Markets Adnoc looks to raise up to $2bn from IPO of gas unit State oil giant Abu Dhabi National Oil Co (Adnoc) has set a price range for an initial public offering (IPO) of its gas unit that could raise up to $2 billion and give Adnoc Gas an equity valuation of $47 billion to $50.8 billion. The price range for the unit it created in November by […] February 23, 2023
Markets Indian jeweller Joyalukkas withdraws $278m IPO India’s Joyalukkas has withdrawn its 23 billion rupee ($278 million) initial public offering (IPO), with the jewellery retailer saying it needed more time to incorporate substantial changes to its financial results. The company plans to refile its IPO documents “at the earliest, subject to market conditions,” CEO Baby George told Reuters on Tuesday, without elaborating […] February 22, 2023
Markets Profits of 123 Emirates-listed companies at $52bn in 2022 The net earnings of 123 UAE-listed companies reached AED191 billion ($52 billion) in 2022, indicating their strong financial position and healthy revenue growth. The net profits of listed firms increased by 60 percent, or AED72 billion, last year, according to a state-owned Emirates News Agency (WAM) report. Out of the total earnings, nearly 77 companies […] February 20, 2023
Markets Oman’s OQ subsidiary Abraj Energy launches IPO The initial public offering (IPO) of Abraj Energy Services, a subsidiary of Oman’s state energy company OQ, opens today, February 20, 2023. A total of 49 percent of the issued capital, or 377.398 million shares, will be put up for sale, raising up to $244 million. The selling shareholders will have the right to adjust the IPO […] February 20, 2023
Markets Istanbul bourse jumps nearly 10% after quake-related closure Turkey’s stock index rose nearly 10 percent on Wednesday after five days of earthquake-related closure and last week’s steep losses, as government measures to prop up equities looked to be working. Sentiment remained fragile, however, with the lira hitting a record low. Borsa Istanbul halted trading on its equity and derivatives markets two days after […] February 16, 2023
Markets Turkey plans tax exemption to increase share buybacks The Turkish treasury is planning to provide tax exemptions to increase share buybacks of companies listed on the Borsa Istanbul stock exchange, state-owned Anadolu agency reported. When Borsa Istanbul reopens for trading after a shutdown of five days following a devastating earthquake, the authorities will announce the tax relief to encourage share buybacks of companies, […] February 15, 2023
Markets Oman’s OQ plans to raise up to $244m from oil drilling unit IPO Oman’s state energy company OQ plans to raise as much as $244 million from an initial public offering (IPO) of its oil and gas drilling business Abraj Energy Services. OQ is selling 49 percent, equivalent to 377,398,000 shares, of Abraj in a public share sale, Abraj said in an emailed statement. The IPO price band […] February 15, 2023
Markets PIF says US stocks value fell nearly $6bn in Q4 2022 Saudi Arabia’s sovereign Public Investment Fund (PIF) held $30.9 billion worth of US stocks at the end of 2022, a drop from $36.8 billion at the end of September, dragged down by a $6.8 billion decrease in value of electric carmaker Lucid, it said in a regulatory filing. PIF, which already owned over 60 percent […] February 15, 2023
Markets Saudi Arabia has 23 IPOs in the pipeline as it builds on busy year Saudi Arabia has more than 20 companies on the launchpad for initial public offerings, according to its financial regulator, as the Tadawul stock exchange looks to build on its strong run. Mohammed El Kuwaiz, chairman of the Capital Market Authority, told the Saudi Capital Market Forum on Sunday that 23 businesses had been approved for […] February 14, 2023
Markets Israel’s renewable firm valued at over $2bn in New York debut Shares of Enlight Renewable Energy slipped in their US market debut on Friday, giving the Israel-based renewable energy developer a market capitalisation of $2.07 billion. The stock opened at $17.90, slightly below its initial public offering price of $18 per share. It raised $252 million by offering 14 million shares on Thursday, lower than its […] February 12, 2023
Markets Hong Kong exchange courts Middle East companies The Hong Kong stock exchange has renewed its efforts to attract listings by Middle East companies, including Saudi Aramco. Christopher Hui, secretary for financial services and the treasury in Hong Kong, confirmed interest from Middle Eastern companies during a week-long tour of the region by a 30-strong delegation. The tour aims to promote Hong Kong […] February 10, 2023
