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MBC Shahid Ashghal Shaqa

Streaming platform Shahid to drive growth, says MBC TV

The Arabic TV network MBC says its new Shahid streaming platform will lead its growth after subscriptions grew 40 percent in 2023 to nearly four million.  The Saudi-owned group recently completed an IPO on the Saudi stock exchange, requiring it to open its books to the public for the first time.  It reported net profit […]

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018. REUTERS/Faisal Al Nasser

Riyad Bank plans IPO of its investment arm

Riyad Bank’s board is planning to list its investment arm, Riyad Capital, on the Saudi stock exchange, as the government tries to increase market offerings to raise the status of Saudi capital markets in global rankings.   The bank said in a statement to the Saudi stock exchange on Thursday that it and its subsidiary […]

Alec IPO SeaWorld Abu Dhabi

Alec IPO could start listings rush in construction sector

A listing by Dubai’s Alec Engineering and Contracting could open the gates for more construction-related companies to go public as they take advantage of the country’s buoyant property market, according to a business expert. Alec, which is backed by the Investment Corporation of Dubai (ICD), the emirate’s sovereign wealth fund, is behind some of the […]

Parkin IPO car park

Parkin expands IPO retail tranche after high demand

Parkin, the Dubai government’s parking management company, has increased the UAE tranche of its initial public offering (IPO) from 10 percent to 12 percent, after high demand for its shares . After approval from the Securities and Exchange Authority, the retail offer rose to just under 90 million ordinary shares, from 75 million. The retail […]

Olam Group said the regulatory framework for listing on the Saudi stock exchange is still being worked out

Olam delays Saudi listing of agriculture unit

Olam Group, which has its headquarters in Singapore, has ruled out listing its agricultural unit on the Saudi stock exchange in the first half of 2024. CEO Sunny Verghese said in August that the company was targeting the dual listing in Singapore and Saudi Arabia in the first half of 2024, which could raise up to […]

Parkin controls more than 90 percent of Dubai's paid parking provision

Dubai parking operator IPO will fund EV expansion plans

Parkin, the Dubai government’s parking management company, plans to channel proceeds from its initial public offering into technological upgrades, including expansion of its electric vehicle services.  The company will release nearly 25 percent of its shares on the Dubai Financial Market next month.  The offering begins on March 5, with a price range to be […]

Abdullah Binghannam, deputy head of financing and investment at the Capital Market Authority, spoke on the second day of the forum in Riyadh

Saudi Arabia prods blue chips to list more shares

Saudi Arabia is prodding blue-chip companies on its stock exchange to offer more shares to the public as part of a drive to become a global financial centre.  Abdullah Binghannam, deputy head of financing and investment at the kingdom’s Capital Market Authority, told a markets forum in Riyadh on Tuesday that a regulatory framework was […]

Traders at the Saudi stock market in Riyadh. Businesses from Saudi Arabia and the UAE are expected to dominate Middle East IPOs in 2024

IPO requests in Saudi Arabia rise by 30%

Saudi Arabia’s Capital Market Authority said this week that it had received 56 initial public offering applications, a number well ahead of analysts’ expectations. State oil major Saudi Aramco is also likely to issue a bond this year.  CMA chief Mohammed ElKuwaiz told a capital markets forum in Riyadh on February 19 that the applications […]

The sale of 'everything app' Careem to Uber for $3.1 billion has distorted the mean value of Mena VC exits

Mena VC exit route remains uncertain in young sector

The Mena region’s venture capital industry has blossomed over the past decade as firms have raised $14.5 billion from investors since 2015 and spent a similar amount buying into early-stage companies over the same period. Yet returns on these outlays remain uncertain, and the sector is still in its infancy. From 2015 to September 30 […]

Egypt Kuwait Holding has finalised investment of $120m in a new MDF manufacturing facility in Egypt

Egyptian-Kuwaiti venture powers up new investments

Investment company Egypt-Kuwait Holding is exploring new investment opportunities in Egypt. The company has finalised investment of $120 million in a new medium-density fibreboard (MDF) manufacturing facility and plans to expand into the power sector. “Our investments in Egypt are ongoing, and we are exploring more opportunities through visiting several ministries and presenting our proposals,” […]

People speak in the lobby of the Dubai Financial Market. Strict IPO rules mean loss-making startups cannot go public

