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
Analysis Finance Gulf investors expected to bet big on bitcoin ETFs Gulf sovereign wealth funds and institutional investors are expected to expand their portfolios to include cryptocurrencies, after spot bitcoin exchange-traded funds were given the green light. The US Securities and Exchange Commission (SEC) approved the trading of 11 spot bitcoin ETFs, issued by global asset management companies such as BlackRock, Invesco, Grayscale, Fidelity, and Franklin. […] January 16, 2024
Finance Avalon Pharma finalises price range for IPO Saudi Arabia’s Middle East Pharmaceutical Industries Company (Avalon Pharma) has set the offer price range for its proposed initial public offering (IPO). The price range has been set between SAR78 and SAR82 ($20.80-$21.87), the company said in a statement. The institutional book-building period will run from January 14 to 18. The home-grown pharmaceutical maker will […] January 12, 2024
Markets Saudi Arabia and First Abu Dhabi tap bond markets Saudi Arabia sold $12 billion of bonds this week in a three-part issuance that was heavily oversubscribed, while First Abu Dhabi Bank set final pricing for its latest sukuk. The Islamic and conventional bonds mark a strong start to 2024 for the Gulf’s fixed-income sector, which rebounded last year after a tough 2022. Saudi Arabia […] January 9, 2024
Markets Shares in MBC rise 30% on Saudi Tadawul debut The share price of media company MBC Group rose by 30 percent as it made its debut on the Saudi stock exchange on Monday. The Saudi group’s initial public offering of a 10 percent stake last month was 17.6 times oversubscribed by retail investors, raising SAR1.46 billion ($390 million). At the opening bell of the […] January 8, 2024
Finance Avalon Pharma to float 30% in IPO on Saudi exchange Saudi Arabia’s Middle East Pharmaceutical Industries Company (Avalon Pharma) will proceed with an initial public offering (IPO) on the Saudi Exchange, with the book-building period running from January 14 to 18. The home-grown pharmaceutical maker will offer six million shares, or 30 percent of its issued share capital, with final pricing to be determined following the […] January 8, 2024
Finance Market cap of top 16 UAE-listed companies hit $591bln The aggregate market capitalisation of the top 16 national companies listed on UAE exchanges reached AED2.71 trillion ($590.83) as of January 2024. This figure is anticipated to grow significantly to AED 6 trillion in the coming years, the UAE state-run Wam news agency reported, citing official market data. The top 16 listed companies accounted for […] January 7, 2024
Opinion Economy The year ahead: opportunities, risks and excitement Every year brings events that shake markets – but investors who stay cool can come out stronger January 6, 2024
Finance Market value of Saudi bourse rises 14% to $3trn in 2023 The total market capitalisation of the Saudi stock exchange rose 14 percent year on year to SAR 11.26 trillion ($3 trillion) in 2023 on higher turnover value, the Saudi Exchange (Tadawul), the operator of the bourse, said in a report. The number of trades executed during the year rose 6.96 percent to 94.02 million from […] January 2, 2024
Finance New investors joining DFM rise 13% in 2023 The number of new investors at the Dubai Financial Market (DFM) increased 12.5 percent year on year to 57,054 in 2023. The growth was driven by several factors, including the strong momentum in the market following the listing of government and semi-government companies and the increasing popularity of online trading, the UAE state-run Wam news […] January 2, 2024
Finance Market cap of Egyptian bourse rises 79% in 2023 The market capitalisation of the Egyptian stock exchange surged 79 percent in 2023, hitting EGP1.72 trillion ($55.47 billion) from EGP961.2 billion in 2022. The benchmark EGX30 index closed at 24,894.26 points in 2023, compared to 14,598.53 points in 2022, Egypt Today newspaper reported. This was a rise of 71 percent. Investor concerns over rising inflation […] January 1, 2024
