Markets OQ’s methanol unit is latest in Oman’s privatisation push OQ Base Industries is to sell up to 49 percent of its shares through an initial public offering in Oman – the fourth flotation of an OQ subsidiary since March 2023. The Omani state oil company raised OR748.8 million ($1.94 billion) in October by offloading a 25 percent stake in its upstream subsidiary OQ Exploration […] November 4, 2024
Media & Advertising PIF to acquire 54% stake in MBC Group for $2bn Saudi Arabia’s Public Investment Fund (PIF) has agreed to acquire a 54 percent stake in MBC Group for SAR7.5 billion ($2 billion). The fund will buy Istedamah Holding Company’s entire stake through a private transaction priced at SAR41.60 per share, MBC Group said in a statement to the Saudi stock exchange on Sunday. The transaction […] November 4, 2024
Markets Kuwaiti companies looking at Saudi exchange listings Kuwaiti companies are eyeing up opportunities to list on Saudi Arabia’s Tadawul exchange, according to reports. It comes almost two years since deals were signed between market regulators in both Gulf states to explore collaboration around cross-listings on the Tadawul and Kuwait’s bourse. Firas Al-Salem, chairman of the Kuwaiti Business Council, said that listings could […] November 1, 2024
Markets Dubai bourse operator’s Q3 profit surges 27% to $26m Dubai Financial Market, the stock exchange operator, said net profit rose 27 percent to AED94 million ($26 million) in the third quarter of 2024 compared to AED74 million a year earlier. Revenue jumped 12 percent year on year to AED155 million as trading volume increased to 1.7 million, a 20 percent year on year increase. […] November 1, 2024
Finance UAE’s Aditum pairs with BlackRock to launch funds Aditum Investment Management is to launch five funds for UAE investors, according to reports confirmed by AGBI. The five funds will include one focused on sustainable energy investments and another on health science, Citywire first reported. A representative of Blackrock confirmed to AGBI that the Citywire reports are accurate. Blackrock has registered BlackRock Aditum Dynamic […] October 31, 2024
Markets Higher traded volume drives up Boursa Kuwait’s profit Boursa Kuwait reported a 15 percent rise in net profit for the first nine months of 2024 as traded volume surged. The stock exchange operator’s bottom line reached KD14.43 million ($47 million) during the period, compared to KD12.6 million a year ago. Operating profit increased by 21 percent year on year to nearly KD18 million. […] October 31, 2024
Markets Shares in Oman’s OQEP recover after poor debut Shares in Oman’s OQ Exploration and Production rebounded on Tuesday, recovering some of their losses following a shock slump on the Muscat bourse a day earlier as dividend-seeking institutional investors took advantage of the sell-off to acquire at lower prices. OQEP, the upstream subsidiary of state oil company OQ, raised OMR748.8 million ($1.94 billion) in […] October 29, 2024
Opinion Markets The US bond market faces a winter of discontent Its shockwaves will spare no debt market on the planet October 29, 2024
Retail Lulu aims to raise $1.4bn from Abu Dhabi IPO listing Lulu Retail Holdings, the largest grocery retailer in the GCC, has announced a price range of between AED1.94 and AED2.04 per share for its much-anticipated IPO on the Abu Dhabi Stock Exchange (ADX). If all the 2.8 billion shares offered, a quarter of the total holding, are sold, the size of the offering will be […] October 28, 2024
Economy Turkey considers easing ban on short selling Turkey may partly lift a ban on short selling domestic stocks, a policy initiated almost two years ago, in an attempt to woo foreign investors back to the nation’s share market and reverse a capital exodus. Speaking at the Brookings Institution in Washington DC on October 25, Turkish treasury and finance minister Mehmet Şimşek said […] October 28, 2024
Markets Abu Dhabi’s NMDC Group profit up 45% Engineering company NMDC Group’s net profit has increased 45 percent in the year to date compared with the same period last year, the group announced on Sunday. By September 30 NMDC’s net profits increased to AED2.2 billion ($600 million) from AED1.5 billion in the same period in 2023. Revenues rose by 68 percent to AED18.5 […] October 28, 2024
