Markets Adnoc ups IPO of maritime logistics unit to 19% Abu Dhabi National Oil Company (Adnoc) has increased the stake size in its maritime logistics subsidiary’s initial public offering (IPO) following high investor demand. The oil company will now offer 19 percent of Adnoc Logistics & Services (Adnoc L&S) in the IPO, up from 15 percent, potentially raising $769 million based on the top end […] May 23, 2023
Markets Saudi aims for 24 IPOs on Tadawul by end of 2023 Saudi Arabia hopes to list more than 24 companies on its stock exchange this year, the Capital Market Authority has said. The Saudi regulator’s annual report, released on Sunday, said the kingdom also plans to increase foreign investments in the Tadawul. By the end of 2023, it wants foreign owned shares to make up 16.5 […] May 22, 2023
Health Gulf insurers paid out only $80m in Covid death claims Gulf insurance firms paid out only around $80 million in Covid-19 death-related claims over the last three years, according to AGBI calculations based on industry data. The low amount in the Gulf reflects the low uptake of life insurance policies in the region, where the average life insurance penetration is only 0.1 percent compared with […] May 19, 2023
Markets Saudi’s First Milling sets price range for IPO Saudi Arabia’s First Milling Company has set the price range for its initial public offering at SAR55 to SAR60 ($14.67 to $16.00) per share, giving a market capitalisation between SAR3.05 billion and SAR3.3 billion at the time of listing. The IPO subscription, which started on May 18, will end on June 7, with the listing […] May 19, 2023
Energy New appointments to boost Aramco’s oil business growth Aramco has named Nasir Al Naimi as president of its upstream business and Mohammed Al Qahtani as president of its downstream business. Aramco president and CEO Amin Nasser said he expected these newly created positions to help drive operational and financial performance and support the oil firm’s ambition “to achieve net-zero Scope 1 and Scope […] May 18, 2023
Markets Saudi’s first privatised mill to offer 30% stake in IPO First Milling Company, the first mill to be privatised in Saudi Arabia, is planning to launch an initial public offering (IPO) on the Saudi Exchange (Tadawul). The company will offload 16.65 million shares, resulting in a free float of 30 percent of the flour milling company’s share capital, it said in an IPO document. The […] May 18, 2023
Video length: 04:29 VIDEO Banking and Finance UAE family businesses: ‘bigger cake, bigger problem’ Inefficient governance and incomplete succession planning are the two main challenges facing UAE family businesses, says the chairman of Dubai Chambers. Over the past 50 years family businesses have evolved from being small operations to multi-billion-dollar conglomerates. The sector now accounts for 60 percent of the country’s GDP. “The bigger the cake, the bigger the […] May 17, 2023
Markets Morabaha Marina plans to raise up to $83.4m in IPO Non-bank finance institution Morabaha Marina Financing Company plans to raise up to SAR312.9 million ($83.43 million) in an initial public offering (IPO) on the Saudi Exchange (Tadawul). The Riyadh-headquartered company intends to sell a 30 percent stake, or 21.4 million shares, at a price range between SAR13 and SAR14.6 per share. The final offer price […] May 15, 2023
Economy Salik profit down 4.1% despite record toll revenue Dubai toll operator Salik reported a 4.1 percent decrease in Q1 net profit, despite toll usage revenue hitting a record AED454 million ($124 million). Salik’s quarterly toll revenue was the highest since the start of operations in 2007 – representing an eight percent annual increase – but net profit stood at AED275 million mainly due […] May 12, 2023
Analysis Banking and Finance Tadawul and DFM are overvalued, data shows The companies that operate Dubai and Saudi Arabia’s bourses are providing investors with scant returns because of high valuations and low dividend yields following a prolonged Gulf stock trading slump. Dubai Financial Market (DFM) was the first Gulf bourse to go public, in 2007, while Boursa Kuwait and Saudi Tadawul Group followed suit in 2020 […] May 11, 2023
Markets Mena IPO pipeline ‘healthy’ after fall in Q1 listings A “healthy pipeline” of initial public offerings lies ahead for the remainder of this year, experts have told AGBI, despite a fall in Middle East and North African listings in the first quarter. According to the EY Mena IPO Eye Q1 2023 report, the quarter saw 10 stock market listings with combined proceeds of $3.4 […] May 10, 2023
