Finance Taqa lists $1.5bn green bonds on Abu Dhabi exchange Abu Dhabi National Energy Company (Taqa) has listed its dual-tranche $1.5 billion bonds on the Abu Dhabi Securities Exchange (ADX). The order book was nearly 10 times oversubscribed, with regional and international investors placing total orders of over $15 billion, the energy major said in a statement. The five-year $500 million notes, maturing in 2029, […] September 8, 2023
Analysis Markets Risk-averse Gulf telecom companies look to Europe Following myriad lacklustre investments in Asia and Africa, some former telecom monopolies in the Gulf are now buying minority stakes in long-established operators in Europe to provide lower-risk, dividend-based returns. STC Group, previously known as Saudi Telecom Co and majority-owned by the kingdom’s Public Investment Fund, this week revealed it had spent 2.1 billion euros […] September 8, 2023
Finance Saudi and Chinese bourses to explore cross-listings Saudi Tadawul Group and Shanghai Stock Exchange have signed a memorandum of understanding to promote mutual development and collaboration – a sign of deeper ties between the kingdom and the world’s second largest economy. The two exchanges will explore opportunities in cross-listing, fintech, ESG, data exchange, and research, the Shanghai Stock Exchange said in a […] September 5, 2023
Markets Aramco targets $50bn in IPO on local bourse Saudi Aramco is planning to sell a stake valued at $50 billion through a secondary share offering on the Saudi stock exchange, according to a media report. The sale is likely to happen before the end of the year after consultations with an adviser, the Wall Street Journal reported, citing Saudi officials. Aramco has been […] September 4, 2023
Finance SoftBank’s Arm to be valued at up to $54bn Arm Holdings Ltd, the chip designer owned by SoftBank Group Corp, is planning to ask investors to pay $47 to $51 for each of its shares when it begins marketing its initial public offering (IPO) next week, people familiar with the matter said on Saturday. The price range, which has not been previously reported, would […] September 3, 2023
Opinion Markets Storm clouds gather over sterling for Dubai investors An impending UK recession against a backdrop of Chinese deflation could see a flight to the dollar August 31, 2023
Markets Saudi car rental company aims for $290m from IPO Saudi-based car rental company Lumi is likely to raise up to SAR1.089 billion ($290 million) after announcing the price range for its initial public offering (IPO) on the Saudi Exchange (Tadawul). The wholly-owned auto rental subsidiary of Riyadh-listed Seera Group Holding set the price range between SAR62 and SAR66 per share, giving the company a […] August 31, 2023
Markets Egypt targets $5bn from state IPOs by mid-2024 Egypt is aiming to raise $5 billion by listing power plants and state-owned companies from October 2023 until the end of June 2024, a local daily reported. The government plans to offer stakes in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant and Zafarana wind farm, in addition to Safi and Watanya, […] August 30, 2023
Finance Isbank to free up subsidiaries for future listings Turkish lender Isbank is demerging to free up its subsidiaries to be listed in the future – the plan allows the bank to use its equity more effectively, chief financial official Gamze Yalcin said on Monday. The bank’s shares soared more than 8 percent to a record high after it earlier announced it would transfer […] August 29, 2023
Exclusive Finance Carbon credits trading predicted to hit $4bn Carbon credits could become a $4 billion global asset class within the next half-decade, the co-founder of the Air Carbon Exchange told AGBI. Originally based in Singapore, the Air Carbon Exchange (ACX) is registered at Abu Dhabi Global Market and regulated by the ADGM Financial Services Regulatory Authority. Abu Dhabi sovereign fund Mubadala bought a […] August 28, 2023
Finance Seera auto rental unit to float 30% on Tadawul Saudi Arabian travel company Seera Group Holding’s wholly-owned auto rental subsidiary plans to list 30 percent of its issued share capital on the Saudi Exchange (Tadawul). Car rental company Lumi expects to issue 16.5 million shares, with the listing taking place following regulatory approvals, the company said in its prospectus. Saudi Fransi Capital has been […] August 25, 2023