Industry Copper-trading centre in Abu Dhabi planned by UAE’s IRH The UAE’s International Resources Holding (IRH) intends to set up a copper trading hub in Abu Dhabi, as the market looks to forecasts from China on the direction of prices. IRH, an arm of International Holding Company, said it plans to target “over 500,000 tonnes of green copper annually by 2025”. “This initiative will further […] October 25, 2024
Markets UAE investors snap up AI stocks after price drop UAE investors poured money into artificial intelligence stocks during the third quarter, capitalising on underperforming shares, data from retail trading platform eToro indicates. Blockchain and AI dominated the investments made during the three-month period, as buyers seemingly looked for long-term potential, despite short-term challenges. The value of CrowdStrike Holdings plummeted more than 40 percent in […] October 24, 2024
Markets Lulu shrugs off rivals’ stock performance ahead of IPO Lulu Retail Holdings, one of the Middle East’s largest hypermarket operators, has shrugged off the double-digit stock declines of its listed competitors as it kicked off its initial public offering, focusing on its expansion plans. The company is selling a 25 percent stake, and more than 2.5 billion shares are to be offered at a […] October 22, 2024
Finance Saudi financial services operator to list 30% on Tadawul United Electronics Company (eXtra) has announced plans to list a 30 percent stake of its financial unit, United International Holding Company (UIHC), on the main market of the Saudi Exchange (Tadawul). UIHC is the parent company of Tasheel Finance, an Islamic consumer finance operator, and Procco Financial Services, which provides payment and loyalty services to the financial […] October 21, 2024
Retail Supermarket major Lulu officially announces IPO UAE supermarket major Lulu is to list a 25 percent stake on the Abu Dhabi Securities Exchange (ADX). Over 2.5 billion shares of Lulu Retail Holdings, which is among the largest hypermarket chain operators in the Middle East, will be made available with a nominal value of $0.014. “With GCC retail presenting a $100 billion […] October 21, 2024
Markets Neom-backed robotaxi operator Pony Ai files for US IPO Pony AI, a Chinese autonomous driving company backed by an investment arm of Saudi giga-project Neom, has filed for an initial public offering in the US. The Guangzhou-based company applied to be listed on the Nasdaq stock exchange but did not reveal the size of the offering. Pony AI operates a fleet of more than […] October 18, 2024
Analysis Markets Saudi petchem profits could rise but margin pressures persist Saudi Arabian petrochemicals producers’ third-quarter earnings are likely to be better than the dismal results in the same period last year, but are unlikely to spark a stock price rebound as investors await further evidence that the industry is mounting a sustained recovery. The kingdom’s stock index of listed “materials” companies, which includes petrochemicals manufacturers […] October 18, 2024
Analysis Markets Gulf stocks steady despite regional geopolitical issues In previous eras, the merest hint of renewed geopolitical tensions or an oil price slump would send Gulf stock markets tumbling. Currently, though, regional bourses are proving resilient despite the spectre of a widening Middle East conflict. Experts attribute this stability to wider and deeper stock markets than during earlier crises, investors’ increasing sophistication, falling […] October 17, 2024
Opinion Oil & Gas Oil’s war risk premium and the GCC capital markets Investors can no longer ignore the imminent IDF-Iran war in the heart of the world's pre-eminent oil province October 17, 2024
Markets Saudi HR company to raise $106m from listing Tamkeen Human Resources Company is expected to raise between SAR365.7 million and SAR397.5 million ($97-$106 million) from its initial public offering on the Saudi stock exchange. The company set its IPO price range between SAR46 and SAR50 per share on Sunday as the institutional book-building period commenced. The final price will be determined on October […] October 14, 2024
Markets Turkey’s energy bourse Epias to expand and may consider IPO Turkish energy bourse Enerji Piyasalari Isletme AS (Epias) will expand its operations over the next few years and an initial public offering may be considered after the expansion, Turkish energy minister Alparslan Bayraktar said on Wednesday. Speaking at an Atlantic Council conference in Istanbul on Wednesday, Bayraktar said Epias, which currently operates wholesale electricity and […] October 10, 2024