Tough IPO rules deter UAE tech startups from listing

The UAE’s burgeoning startup sector has helped it become a centre for tech innovation, yet almost none of these fledgling companies have gone public due to stock market regulations. Since 2021 the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) have welcomed a flurry of initial public offerings as part-privatised government-related companies diversify […]

The Adnoc Logistics and Services board recommended a cash dividend of $130 million for the second half of 2023

Adnoc logistics subsidiary profit up 138%

Adnoc Logistics and Services (L&S) reported a 138 percent year on year increase in net profit to AED2.3 billion ($620 million) as all its business segments continued to perform strongly. Revenues at Adnoc’s logistics subsidiary rose 41 percent year on year to $2.8 billion, particularly aided by the integrated logistics division, Adnoc L&S said in a […]

Al Ansari reported that customer demand for digital channels skyrocketed, with a 94% year on year increase in transaction value

Al Ansari profit falls 16% as remittance takes a hit

UAE remittance and foreign exchange house Al Ansari Financial Services reported a 16 percent year on year decline in profit due to a drop in the remittance segment and increased expenses. The company reported a net profit of AED495 million for 2023, hoping the newly announced remittance fee hike will help offset costs and strengthen […]

Empower’s profit falls 5% despite record revenue

Empower, Dubai’s, and the world’s, largest district cooling company, reported a net profit of AED960 million ($261.37 million) for 2023, down five percent from AED1 billion in 2022. Revenue was at a record high of AED3 billion, rising 8.7 percent year on year, the company said in a statement to the Dubai bourse on Monday. […]

Investcorp co-CEO Rishi Kapoor. The Bahrain-based company says it is particularly interested in the Philippines, Indonesia and Thailand

Investcorp lines up diverse strategies for east and west 

Multibillion-dollar asset manager Investcorp Capital is planning listing activity from its companies in the east in the next six months, but sees more profit in mergers and acquisitions in the west. The Bahrain-based company, which was listed on the Abu Dhabi Stock Exchange in November, on Monday reported income of $34 million for the first […]

HSBC is among the global banks that are reported to be in talks for the upcoming Saudi Aramco share sale.

Saudi Arabia taps banks for new Aramco share sale

Saudi Arabia is set to hire banks including Citigroup, Goldman Sachs Group and HSBC Holdings for a potential secondary share sale in state oil company Aramco that could raise nearly $20 billion – up from earlier estimates of $10 billion. Bloomberg and Reuters reported that the kingdom is in talks with several banks as it […]

Thomas Pramotedham, CEO at Presight, is confident the company can use its data analytics in the climate change sector

Domestic deals push Presight AI’s profit up 5% to $155m  

Presight AI Holding, part of Abu Dhabi artificial intelligence group G42, said 2023 net profit rose 5.1 percent year on year to AED570.6 million ($155.35 million) in 2023, supported by major domestic project deployments. Revenue jumped 14.7 percent to AED1.78 billion last year from AED1.55 billion in 2022. Net profit rose marginally by 0.4 percent year on year […]

A listing ceremony at Qatar Stock Exchange. 'You need more than [IPOs] to improve stock exchange liquidity,' said one market observer

Qatar sets up $200m fund to drive trade in Doha stocks

Qatar Investment Authority has launched a $200 million fund for Doha-listed stocks as part of plans to reinvigorate trading on the country’s bourse. Trading turnover on the Qatar Stock Exchange has dropped from QAR160.4 billion ($44.1 billion) in 2022, when Russia’s invasion of Ukraine boosted the prices of Gulf hydrocarbon exports, spurring local, regional and […]

Listing requirements for companies joining Nomu are less onerous compared to Saudi Arabia’s main market

Saudi stock market Nomu poised for listings flurry

Saudi Arabia’s lower-tier stock market, Nomu, is poised for a further flurry of new listings this year as an increasing number of the kingdom’s small and mid-sized companies opt to go public to raise money and improve corporate governance standards. Since launching in 2017, Nomu, which means growth in Arabic, has swelled to 79 listed […]

Retailer Lulu has branches across the Mena region, India and the Far East. It plans a billion-dollar IPO before the end of the year

Saudi Arabia and UAE to dominate Mena IPOs in 2024

Nearly 30 companies in the Middle East and North Africa plan to launch initial public offerings this year, despite mixed share price performance from many regional businesses that went public last year, a report has found. Businesses from Saudi Arabia and the UAE will again dominate Mena IPOs in 2024, according to the report by […]