Markets Salik confirms Dubai listing, retail offering starts this month Salik Company, Dubai’s toll gate operator, announced its intention to proceed with an initial public offering (IPO) on the Dubai Financial Market (DFM). A total of 1.5 billion shares, each with a nominal value of AED 0.01, will be offered, representing 20 percent of Salik’s total issued share capital, WAM, the UAE state news agency, […] September 6, 2022
Analysis Class act: UAE is a magnet for private school investment The post-pandemic rise in migration to the UAE is fuelling demand for private schools, making the Emirates a “magnet” for investors and school operators, industry experts have said. The UAE’s population grew by one percent in 2021, according to the World Bank. The country’s population currently stands at 9.89 million people and is projected to […] September 2, 2022
Analysis Development Accountability ‘crucial’ for success of Saudi Vision 2030 Saudi Arabia is entering a “crucial” part of its ambitious Vision 2030 programme as the kingdom begins to deliver on its promises, described by a leading expert as the “moment of accountability”. Pedro Ribeiro, the recently appointed general manager for commercial real estate services and investment firm CBRE in Saudi Arabia, told AGBI that the […] September 1, 2022
Energy Omani energy services provider eyes potential IPO Abraj Energy Services, an Omani state-owned oil and gas field services provider, is looking at launching an initial public offering (IPO), as the Sultanate looks to develop the revamped Muscat Stock Exchange (MSX). The company, which is a subsidiary of state investment vehicle OQ, said in a press statement it is “currently reviewing the possibility […] August 31, 2022
Banking & Finance UAE banks’ exposure to real estate sector declines UAE banks have seen a reduction in real estate and construction exposure as cash buyers dominate the market. Exposure to property sectors decreased by 30 basis points quarter-on-quarter to 19.8 percent, according to the latest UAE Banking Pulse Q2 2022 by professional services firm Alvarez & Marsal (A&M). “We have been following this from Q1 […] August 26, 2022
UAE health firm Burjeel plans Saudi expansion as IPO nears UAE healthcare provider Burjeel Holdings, established under VPS Healthcare, on Wednesday announced plans to expand into Saudi Arabia ahead of its initial public offering (IPO) later this year. The company, which owns and operates hospitals and other healthcare facilities, will invest up to $1 billion in the Kingdom by 2030 as part of a memorandum […] August 25, 2022
Energy Oman puts partial privatisation of power distribution firm on hold The proposed partial privatisation of Oman’s power distribution provider, Muscat Electricity Distribution Company (MEDC), is currently on hold pending a review of options for the broader restructuring of the country’s distribution companies, according to a local media report. The decision to hold the intended privatisation came from the Authority for Public Services Regulation, Hamdan Al […] August 24, 2022
Banking & Finance UAE’s Al Ansari Exchange picks banks for Dubai IPO UAE-based foreign exchange and remittance firm Al Ansari Exchange has picked EFG-Hermes and Emirates NBD Bank to lead its planned initial public offering (IPO) in Dubai, Bloomberg reported, citing people familiar with the matter. The money-exchange firm is likely to list in the first quarter of 2023. Preparations for the IPO are ongoing and details […] August 23, 2022
Exclusive Energy UAE biofuel firm in talks with global investors A Dubai-based company which converts waste cooking oil into biofuel is in investment talks with major energy firms, as demand grows among climate-conscious global companies. The sector is expected to be worth over $200 billion by 2030. “I moved to Dubai in 2009. I’d been working for three years by then on sustainability, so it’s […] August 22, 2022
Analysis Startup exits escalate in UAE The UAE is seeing an increase in startup exits this year, as the market matures while bigger players look to acquisitions to scale up their operations. The UAE Venture Investment Report, by research firm Magnitt, states that there were 10 startup exits in the Emirates in the first half of 2022, just one less than […] August 19, 2022
Business of Sport Qatar wealth fund-backed Group One mulls US listing Group One Holdings, backed by sovereign wealth fund Qatar Investment Authority (QIA), is planning an initial public offering (IPO) in the US, Bloomberg reported. The company behind mixed martial arts brand One Championship is changing its legal domicile to the Cayman Islands from Singapore as a step towards the listing. Earlier, the company had explored […] August 16, 2022
