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Markets news from the Middle East. All the important stories, exclusive interviews, plus authoritative opinion and analysis

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Alpha Data IPO

Alpha Data to sell 40% stake in IPO on Abu Dhabi bourse

A 44-year-old UAE-based technology company, Alpha Data, is to list 40 percent of its capital, or 400 million shares, on the Abu Dhabi Securities Exchange (ADX), the company has said. Alpha Data’s initial public offering (IPO) subscription will run from February 20 to 25 for UAE retail and professional investors. The offer price will be […]

Tabby may raise additional cash before its listing after being valued at $1.5bn in its funding round in 2023

Tabby hires three global banks for Saudi listing

Tabby, the buy-now-pay-later startup backed by Abu Dhabi sovereign wealth fund Mubadala, has appointed three global banks to oversee its potential initial public offering (IPO) on the Saudi stock exchange. The company has brought in HSBC Holdings, JPMorgan Chase. and Morgan Stanley to finalise the flotation process, Bloomberg reported, citing informed sources. The plans are still in the early […]

Fertiglobe, Mena's largest nitrogen fertiliser producer, expects market fundamentals for nitrogen to remain firm in the near term

Fertiglobe profit drops as topline falls 17% in 2024

Abu Dhabi-listed Fertiglobe, the largest nitrogen fertiliser producer in the Middle East and North Africa, said that year-on-year net profit in 2024 dropped by over a half on lower revenues. Net earnings fell to $160 million last year compared to $349 million in 2023, as revenues fell 17 percent to $2 billion, Fertiglobe said. Revenue for […]

A poultry market in Najran, Saudi Arabia. “Poultry, being the cheapest source of protein, always gets the highest attention,” says Entaj CEO Raja Alharbi

IPO for Saudi poultry producer Entaj off to a flying start

The initial public offering (IPO) of Saudi Arabian poultry producer Entaj is already oversubscribed, barely 24 hours after the book-building exercise began. Starting the exercise on Sunday and pricing the shares at between SAR46 and SAR50 each, the books were covered “within hours”, CEO Raja Alharbi told AGBI. The IPO could raise more than SAR450 […]

An impression of the planned water theme park at Qiddiya, Saudi Arabia, being constructed by ALEC

Dubai contractor Alec anticipates $500m IPO

Dubai is hoping to raise up to $500 million from the initial public offering of Alec Engineering and Contracting, according to media reports. Alec, part of the Investment Corporation of Dubai’s portfolio, is behind some of the Gulf’s largest projects including the Wynn Resort in Ras Al Khaimah and the Qiddiya water theme park in […]

Men look at jewellery in the gold souk, Dubai. An unprecedented amount of gold has been sent from Dubai and other markets to New York in recent days in response to tariffs

Trump’s tariffs inject volatility into metal markets

President Donald Trump’s on-again, off-again tariffs have increased uncertainty for global metals and minerals markets.  Demand for gold – a traditional safe haven – soared on Tuesday, with the price of international spot gold rising to $2,819.46 an ounce. The precious metal was trading still higher on Wednesday morning at $2,851.21 an ounce. This is despite […]

A Tadawul trader. Derayah's final IPO price is due to be announced on February 13

Derayah raises $400m ‘in minutes’ on day 1 of IPO book-building

The book-building phase of Derayah Financial’s initial public offering attracted massive demand on its first day, with institutional investors quickly covering subscriptions. The Saudi online brokerage offered 49.9 million shares on Sunday to investment funds, qualified foreign companies and institutions, as well as Gulf and foreign investors, as part of an IPO book-building that is […]

Masar is one of the largest redevelopment projects in the region, stretching more than 3.5km along Mecca’s western border

Saudi developer Umm Al Qura to float on Tadawul

Umm Al Qura for Development and Construction (Umm Al Qura), the developer of Masar, a mixed-use project in Mecca, plans to float just over nine percent of its capital through an initial public offering (IPO) on the Saudi stock exchange. The net proceeds will be used to cover costs associated with land settlements, infrastructure, and project financing expenditures. Funds […]

Foreign investors contributed 50 percent of DFM's total trading value in 2024 compared to 47 percent in 2023

