are the Tadawul Large Cap Index, Tadawul Medium Cap Index, Tadawul Small Cap Index and the Tadawul IPO Index. The maximum weight for any single stock will be 15 percent, following Tadawul All […] September 19, 2023
Finance Egypt’s new capital developer plans IPO in 2024 Egypt is planning to float five to 10 percent of the shares of the company building its vast new capital 45 km east of Cairo by the second quarter of 2024, its chairman said on Monday. The sale on the stock exchange of shares in the Administrative Capital for Urban Development (ACUD), now owned 51 […] September 19, 2023
Finance Lumi’s retail IPO tranche orders hit $333m Saudi-based car rental company Lumi said the retail tranche of its initial public offering (IPO) was oversubscribed 11.5 times, with demand reaching SAR1.25 billion ($333.25 million). The retail subscription, which took place on September 12, was subscribed by 124,888 investors. It comprised 1,650,000 shares, representing 10 percent of the total offering. Based on the results […] September 15, 2023
Oil & Gas Oil rally to bolster Gulf stock markets A renewed oil price rally is boosting investor sentiment on regional bourses ahead of the final few months of 2023. Listed Gulf companies with low borrowing and bountiful cash surpluses should outperform their more indebted rivals, asset managers have predicted. Historically, the fourth quarter is often the best for Gulf equities, usually following a prolonged […] September 14, 2023
Markets Philippines reveals plan to issue first sovereign sukuk The Philippines government intends to issue its first sovereign sukuk before the end of the year, as it ramps up investment and trade opportunities in the Gulf. Discussions are ongoing about the sukuk’s potential structure, Rosalia de Leon, national treasurer, told reporters during the 2023 Philippine Economic Briefing in Dubai on Tuesday. She said it […] September 12, 2023
Finance UAE mall operator Lulu plans a Gulf listing in 2024 Retail conglomerate Lulu Group International expects to launch its initial public offering (IPO) in the first half of 2024, said chairman and managing director Yusuff Ali. The IPO will be launched in the Gulf, but no specific stock exchange has been decided, Ali said on the sidelines at an event in New Delhi. The hypermarket […] September 12, 2023
Logistics Saudi logistics company SAL announces IPO Saudi Logistics Services Company – known as SAL – said on Tuesday it would launch an initial public offering of 30 percent of its shares on the Saudi market. It was not clear when the SAL IPO will take place. A statement said the price of each of the 24 million shares would be determined […] September 12, 2023
Finance PIF-backed Ades Holding aims to raise $1.2bn from IPO Oil and gas driller Ades Holding has set its share price range at between SAR 12.50 and SAR 13.50, seeking to raise as much as SAR 4.57 billion ($1.22 billion) from its initial public offering (IPO) on the Saudi stock exchange. The institutional book-building process started on September 10 and will close on September 14. […] September 11, 2023
Finance Investcorp reaps huge gains on stake sale in India’s Safari Investcorp, a Bahrain-based alternative investment firm, has exited its investment in Indian luggage maker Safari Industries. The company invested INR750 million ($10.36 million) in Safari Industries in February 2021. During Investcorp’s ownership period, Safari Industries increased its production capacity and expanded its physical store footprint in new and under-served markets in the South Asian country. […] September 11, 2023
