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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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A trader works at the Egyptian Exchange. The rally on Egypt's bourse may continue if company valuations remain cheap

Egypt’s bourse rally endures despite shaky foundations

Cairo’s share index has trebled over the past two years as increasing numbers of Egyptians invest in stocks to preserve their wealth in response to double-digit inflation and a declining national currency. Company valuations remain cheap compared with regional peers, experts say, and so the market rally in Egypt may endure. However, the absence of […]

Clothing, Hardhat, Helmet

Adnoc looks at increased stake sale in gas subsidiary

UAE oil major Abu Dhabi National Oil Company (Adnoc) intends to sell an additional 3 to 5 percent of Adnoc Gas, according to a news report. A 5 percent stake sale may raise AED12.9 billion ($3.5 billion) based on Friday’s share price of AED3.48 on the Abu Dhabi Securities Exchange (ADX), Reuters reported citing informed […]

Listing is seen as a way to professionalise family-run companies, but Mishal Kanoo argues that it does not fundamentally change family dynamics

The No 1 problem in a family business? ‘Not business, but family’

Public listings offer access to capital markets but they do not resolve the issues that often plague family businesses, the chairman of one of the Gulf’s largest and oldest family-owned conglomerates has told AGBI. Those challenges are governance, mindset and personal dynamics, said Mishal Kanoo, chairman of the Kanoo Group.  “Not a lot of people […]

Jadwa Investment's new fund has completed its first three investments in the retail and food and beverage sectors

Jadwa raises $266m for GCC investment fund

Saudi Arabia’s Jadwa Investment has announced the first close for its blind pool private equity fund, with total capital commitments of SAR1 billion ($266 million).  The fund, called GCC Private Equity Fund 1, will invest in “high-potential private equity opportunities across the GCC”, the company said.  A blind pool fund is where investors commit capital without […]

Turkey will not sell stakes in state energy companies to a single private company or consortium, the energy minister said

Turkey targets IPOs for state energy companies

Turkey is preparing to launch initial public offerings (IPOs) for its state-run energy companies to enhance their institutional structures, energy minister Alparslan Bayraktar has said. The companies include electricity transmission operator Teias, electricity producer EUAS, gas grid operator Botas, and oil and gas company TPAO, Reuters reported, citing the minister’s briefing to a parliamentary commission. […]

Finnish band Insomnium perform at the Opera House in Toronto – one of Live Nation's Canadian venues

PIF sells stake in US concert promoter Live Nation

Saudi Arabia’s Public Investment Fund has sold its shares in US concert promoter Live Nation Entertainment, according to a US Securities and Exchange Commission filing.  The sovereign wealth fund acquired a 5.7 percent stake in Live Nation, worth about $500 million, in April 2020 – just as the pandemic began to affect events and travel.  […]

Among the UAE companies that have listed since 2021, the top nine performers are majority owned by Dubai or Abu Dhabi

State-backed UAE companies lead the pack for share price gains

The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […]

OQ Base Industries IPO

OQ chemical subsidiary targets $490m from IPO

OQ Base Industries, a subsidiary of Oman’s state energy company OQ, intends to raise up to OR187 million ($490 million) through an initial public offering on the Muscat Stock Exchange (MSX). The price range was set between 106 and 111 baisas per share, valuing the company between OR188 million and OR385 million. The subscription period […]

talabat ipo

Talabat to raise $1.5bn from Dubai listing

The parent company of food delivery app Talabat, is expected to raise AED5.2 billion to AED5.6 billion ($1.4 to $1.5 billion) in gross proceeds from its Dubai Financial Market listing. Delivery Hero Mena Holding is offering more than 3.49 billion shares from November 19-28, with the price range set between AED1.50 and AED1.60 ($0.40 and £0.43) […]

Bahrain Bourse is one of the Gulf's smaller exchanges, with a market cap of about $20bn

More companies tipped to list on Bahrain Bourse

AlAbraaj Restaurants Group’s debut on Bahrain Bourse – the first listing on the exchange in more than five years – will pave the way for more activity, experts have told AGBI. The AlAbraaj initial public offering (IPO) this month is the first since the listing of APM Terminals Bahrain in 2018, according to consultancy EY. […]

