Health PIF’s Lifera and Sanofi join hands to produce vaccines A subsidiary of Saudi Arabia’s sovereign wealth fund has signed an agreement to increase the local production of vaccines. Lifera, wholly owned by the Public Investment Fund (PIF), French pharma major Sanofi and Arabio, majority owned by Riyadh-based Tamer Group, will set up manufacturing facilities in the kingdom to produce vaccines for Saudi citizens. No details were […] July 7, 2023
Markets Banks and property lead Dubai bourse to eight-year high Dubai’s stock index hit eight-year highs this week, extending a bull rally that has enabled the once-beleaguered bourse to outperform its regional rivals in 2023. The emirate’s benchmark rose 1.0 percent to 3,962 points on Thursday, its highest close since July 2015 to take its gains this year to 19.9 percent. Saudi Arabia’s index is […] July 7, 2023
Banking and Finance IPOs boost Abu Dhabi’s bourse despite stock sell-off The market capitalisation of the Abu Dhabi Securities Exchange rose by $43.7 billion in the first half of 2023. The listings of two Abu Dhabi National Oil Company (Adnoc) subsidiaries more than offset a sustained decline on the bourse’s index and a slump in stock trading. Since late 2021, a flurry of initial public offerings […] June 28, 2023
Markets UAE stock markets surge $60bn in value in H1 2023 The market value of UAE stock exchanges rose by AED220 billion ($59.89 billion) in the first six months of 2023 to AED3.43 trillion, boosted by higher demand from foreign investors and new listings. Four new listings boosted the market value of the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM), the UAE […] June 28, 2023
Banking and Finance Abu Dhabi-backed Swiss skincare group raises $1bn A Swiss skincare group backed by the Abu Dhabi Investment Authority has raised $1 billion from newly issued shares. Galderma aims to use the funds to boost its balance sheet ahead of a planned stock market listing. The company, founded in 1981, was bought in 2019 by a consortium led by the Abu Dhabi sovereign […] June 27, 2023
Retail LuLu Group to invest $1.2bn in India by 2026 LuLu Group will invest Rs 100 billion ($1.22 billion) in India over the next three years, chairman MA Yusuff Ali has confirmed. The UAE retail major has already put over Rs 200 billion in the country, state-owned Press Trust of India reported. The company has committed Rs 35 billion in Telangana state in south India […] June 27, 2023
Manufacturing Coca-Cola subsidiary in Turkey plans expansion The Coca-Cola subsidiary in Turkey is in advanced talks to expand in existing and new markets, with a potential acquisition deal in Bangladesh possible within the next few months. Coca-Cola İçecek (CCI) is headquartered in Istanbul and operates in Turkey, Pakistan, Kazakhstan, Iraq, Uzbekistan, Azerbaijan, Kyrgyzstan, Jordan, Tajikistan, Turkmenistan and Syria. With 30 plants in […] June 26, 2023
Banking and Finance PIF sells McLaren stake to Bahraini fund for $510m Saudi Arabia’s Public Investment Fund (PIF) will sell preference shares and warrants worth £400 million ($510.48 million) in British supercar maker McLaren Group to Bahrain’s investment fund Mumtalakat. The deal is likely to be announced on Thursday, Sky News reported. The private transaction will not result in new money being injected into McLaren. The stake sale comes almost two […] June 22, 2023
Video length: 00:59 Aviation Neom’s flying taxi takes to the skies Plans to introduce flying taxis to Saudi Arabia’s $500 billion Neom development have accelerated after a series of successful test flights in the kingdom. Neom entered into a $191.2 million investment and joint venture with German aircraft manufacturer Volocopter in 2021. The tests lasted over a week and built on 18 months of collaboration between […] June 22, 2023
Health PIF launches new pharma investment vehicle Saudi Arabia’s sovereign wealth fund, PIF, launched a new pharmaceutical investment company on Monday, as experts predict the country’s market will grow to $20 billion over the next decade. Lifera will make life-saving and essential products including insulins, vaccines and plasma therapeutics, PIF said in a statement. The company will create partnerships with leading local […] June 19, 2023
Banking and Finance Egypt gets IFC on board to help monetise state assets The International Finance Corporation (IFC) will strategically advise Egypt on its plans to boost private sector participation in the economy. IFC said in a statement that it will advise the Egyptian government’s asset monetisation programme, which will focus on harnessing private capital and manage state-owned assets. It will give the government technical assistance and support […] June 19, 2023
