Skip to content Skip to Search
Skip navigation

IPOs

Bassel Al Khawaja, advisory head at Abu Dhabi IPO Fund, said the fund is looking forward to launching more IPOs for family businesses and private companies

Abu Dhabi IPO Fund plans up to four listings by 2024-end

Abu Dhabi can expect up to four further listings of private companies by the end of 2024, according to Bassel Khawaja, advisory head of the Abu Dhabi IPO Fund. Speaking on the sidelines of Abu Dhabi Finance Week (ADFW), Khawaja told AGBI the fund is currently assisting three unnamed companies with their IPO readiness.  He […]

Saudi Arabian billionaire Prince Alwaleed bin Talal

Kingdom Holding ups stake in Citigroup with Alwaleed deal

Kingdom Holding Company has increased its investment in Citigroup after buying a $450 million stake from its Saudi Arabian billionaire chairman, Prince Alwaleed Bin Talal. The deal has raised Kingdom’s stake to 2.2 percent from 1.63 percent, according to a filing on the Saudi Stock Exchange on Wednesday. The company did not disclose any further […]

Aster expects the sale of its GCC business to be completed in the fourth quarter of 2024

Aster DM to sell majority stake in Gulf business for $1bn

UAE-based hospital chain Aster DM Healthcare will sell a majority stake in its Gulf business to a regional consortium for $1 billion as part of a plan to separate the unit from its Indian operations. A consortium led by state-backed Fajr Capital will own 65 percent of the Gulf business, while Azad Moopen, the founder […]

Sarah Jessica Parker in And Just Like That.

More deals likely to follow OSN+ and Anghami merger

The merger last week between OSN+ and Anghami will lead to more consolidation in the region’s streaming sector, industry experts have said. Kuwait’s Kipco-Panther Media Group, which operates as OSN, will combine its streaming service OSN+ with Anghami’s music and entertainment business to create one of the Middle East’s largest streaming platforms. The Europe, Middle […]

MBC is one the largest media and entertainment companies in the Mena region, with its content reaching over 150 million people every week

Saudi media company MBC Group to float 10% in IPO 

Saudi media major MBC Group plans to launch an initial public offering (IPO) on the Saudi Exchange (Tadawul). The announcement comes after the Capital Market Authority (CMA) approved the company’s plan to offer 33.25 million ordinary shares, representing 10 percent of its share capital. The offering price will be determined at the end of the […]

PureHealth has this year acquired Circle Health Group in the UK and Ardent Health Services in the US

PureHealth plans to launch IPO on Abu Dhabi exchange

Healthcare provider PureHealth Holding has announced plans to launch an initial public offering (IPO) on the Abu Dhabi Securities Exchange to fuel its global expansion efforts. The listing, likely to be in December, is subject to regulatory approvals, the UAE state-run Wam news agency reported. Existing shareholders are Alpha Dhabi Holding and International Holding Company […]

Dubai Taxi Company's offer price is expected to be announced on November 30

Dubai Taxi’s market value forecast at $1.25bn on listing

Dubai Taxi Company, a unit of the state-owned Roads and Transport Authority, has set the price range for its initial public offering (IPO) at AED1.80 to AED1.85 ($0.49 to $ 0.50) per share. This gives a market capitalisation of between AED4.5 billion and AED4.6 billion at the time of listing. The subscription period for retail […]

Salik Dubai

Toll operator Salik targets 10% revenue rise in 2023

Dubai road toll operator Salik expects revenue-generating trips to grow by up to 10 percent in 2023 year on year as a result of continued strong growth in tourism and residency. The company’s net profit rose 5.3 percent to AED255 million ($69.43 million) in the third quarter of 2023 from AED242 million a year earlier […]

The Dubai government’s finance department owns all the shares offered in Dubai Taxi Company's IPO

Dubai Taxi Company to list 25% stake in IPO

Dubai Taxi Company has announced plans to launch its initial public offering (IPO) after its legal status was amended to a public joint-stock company. The company will issue 624.75 million shares at a nominal value of AED 0.04 on the Dubai Financial Market, representing 24.99 percent of its total issued share capital. The subscription period […]

Seera Group will be the primary investor in the development of Kayanat Central Business Park in Riyadh

Seera Group invests $160m in Riyadh business park

Saudi travel major Seera Group plans to invest SAR600 million ($160 million) in a real estate fund to finance the development of a new business park in Riyadh. Seera will be the primary investor in the Sharia-compliant fund with the aim of developing the Kayanat Central Business Park in the north of the Saudi capital. […]

A stock investor centre at Arab National Bank in Riyadh. The Saudi exchange accounted for five of the six Mena IPOs in Q3

