Construction 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 […] February 5, 2025
Markets 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 […] February 3, 2025
Markets 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 […] February 3, 2025
EXCLUSIVE Markets 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 […] January 31, 2025
Analysis Health Saudi privatisation push fortifies healthcare companies 11 listed companies analysed Profits have risen for 10 of them Government policy drives growth The revenues of listed Saudi healthcare companies should rise more quickly than the broader stock market thanks to government efforts to incr... Register now: It’s easy and free This content is available for registered members only. Register for your free […] January 29, 2025
Real Estate 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 […] January 28, 2025
Markets 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 […] January 23, 2025
Markets Oman’s Asyad Group plans IPO of shipping unit Asyad Group, a logistics business owned by Oman’s sovereign wealth fund, has announced plans to float its shipping unit on the Muscat stock exchange. At least 20 percent of Asyad Shipping Company will be sold in the initial public offering. The Asyad IPO will be divided into two tranches. The first is 75 percent of […] January 22, 2025
Finance Investcorp chairman weighs IPO or deal with strategic investor Investcorp is considering a tie-up with a strategic investor or an initial public offering in the next few years, its executive chairman has said. Mohammed Alardhi said the Bahrain-based alternative asset manager had streamlined its strategy and reshuffled its leadership and management teams. For its next period of growth, Investcorp may look to outside investment, […] January 21, 2025
Retail Nice One share price up 55% in first week of trading Nice One Beauty Digital Marketing Co’s shares jumped 9.81 percent on Tuesday, beginning the day at SAR49.75 ($13.25) and reaching SAR 54.30 by its close. Eight days after the Saudi cosmetics retailer launched an initial public offering (IPO) for 30 percent of its capital (36.5 million shares) on January 7, its shares have increased in […] January 15, 2025
Finance Saudi Arabia’s Riyad Capital explores $2.5bn IPO The proposed listing of Riyad Capital, the investment banking arm of Riyad Bank, would value the business at $2.5 billion, Bloomberg has reported. Riyad Capital is working with JP Morgan Chase & Co on the plan to list on the Saudi stock exchange, which is expected in mid-2025. Founded in 2008, Riyad Capital offers a […] January 14, 2025
Opinion Markets UAE capital markets are well placed for a stellar year Investor confidence and strong GDP growth point to a good 2025 January 14, 2025
Analysis Banking & Finance Strong post-IPO performance bodes well for Saudi flotations Recently floated Saudi Arabian companies have thrived since listing on Riyadh’s bourse, thanks in part to astute pricing of initial public offerings and foreign institutional investors’ growing participation. Since the start of 2024, there have been 14 IPOs in Saudi Arabia that raised more than $100 million, according to data compiled by AGBI and London […] January 14, 2025
Energy PIF-backed Tabreed explores Saudi listing this year Tabreed District Cooling is planning to launch an initial public offering (IPO) on the Saudi stock market this year, according to a news report. Backed by the Public Investment Fund (PIF), the refrigeration and cooling company has hired Citigroup and SNB Capital for a potential flotation, Bloomberg reported, citing informed sources. While no final decisions […] January 10, 2025
Analysis Finance Saudi startup funding tumbles as era of cheap money ends Funding for startups in Saudi Arabia dropped 44 percent to $750 million last year, the sharpest decline in the Middle East and North Africa, according to data analyst Magnitt. Across Mena, venture capital was down 29 percent to just under $2 billion, reflecting global trends of high interest rates and investor caution. Saudi Arabia was […] January 8, 2025
Opinion Entrepreneurs Top Middle East startup trends for 2025 Investors will continue to be hesitant, but funding activity is likely to pick up after the cut in US interest rates January 6, 2025
Retail Retail orders for IPO of Saudi’s Nice One hit $242m The retail tranche of Nice One Beauty Digital Marketing’s initial public offering on the Saudi stock exchange was 7.9 times oversubscribed, with the order book reaching SAR908 million ($242 million). SNB Capital Company, the lead manager for the IPO, said the two-day subscription included 3.47 million shares, representing 10 percent of the IPO, at SAR35 […] December 31, 2024
People & Lifestyle Almoosa Health IPO’s retail tranche orders hit $372m The retail tranche of Almoosa Health Company’s initial public offering (IPO) on the Saudi stock exchange was 408.7 percent oversubscribed, with the order book reaching SAR1.4 billion ($372.8 million). It ran two days from December 23 and comprised 2.66 million shares, representing 20 percent of the IPO, at SAR127 per share. Individual investors will receive […] December 30, 2024
Opinion Energy DP World, energy and AI: five predictions for 2025 Let the guessing game begin – but no promises... December 27, 2024
Markets Almoosa Health’s Saudi IPO order book hits $46bn The institutional book-building process for Almoosa Health Company’s upcoming initial public offering (IPO) has reached SAR173 billion ($46 billion) and was oversubscribed 103 times. The company set the final offering price at SAR127 per share, raising SAR1.69 billion on the Saudi stock market listing. The expected market capitalisation will be SAR5.63 billion, making it the […] December 17, 2024
Markets ADX ripe for international investment, say asset managers The Abu Dhabi Securities Exchange remains a sleeping giant for international investors despite the huge sums raised from recent ADX listings, speakers said this week at the emirate’s annual financial showcase. There have been 23 notable initial public offerings of UAE companies since the start of 2021 – 14 on the ADX and nine on […] December 11, 2024
Markets Oman’s OQBI poised to make Muscat bourse debut Oman’s OQ Base Industries will debut on Muscat’s bourse on December 15 after the state oil company subsidiary completed a $489 million initial public offering. OQBI, the third OQ unit to float since March 2023, has offloaded 49 percent of its shares. Of the shares sold, 30 percent went to institutions, 40 percent to retail […] December 5, 2024