Markets Adnoc to float 15% of its maritime logistics subsidiary UAE’s Abu Dhabi National Oil Company (Adnoc) will float a 15 percent minority stake in its maritime logistics subsidiary, as the Gulf state ramps up plans to list government-backed entities. The listing for Adnoc Logistics & Services (L&S) on the Abu Dhabi Securities Exchange is expected to open on May 16, the UAE state-owned Wam […] May 10, 2023
Energy Revenues power up by 7.3% at Dewa Dubai Electricity and Water Authority (Dewa) has reported revenues of AED763 million ($207.78 million) for the first quarter of the year amid increased demand from customers across the board. The Dubai listed company’s first quarter consolidated revenue increase of 7.3 percent year-on-year to AED 5.44 billion was mainly driven by an increase in demand for […] May 8, 2023
Business of Sport G42 to give Mercedes a push in Formula One The Mercedes Formula One team is relying on a partnership with an Abu Dhabi based tech company to develop artificial intelligence to give it an edge on the track. A multi-year deal aims to harness the potential of AI as the two companies explore ways to embed software and tech solutions in the team’s operations, […] May 5, 2023
Tourism Saudi Arabia’s wealth fund in talks to buy stake in Flynas Saudi Arabia’s Public Investment Fund (PIF) is in talks to buy a stake in Flynas, a Riyadh-headquartered low-cost carrier, Bloomberg reported, citing informed sources. Goldman Sachs Group is advising shareholders on the potential sale to the sovereign fund. The airline is partly owned by Prince Alwaleed bin Talal’s Kingdom Holding Co., in which PIF purchased […] April 28, 2023
Markets Oman hopes to emulate Gulf neighbours in IPO push Oman has belatedly launched a renewed part-privatisation drive and plans to float stakes in dozens of state-owned companies, following the success of similar programmes in Dubai and Abu Dhabi. The sales aim to boost Omani state coffers and diversify equity listings on the rebranded Muscat Stock Exchange (MSX) – until April 2021, the Muscat Securities […] April 24, 2023
Tech AD Ports digital arm buys customs systems firm Maqta Gateway, the digital arm of AD Ports Group, has acquired TTEK Inc, a developer of border control solutions and customs systems, in a deal worth $26.7 million. The acquisition involves an upfront payment of $17.1 million and adds to Maqta Gateway’s digital trade solutions portfolio, which uses disruptive technologies such as artificial intelligence, machine […] April 24, 2023
EXCLUSIVE Tech RedSea rules out listing in search for growth Sustainable agriculture business RedSea has revealed plans to raise extra funds, but has ruled out a listing for the company for the moment. Founded in 2018 by plant scientist Mark Tester, agriculture engineering expert Ryan Lefers and material scientist Derya Baran, the Saudi-based agtech startup aims to find ways to feed populations in the face […] April 24, 2023
Health Burjeel Holdings plans to triple its medical tourism Burjeel Holdings has revealed plans to triple its medical tourism business by the end of the decade. The UAE-based private healthcare services provider has a network of 61 assets, including 16 hospitals and 23 medical centres, as well as pharmacies and other services. CEO John Sunil, who has been with the company for 12 years, […] April 24, 2023
Analysis Markets Domestic markets best for Mena investors, says expert Gulf stock markets bucked a worldwide trend in 2022. While the MSCI Emerging Market index lost 20 per cent over the year and global stock and bond markets were engulfed by gloom, equity benchmarks in Saudi Arabia and Abu Dhabi reached multi-year peaks in May and November, respectively. This year the mood has been more […] April 21, 2023
Health M42 buys European dialysis group Diaverum Abu Dhabi’s newest tech-enabled healthcare company, M42, has made its first investment with the acquisition of Diaverum, a global renal care service provider. The value of the deal for Bridgepoint Group’s European dialysis clinic chain was not disclosed, although previous reports by Bloomberg suggest it could be in the region of $2.5 billion. M42 launched […] April 19, 2023
Markets Saudi Tadawul profit down 35% as trading values halve Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, on Sunday reported a 35 percent decline in first-quarter profit, as the value of trading dropped by 50 percent and costs increased. The company reported a net profit after zakat of SAR 90.8 million ($24.21 million) for the first three months of this […] April 17, 2023