Banking and Finance Gulf Investment Fund turns to Saudi stocks to drive growth The Middle East’s stock markets have struggled to attract Western portfolio investors, despite strong performances. Gulf Investment Fund (GIF), which has $83 million invested across the seven markets, is seeking to change that. The fund, which is listed on the London Stock Exchange, recorded a net asset value increase of 15.4 percent for the year to June […] June 13, 2023
Transport Dubai transport assets under review for potential sale Dubai’s metro and leading taxi company are among the most sellable assets owned by the emirate’s Roads and Transport Authority, which has asked investment banks to assess its portfolio. The RTA owns Dubai Metro and Dubai Tram, and operates around 3,850 taxis and 1,520 buses. The authority also issues driving licences and permits, builds and […] June 12, 2023
Banking and Finance UAE remittance market nears ‘saturation point’ The remittance and foreign exchange market in the UAE is “saturated” and will need consolidation as new businesses continue to emerge. “Either people will have to grow digitally [at scale] to capture market share or they’ll get amalgamated,” said Zahir Moghal, CEO of Abu Dhabi currency provider Delma Exchange. “It’s totally saturated. It’s completely over-supplied […] June 12, 2023
Oil & Gas Adnoc L&S bags $975m EPC contract for ‘artificial island’ The newly-listed Abu Dhabi National Oil Company (Adnoc) logistics subsidiary has secured a $975 million contract to build an artificial island. The contract – the first major award for Adnoc Logistics and Services (Adnoc L&S) after being listed on the Abu Dhabi Securities Exchange (ADX) on June 1 – was awarded by Adnoc Offshore. The award is […] June 8, 2023
Analysis Banking and Finance Mid-cap stocks offer best dividend yields in Gulf Dividend-seeking Gulf investors are likely to find little value among the region’s blue-chip stocks and should instead target mid-cap companies with steady cash flows and low debt, experts suggest. When interest rates hovered near zero and average dividend yields on GCC stocks were around 4 percent, the difference with the risk-free rate – the return […] June 2, 2023
Logistics Adnoc Logistics & Services shares surge on debut Shares in Adnoc Logistics & Services rose 44.8 percent above their listing price on Thursday as the company made its debut on the Abu Dhabi Securities Exchange (ADX). The initial public offering (IPO) for 19 percent of the business drew the highest demand globally for any listing so far in 2023, raising $769 million. Shares […] June 1, 2023
Retail Brands for Less denies stake sale speculation UAE retail group Brands for Less (BFL Group) has denied reports that it plans to sell a minority stake in the business. A statement on Thursday said: “While the company, on an ongoing basis, reviews its options to further enhance growth, customer reach and customer service, there are no current plans for a sale of […] June 1, 2023
Transport Dubai considers taxi operator IPO as sector surges Dubai is considering a stock market listing for its taxi operator, as the sector surges back to pre-pandemic levels and attracts local and international investment. The emirate’s Roads and Transport Authority (RTA) is in the early stages of considering listing the Dubai Taxi Corporation (DTC) as the latest state-backed entity to list on the Dubai […] May 31, 2023
Energy Aramco dividends outstrip rival blue-chips Saudi Aramco’s payouts of dividends surpass those of other leading global companies, and the world’s top oil producer provides sizeable returns for its shareholders in monetary terms. Aramco listed on Riyadh’s bourse in December 2019 following a $29.4 billion initial public offering that sold around 1.7 percent of the government-owned company’s stock. Since then, it […] May 31, 2023
Retail eXtra says IPO is an option for consumer finance unit Saudi retailer United Electronics Company (eXtra) is evaluating strategic options concerning its Shariah-compliant consumer finance business, including the possibility of an initial public offering (IPO). In a statement to the Saudi Exchange (Tadawul) on Tuesday, the electronics major said that decision regarding these strategic options for United Company for Financial Services (Tasheel) are still subject […] May 30, 2023
Economy Pharma IPO set to be Saudi’s largest listing this year Saudi’s Jamjoom Pharmaceuticals looks set to raise SAR1.26 billion ($336 million) when it lists later this year, putting it on course to become the kingdom’s biggest IPO in 2023. The manufacturer’s final offer price has been set at SAR60 per share. It was at the top of a range that started at SAR56, implying a […] May 26, 2023