Mena IPOs drop but analysts still bullish for 2024

Listings on Middle East and North African stock markets slowed during the third quarter, but analysts remain upbeat for 2024 despite concerns over the Israel-Gaza conflict.  There were six initial public offerings (IPOs) in Q3, raising $523 million in total. This is a 14 percent drop in volume and a 66 percent slump in proceeds compared […]

Arabian Drilling's revenue rose to SAR2.49 billion for the first nine months of 2023, driven by growing rig activity and higher prices

Arabian Drilling profit slips 34% on higher finance costs

Arabian Drilling Company said its third-quarter 2023 net profit declined 34.27 percent to SAR140 million ($37.32 million) from SAR213 million in Q3 2022 due to higher finance costs. The Saudi-listed oilfield services company’s revenue grew 31.05 percent annually to SAR920 million, primarily due to the start-up of three additional offshore rigs on five-year contracts.  Net profit […]

The souq at Bab al Bahrain in Manama, Bahrain. The country's trade with its GCC neighbours has dropped by 5%

Bahrain economy grows 2% despite GCC trade slump

Bahrain’s economy grew by 2 percent year on year in the second quarter of 2023, despite a drop in trade with neighbouring GCC countries. The kingdom saw its non-oil sector increase by 2 percent, while the oil sector was up 2.2 percent. Bahrain’s fiscal and current account break-even oil prices are among the highest in […]

Al Arabia says the takeover of Faden Media will allow it to acquire a larger share of the outdoor advertising market

Saudi advertising major in $270m pursuit of rival

The Saudi advertising giant Arabian Contracting Services is pursuing the acquisition of its Riyadh-based rival Faden Media, in a deal worth more than SAR1 billion ($270 million).  The company, also known as Al Arabia, said in a filing to the Saudi Stock Exchange that it is now working to complete the takeover within six months, […]

The Dubai government’s finance department owns all the shares offered in Dubai Taxi Company's IPO

Dubai taxi operator to raise $300m in IPO next month

Dubai Taxi Corporation, a unit of the Road and Transport Authority (RTA), aims to raise nearly AED1.10 billion ($300 million) from a share sale in November, Bloomberg reports. The taxi operator intends to distribute a dividend of AED71 million in April for the fourth quarter of 2023, the news agency reported, citing an investor.  Dubai […]

Drake & Scull's trading ceased in November 2018 when the company disclosed losses exceeded 75 percent of its capital

DFM profit doubles to $51m as trading volume surges

Dubai Financial Market (DFM) reported a 109 percent rise in net profit to AED186.2 million ($50.69 million) in the first nine months of the year, compared to AED89 million a year earlier. The profit was driven by a significant increase in trade volume and value, as well as an influx of new investors, according to […]

SLB has secured contracts with Saudi Aramco

SLB predicts record Middle East oilfield services revenue

SLB, the world’s largest oilfield services company, is predicting record revenue growth in the Middle East this year, as the region’s oil and gas companies ramp up capacity levels. The US company reported that international revenue rose 12 percent to $6.6 billion in the third quarter, its highest level since 2015. Opportunities in the GCC, […]

An investor studies a screen at the Abu Dhabi Securities Exchange

Investcorp Capital to list on Abu Dhabi Securities Exchange

Investcorp Capital has revealed plans to offer 643 million ordinary shares in an initial public offering on the Abu Dhabi Securities Exchange. The shares, which represent an estimated 29.34 percent of issued share capital after the IPO, will have a nominal value of $0.50 (AED1.84), according to a statement from the Bahrain-based alternative investment company. […]

'We are committed to do whatever it takes to take Turkey out of the grey list' said Turkey's finance minister Mehmet Şimşek

Turkey’s finance minister to embark on second Gulf tour 

Turkey’s finance minister Mehmet Şimşek is to embark on a second tour of Gulf countries as part of his government’s drive to attract foreign investment. “Our meetings with investors will continue next week with visits to Gulf countries,” Daily Sabah newspaper reported, quoting a post by Şimşek on X, formerly Twitter. Şimşek will visit Abu […]

A trader at the Egyptian stock exchange in Cairo. Qatar has already invested over $5.5bn in Egypt's financial, real estate and energy sectors

Egypt shines as Mena’s top performing bourse in 2023

Egypt’s benchmark stock index soared to another all-time high this week, extending a prolonged rally as investors bought equities to hedge against soaring inflation and a fragile Egyptian pound. The EGX30 Index is the Middle East and North Africa region’s top performer in 2023, rising 51.2 percent to October 17, although in dollar terms its […]