Markets MSCI to change free float status of some Adani securities Index provider MSCI said on Thursday it had determined that some Adani securities should no longer be designated as free float after market participants raised concerns about the eligibility of the Indian conglomerate’s companies for some of its indexes. Changes for Adani securities associated with its MSCI Global Investable Market Indexes are due to be […] February 9, 2023
Markets Egypt to sell state stakes in 32 firms over next year Egypt plans to sell stakes in at least 32 companies by the end of March 2024, Prime Minister Moustafa Madbouly said on Wednesday, dusting off plans that have largely lain dormant for years as the country’s financial woes mounted. Among the planned sales are stakes in three prominent banks, Banque du Caire, United Bank of […] February 9, 2023
Markets Turkish bourse shuts for five days and cancels trades after quake Istanbul’s stock exchange operator suspended trading until February 15 and cancelled all Wednesday’s trades in the wake of devastating earthquakes that struck Turkey and Syria on Monday. The tremors rocked Turkey and Syria in the early hours of Monday, with hundreds of buildings collapsing and the combined death toll across both countries climbing above 12,000. […] February 9, 2023
Energy Adnoc Gas IPO tipped to break record for Abu Dhabi exchange Adnoc’s listing of its gas business could take place as soon as this month – and become the largest IPO on the Abu Dhabi Securities Exchange, according to reports. The state-owned oil giant is looking at a valuation of at least $50 billion for Adnoc Gas, two sources close to the matter have told Reuters. […] February 3, 2023
Markets Saudi tops emerging markets with $10bn bond issuances A roaring start to the year for debt issuance has helped lift sovereign emerging market bond sales to a record $44 billion peak in January with investors keen to deploy piles of cash. So far investment-grade-rated Saudi Arabia is the largest borrower, having sold $10 billion of dollar bonds this year. Nearly $40 billion of […] February 3, 2023
Markets Egypt to unveil plan to offload stakes in 20 state entities shortly Egypt’s government aims to announce a detailed plan next week to offer stakes in at least 20 state companies over the coming year, Prime Minister Moustafa Madbouly said after a cabinet meeting on Wednesday. An Egyptian plan to sell stakes in public companies, first announced more than five years ago, has gained new urgency since […] February 2, 2023
Analysis Banking & Finance Middle East stock markets set to continue strong run of IPOs The stock markets in the Middle East and North Africa are preparing for a strong pipeline of initial public offerings (IPOs) in the coming months. Bourses across the region are looking to build on the success of 2022 when it saw a record number of 51 IPOs and combined proceeds of $22 billion. Abu Dhabi […] February 1, 2023
Markets DFM operator net profit surges 42% to $40m in 2022 Dubai Financial Market Company reported net profit of AED147.1 million ($40.05 million) for 2022, a year-on-year increase of 41.7 percent. Total revenue reached AED351.2 million, a year-on-year increase of 19 percent. The board of directors recommended a cash dividend of AED134.7 million, equivalent to 1.68 percent of the capital and 100 percent of the total […] February 1, 2023
Markets Egypt to announce listing of state-owned companies shortly Egypt’s cabinet will announce the country’s plans to list state-owned companies on the Egyptian Exchange (EGX) during 2023, Ahram Online reported, citing Prime Minister Mostafa Madbouly. “In less than two weeks, the cabinet will fully announce the plan to offer all [mandated] companies on the Egyptian exchange in 2023,” he stated. The step follows the recently […] January 29, 2023
Markets Management consultancy for PIF said to list on Saudi market Saudi-based management consultancy TAM Development Co. is planning an initial public offering (IPO) in the first half of the year, Bloomberg reported, citing CEO Abdullah Yousef. TAM is planning to list on the kingdom’s small-cap market, he added, with plans to move to the main exchange within two years. The consultancy derives most of its […] January 23, 2023
Markets Oman’s drilling services firm plans March listing on Muscat exchange Oman’s oil and gas drilling services firm Abraj Energy Services plans to list up to 49 percent of its shares on the Muscat stock exchange in March through an initial public offering (IPO), a company statement said. The IPO forms part of an exit plan recently announced by sovereign wealth fund, the Oman Investment Authority […] January 23, 2023