Computer Hardware, Electronics, Hardware

Egypt’s United Bank set to raise $104m from listing

Egypt’s United Bank is set to raise between EGP4.2 billion and EGP5.1 billion ($85-104 million) through an initial public offering (IPO) on the Egyptian stock exchange. The bank set the indicative price range of EGP12.7 to EGP15.6 per share, according to local media reports. The final price will be determined through a book-building process. In […]

Riham ElGizy, CEO of Saudi Arabia carbon trading market RVCMC

Saudi Arabia’s carbon market to finance climate projects

Saudi Arabia has launched a carbon trading market that will help provide financing for climate projects.  The Regional Voluntary Carbon Market Company’s (RVCMC) voluntary carbon market exchange platform has more than 2.5 million tonnes of carbon credits for auction, it said in a statement. Buyers can obtain carbon credits from 17 climate projects from around […]

AlAbraaj has several franchises in Saudi Arabia, including Mezza-W-Mashawi at Riyadh's King Khalid airport

Restaurant chain AlAbraaj plans IPO on Bahrain Bourse

AlAbraaj Restaurants Group is planning to list on Bahrain Bourse before the end of 2024. Founded in 1987, the restaurant chain manages 15 brands across 37 locations in Bahrain. It employs about 1,200 people. AlAbraaj also franchises five restaurants, three of which are in Saudi Arabia – Khobar, Jeddah and Riyadh. The company is finalising […]

A Talabat delivery driver in Doha, Qatar

Talabat focusing on core markets ahead of listing, says CFO

Food delivery app Talabat aims to prioritise organic growth over geographical expansion, its chief financial officer says, as it prepares to launch one of the region’s largest listings. Delivery Hero, the German parent company of the UAE-headquartered app, announced on Monday that it plans to sell a 15 percent stake in Talabat.  The initial public […]

Shopping for groceries in Ankara; Turkey has benefitted recently from a period of stability and cooling of inflation

Turkey to boost borrowing to bridge budget gap

Turkey’s Treasury has issued its borrowing programme for 2025, seeking to build a bridge over the budget deficit through a mix of domestic and external debt offerings, though any instability in global markets could add to financing costs.  Under the programme, the government will seek to raise the equivalent of up to $13 billion from […]

NESR was delisted from the New York exchange after failing to meet a filing deadline but the issue has been resolved

NESR considers dual listing after Nasdaq return

National Energy Services Reunited (NESR) is considering a dual listing as it prepares to ring the Nasdaq bell for the second time in its relatively short history. NESR was created in the UAE in 2017 through a special purpose acquisition company to raise money from New York and become the first publicly listed energy company […]

Former President Donald Trump has secured a second term, and the dollar is up 4.5 percent on September

Dollar upbeat ahead of Trump’s White House return

Donald Trump’s US presidential election victory has extended a dollar rally that began in late September on expectations that the real estate mogul’s return to the White House may ultimately force the Federal Reserve to resume interest rate rises. Five of the six GCC countries peg their currencies to the dollar, while the sixth – […]

Young Asian broker international stock traders working at night in office using computer and thinking.

China to sell dollar bonds in Saudi Arabia 

China will sell dollar bonds in Saudi Arabia this month, its first debt issuance denominated in the US currency since October 2021. The imminent issuance marks a further deepening of ties between Opec’s top oil producer and the world’s largest economy by purchasing power parity.   China is Saudi Arabia’s most important trade partner, buying 16 […]

A Volkswagen plant in Emden, Germany. Qatar's substantial investment in the carmaker could have provided better returns elsewhere

Volkswagen’s troubles sour Qatari investment

Volkswagen’s shares have tumbled by more than two-thirds from a 2021 peak, slashing the value of Qatar’s stake in the German conglomerate, as shrinking margins, weakening sales and production overcapacity weigh on the troubled automaker’s bottom line. Even with several billion dollars accrued in dividends since Qatar Holding invested in 2009, Volkswagen’s problems suggest the […]

Based on the offer price range, Lulu is set to list with a market capitalisation of between AED20.04bn and AED21.07bn

High demand leads Lulu to upsize IPO stake to 30%

Lulu Retail Holdings has increased the size of its initial public offering (IPO) by 5 percent to 30 percent to potentially raise AED6.32 billion ($1.72 billion) on the Abu Dhabi Securities Exchange (ADX) following high demand from investors. The retail chain operator in the Middle East initially offered a 25 percent stake sale. The total […]