Markets Saudi leads ‘very healthy’ GCC IPO pipeline The GCC remains an attractive region for IPO listings with Saudi Arabia leading a healthy pipeline of planned deals for the rest of the year and beyond, say experts. The Middle East and North Africa (Mena) region recorded a 44 percent jump in listings during the second quarter. By contrast, wider Europe, Middle East, India, […] August 9, 2023
Finance Kuwaiti telco Zain Q2 profit rises 14% rise to $187m Kuwait’s Zain Group said net profit during the second quarter of 2023 grew 14 percent year on year to KD57 million ($187 million) as the telecom firm’s customer base continued to grow. Revenue rose 10 percent to hit KD461 million in the three months to June 2023. Ebitda reached KD182 million, up 10 percent year […] August 9, 2023
Finance Saudi and Chinese exchanges in talks to allow cross-listings China and Saudi Arabia’s stock exchanges are in talks to allow exchange-traded funds (ETFs) to list on each other’s bourses, three sources familiar with the matter said, as the countries look to deepen financial ties amid warming diplomatic relations. The talks are in the early stages, said the sources, and could mark a major first […] August 6, 2023
Banking & Finance HSBC Oman’s final day on Muscat bourse draws near Shares in HSBC Oman will cease trading on the Muscat Stock Exchange on Thursday ahead of its acquisition by Sohar International Bank. Sohar, which is minority owned by Omani government institutions, has agreed a cash and share-swap deal to buy the HSBC unit. HSBC expects the merger to be completed on August 17, after which […] August 1, 2023
Markets Saudi bourse owner’s profit dips 24% to $28m in Q2 2023 Net profit at Saudi Tadawul Group Holding Company, the holding company of the Saudi stock exchange, fell 23.6 percent year on year to SAR 105.2 million ($28.05 million) in the second quarter, down from SAR 137.7 million. The lower profit was driven by a 15.5 percent year-on-year drop in operating revenue to SAR 252 million, […] July 24, 2023
Markets Dubai invites IPO pitches for taxi and parking assets Dubai’s Roads and Transport Authority has invited investment banks to pitch for roles in the planned initial public offerings of its taxi and parking businesses, two sources with knowledge of the matter told Reuters. The RTA is targeting the first of the two potential public share sales, in the Dubai Taxi Corporation, to take place […] July 21, 2023
Markets Banks and property lead Dubai bourse to eight-year high Dubai’s stock index hit eight-year highs this week, extending a bull rally that has enabled the once-beleaguered bourse to outperform its regional rivals in 2023. The emirate’s benchmark rose 1.0 percent to 3,962 points on Thursday, its highest close since July 2015 to take its gains this year to 19.9 percent. Saudi Arabia’s index is […] July 7, 2023
Markets Dubai’s transport authority picks asset review advisor Dubai’s Roads and Transport Authority (RTA) has selected Rothschild & Co to advise on the strategic review of its assets, two sources close to the matter said on Thursday. The transport regulator is considering an initial public offering of Dubai Taxi Corporation and its public parking business, said the sources, who declined to be named […] July 7, 2023
Banking & Finance IPOs boost Abu Dhabi’s bourse despite stock sell-off The market capitalisation of the Abu Dhabi Securities Exchange rose by $43.7 billion in the first half of 2023. The listings of two Abu Dhabi National Oil Company (Adnoc) subsidiaries more than offset a sustained decline on the bourse’s index and a slump in stock trading. Since late 2021, a flurry of initial public offerings […] June 28, 2023
Markets UAE stock markets surge $60bn in value in H1 2023 The market value of UAE stock exchanges rose by AED220 billion ($59.89 billion) in the first six months of 2023 to AED3.43 trillion, boosted by higher demand from foreign investors and new listings. Four new listings boosted the market value of the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), the UAE […] June 28, 2023
Banking & Finance Abu Dhabi-backed Swiss skincare group raises $1bn A Swiss skincare group backed by the Abu Dhabi Investment Authority has raised $1 billion from newly issued shares. Galderma aims to use the funds to boost its balance sheet ahead of a planned stock market listing. The company, founded in 1981, was bought in 2019 by a consortium led by the Abu Dhabi sovereign […] June 27, 2023