DFM earnings rise 14% on robust trading volume

Dubai Financial Market Company, the operator of the Dubai stock exchange, has announced a net profit increase of 14 percent year on year for 2024. The result was driven by robust trading volumes from retail and institutional investors and strong capital inflows, it said. The bottom line stood at AED376.4 million ($102.5 million) last year […]

The Saudi facilities management market is expected to grow at a 10 percent compound annual growth rate, expanding to about $56 billion by 2032

AlMajal AlArabi considers listing on Saudi Arabia’s Tadawul

Saudi Arabia’s AlMajal AlArabi Group (MAG) is considering an initial public offering on the Tadawul main market and has appointed Riyad Capital as an adviser, people familiar with the plans told AGBI. The Riyadh-based facilities management and construction company is exploring a share sale as Saudi Arabia’s infrastructure and services sectors expands, driven by multi-billion-dollar […]

Entaj produces various poultry products, including fresh, frozen and cut-up chicken and is listing on Tadawul

Saudi poultry producer to list 30% stake on Tadawul

Poultry producer Arabian Company for Agricultural and Industrial Investment (Entaj), plans to list a 30 percent stake on the Saudi Exchange (Tadawul). The Capital Market Authority, the kingdom’s market regulator, approved the offering of 9 million shares on Tadawul in September 2024. The offering price will be set following the end of the institutional bookbuilding […]

Emirates NBD Egypt Banque du Caire

Emirates NBD shares tumble as dividend proposal disappoints

Emirates NBD shares tumbled on Wednesday after Dubai’s biggest bank announced a lower dividend for 2024, despite its annual profit rising 7 percent year on year. The bank, which is majority owned by Dubai government institutions, proposed a dividend of AED1 ($0.27) per share, down from AED1.2 per share in 2023. Shares fell 9.3 percent […]

A doctor's appointment. Saudi Arabia wants the private sector to account for 45% of healthcare spending by 2030

Saudi privatisation push fortifies healthcare companies

The revenues of listed Saudi healthcare companies should rise more quickly than the broader stock market thanks to government efforts to increase the private sector’s involvement, analysts have said. Nine-month profits have risen for 10 of the 11 companies analysed by AGBI, with eight posting increases of at least 10 percent. Almoosa Health was the […]

Speaking at the Real Estate Future Forum in Riyadh, NHC CEO Mohammad Albuty said NHC is on track to meet its 2025 house-building target within months

Saudi Arabia’s NHC explores floating subsidiaries

Saudi Arabia’s National Housing Company (NHC) is exploring the possibility of launching initial public offerings (IPOs) for many of its subsidiaries. They include NHC Innovation, the company’s digital arm that was launched this week. NHC said it was meant to improve services for a customer base that has grown to 20 million across 10 different […]

The Middle East's coffee market is projected to reach $11.5 billion in 2025

Middle Eastern coffee market expected to hit $11bn

The price of your half-caff, soya milk, extra hot with a pump of vanilla and a sprinkle of cinnamon is likely to go up this year, as the cost of coffee is set to increase by as much as one fifth. The Middle Eastern coffee market alone is projected to reach $11.5 billion in 2025, […]

A trader checks the market at the Saudi exchange; Derayah Derayah is considering seeking a valuation of about $2 billion

Derayah Financial to list 20% in IPO on Riyadh exchange

Saudi Arabia’s Derayah Financial has announced plans for an initial public offering on the Riyadh stock exchange. The financial services company, which specialises in brokerage and asset and wealth management, plans to offer investors a 20 percent stake, it said on Thursday.  The company is looking to sell more than 49.9 million shares and the […]

Yasir Al-Rumayyan, the governor of PIF, which sold bonds on Wednesday reportedly with maturities of five years and nine-and-a-half years

PIF’s $4bn bond sale is four-times oversubscribed

Saudi Arabia’s Public Investment Fund (PIF) sold $4 billion of bonds on Wednesday in a sale that was four times oversubscribed. It marks the latest big Saudi debt sale this year, coming just two weeks after the kingdom raised $12 billion from a sovereign bond sale that was three times oversubscribed. On January 6 PIF […]