Opinion Energy The answer to OPEC’s investment dilemma is in its own hands OPEC members worried about 'years of underinvestment' have a choice: open up to more international partners or increase their oil output August 15, 2022
Energy Aramco’s Nasser: a homegrown engineer who reached the top At an industry event this year in Riyadh, the Saudi energy minister paused at about 9pm in front of some 1,000 people and told them it was bedtime for Amin Nasser, the chief executive of state-owned oil producer Saudi Aramco. He was not joking. Over a career of four decades, Nasser has earned a reputation […] August 15, 2022
Energy Dubai utility DEWA’s Q2 profit up 37% on growing energy demand Dubai Electricity and Water Authority (DEWA) reported a net profit of AED 2.61 billion ($707.9 million), up 37 percent year-on-year, in the second quarter of 2022 on higher energy demand. Revenue rose 14 percent year-on-year to AED 7.01 billion during the three month period ended June 30, 2022. The utility provider’s first half of 2022 […] August 11, 2022
Analysis Banking & Finance SoftBank slump not a ‘total disaster’ for Gulf wealth funds The $23.1 billion quarterly loss announced by Japan’s SoftBank Vision Fund this week may not represent a “total disaster” for its Gulf investors, according to US-based experts. Announced during President Donald Trump’s visit to Saudi Arabia in 2017, the Vision Fund is heavily backed by GCC sovereign wealth funds (SWFs). Saudi Arabia’s Public Investment Fund […] August 10, 2022
Banking & Finance Saudi’s cashless revolution well underway as investments soar Saudi Arabia’s digital payments revolution is gathering pace with point-of-sale transactions surpassing ATM cash withdrawals for the first time in the second quarter of 2022. The kingdom’s transformation into a cashless economy resulted in point-of-sale (PoS) transactions rising 16.6 percent annually in Q2 to $36.7 billion, described by the Saudi Ministry of Investment (MISA) as […] August 8, 2022
Analysis Sustainability UAE invests in future flood control after record rainfall The UAE’s recent record levels of rainfall, resulting in loss of life and flood damage, pose budgetary challenges for authorities, but also opportunities for regional infrastructure investors. The National Centre of Meteorology said last month was the wettest July in the UAE for over 40 years. It said that 234.9mm of rain fell between 22:30 […] August 5, 2022
Economy UAE and Saudi ‘bright spots’ in challenging global IPO market The UAE and Saudi Arabia bucked the global downturn in initial public offering (IPO) activity in the first half of 2022. According to the EY MENA IPO Eye report, both countries – and the wider MENA region – remain a “bright spot in a challenging market”. It witnessed a 500 percent year-on-year increase in the […] August 4, 2022
Analysis The billion-dollar question: what does it take to make a unicorn? Can the UAE meet its target of being home to 20 unicorns by 2031? Only if entrepreneurs, venture capital and the government work together to build companies that can truly “translate across borders”, according to experts. Today the UAE has just three startups valued at $1 billion: Vista Global, Emerging Market Property Group and Kitopi. […] August 1, 2022
Analysis Economy GCC embraces public-private partnerships to drive projects Public-private partnerships will become more important across a wider range of sectors in the Gulf region as countries continue to diversify their economies, say experts. With the total value of planned and unawarded projects in the GCC countries expected to reach $2 trillion, governments are seeking more private sector support in infrastructure projects delivery. “Both […] July 28, 2022
Exclusive Banking & Finance NEOM’s IPO plans welcomed by global wealth funds The Saudi Exchange inched upwards in trading today, following positive reaction to plans by the crown prince to list all companies linked to the sovereign wealth fund in the coming years, part of a wider strategy to turn Tadawul into one of the top stock markets in the world. Saudi crown prince Mohammed bin Salman […] July 26, 2022
Construction Saudi Arabia’s Neom to launch IPO by 2024 NEOM's listing is part of a strategy to make Saudi one of the world's top three bourses, MbS said as he unveiled designs for The Line July 26, 2022