Markets Saudi water major Miahona plans IPO A water and wastewater infrastructure operator that pioneered the public-private partnership model in Saudi Arabia is planning an IPO that will put 30 percent of its shares on the market. Miahona Company intends to list on the main market of the Saudi Exchange after receiving approval from the Capital Market Authority last month. The company […] April 24, 2024
Exclusive Retail Spinneys bets big on sales growth for own-label goods Supermarket operator Spinneys is betting big on strong sales of its private-label products as it prepares to go public next month, CEO Sunil Kumar told AGBI on Tuesday. Its private label – or own-brand – ranges cover food, toiletries and household goods. The retailer also has exclusive rights to sell Waitrose-branded products from the UK […] April 17, 2024
Retail Spinneys to offer 900m shares in Dubai IPO Supermarket operator Spinneys will sell 25 percent of its business in an initial public offering (IPO) on the Dubai Financial Market (DFM), according to an intention to float document released on Tuesday. The company’s offering will be open from April 23 to April 29 for retail investors, while institutional investors can subscribe until April 30, according […] April 16, 2024
Media & Advertising 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 […] April 4, 2024
Finance 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 […] April 4, 2024
Construction 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 […] March 28, 2024
Opinion Aviation Etihad’s IPO is a risky proposition There is no doubt competition is going to get tougher in the Middle East aviation market March 19, 2024
Finance 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 […] March 13, 2024
Industry 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 […] February 28, 2024
Markets 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 […] February 27, 2024
Markets 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 […] February 21, 2024
Markets 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 […] February 20, 2024
Analysis Markets 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 […] February 20, 2024
Industry 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,” […] February 19, 2024
Analysis Markets 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 […] February 19, 2024
Logistics 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 […] February 15, 2024
Finance 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 […] February 14, 2024
Construction 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. […] February 13, 2024
Opinion Markets Stock-picking in Chinese, American and Middle Eastern markets China’s economy is looking weaker than it has for decades February 12, 2024
Markets 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 […] February 12, 2024
Finance 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 […] February 9, 2024
Tech 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 […] February 8, 2024
