Markets Petromin reported to launch $1bn public offering Saudi Arabia’s lubricants firm Petromin is planning for its initial public offering (IPO) to raise as much as $1 billion, Bloomberg reported, citing informed sources. The company has engaged Saudi National Bank and Moelis & Co. on the planned IPO. More banks may also be added to the syndicate, they said, adding details of the […] January 16, 2023
Opinion Banking & Finance To report is to trust: How to navigate the crypto winter Transparency drives trust, and it's time that crypto exchanges report and comply just like other investible asset classes January 12, 2023
Analysis Economy Why the Middle East is now a ‘must’ for top UK companies The Middle East’s contribution to revenues of major UK-listed companies is predicted to rise to record levels in 2023 on the back of an acceleration in green energy, industrials and infrastructure sectors. Lumina Capital Advisers report that money generated from the region this year will deliver an additional £1.6 billion ($1.9 billion) to UK Plc […] January 11, 2023
Taaleem CEO plans UAE schools expansion after $204m IPO Taaleem, the first education company to be listed on the Dubai Financial Market (DFM), is planning to launch new premium school projects in the UAE “in the near future” following its successful initial public offering (IPO). The company is also on a global search for the world’s best teachers as it announced net profit increased […] January 10, 2023
Real Estate Bahrain’s Investcorp to spend $1bn on real estate across GCC Investcorp is planning to invest up to $1 billion in the GCC real estate market over the next five years, it said on Tuesday. The Bahrain-based company’s announcement follows its first property acquisition in Saudi Arabia: a 215,000-sq-ft temperature-controlled warehouse in Dammam. Investcorp is assessing $100 million worth of potential real estate investments in the […] January 10, 2023
Banking & Finance Mena to host first IPO summit with listings in high demand The Middle East’s first IPO-focused summit will take place in Dubai later this month after recent listings in the emirate proved a huge draw for international investors. Dubai Financial Market and the Dubai World Trade Centre (DWTC) have partnered to host the Mena IPO Summit – Dubai, which aims to unite the entire IPO value […] January 9, 2023
Opinion A positive outlook for Middle East trade and investment in 2023 Over the next year the Middle East will continue to be a beneficiary of inward investment from companies looking for stability in energy costs and availability December 22, 2022
Real Estate Dubai co-working startup eyes new funding as it goes global Hotdesk, an on-demand workspace booking platform based in Dubai, is preparing to launch a Series A round of funding as the startup continues to enjoy exponential growth throughout the region and globally. The company, which provides access to co-working spaces at the click of a button, was launched in 2021. It has since expanded into […] December 16, 2022
Analysis Construction Australian titan grows public-private partnerships in Gulf Plenary Group, the Australia-based investor, developer and manager of public infrastructure with assets under management worth more than $45 billion, is expanding its Middle East operations and has projects in the UAE and Bahrain in its sights. The company has opened its second office in the UAE, in Dubai, just months after launching in Abu […] December 13, 2022
Markets KFC Mena franchisee set for first GCC dual listing next week Americana Restaurants, the Middle East and North Africa franchisee of KFC and Pizza Hut, will list on the Abu Dhabi Securities Exchange (ADX) and the Saudi Exchange (Tadawul) next Monday, the two bourses said in statements on Friday. According to a circular issued by ADX, the shares will be listed on the exchange under the […] December 9, 2022
Analysis Xi Jinping visits Saudi as GCC looks east on trade When President Xi Jinping of China arrives in Saudi Arabia on Wednesday, it is likely to add further momentum to a flourishing relationship with the GCC that surpassed trade with the US and Europe combined last year. Three summits are planned during the three-day visit with over 20 agreements worth more than $29.3 billion expected […] December 7, 2022
Analysis Banking & Finance Iraq: a hidden gem for bargain-hungry tech investors Flush with oil and boasting one of the Middle East’s largest and youngest populations, war-blighted Iraq could yet be the region’s next big investment destination. Many of the apparent disadvantages of Iraq, such as being a cash-based society and low startup valuations, present opportunities for the right investors looking to use their cash for maximum […] December 6, 2022
Analysis Banking & Finance Dubai’s wealth fund hunts for opportunities after H1 profit The Investment Corporation of Dubai (ICD) said it would remain “cautious and selective” when making new investments, having reported a tenfold annual increase in net profit to $4 billion for the first six months of 2022. Described by ICD as “exceptional”, the results mark a return to pre-pandemic-level earnings by the Dubai sovereign wealth fund, […] December 2, 2022
Analysis Banking & Finance Heavy industries replace tech in Middle East funding rounds More traditional industries such as manufacturing and oil and gas services have replaced technology as the driving force behind capital flows between Europe and the Middle East, according to new research The switch comes as technology giants including Alphabet, Microsoft, Meta and Amazon reported disappointing third-quarter results and the tech-heavy Nasdaq stock market has lost […] December 1, 2022
Banking & Finance Investcorp targets mid-sized buys in $500m China investment push The Bahrain-based asset manager has launched a fund with Hong Kong's Fung Capital, to snap up family-owned firms with growth potential November 29, 2022
Markets KFC Mena franchisee generates $105bn in orders for dual IPO Americana Restaurants, the Middle East and North Africa franchisee of KFC and Pizza Hut, has set the final offer price for its upcoming initial public offering at $0.71 per share in the UAE and Saudi Arabia, the UAE state-owned WAM news agency reported. The dual listing on the Abu Dhabi Securities Exchange (ADX) and the […] November 29, 2022
Banking & Finance Younger Arabs invest in equity markets, tech and Islamic finance Nearly three-quarters of rich young Arabs believe equity markets will continue to perform well and are actively planning to invest, with regional entities, Islamic finance, technology and sustainability their key priorities. Geneva-headquartered global wealth and asset management company Lombard Odier surveyed around 200 high net worth individuals with assets of at least $1 million across […] November 24, 2022
Banking & Finance School operator Taaleem up next in string of Dubai IPOs UAE schools operator Taaleem Holdings is the latest in Dubai’s string of initial public offerings (IPOs) as the emirate continues to open up key state-owned assets for investment. Dubai’s privatisation drive this year to raise revenue and boost investor interest includes the listing of 18 percent of utility company Dewa on the Dubai Financial Market. It […] November 18, 2022
Markets KFC Mena franchisee Americana doubles UAE retail size of IPO Americana Restaurants, the Middle East and North Africa franchisee of fast-food restaurants KFC and Pizza Hut, has doubled the UAE retail offer for its initial public offering (IPO) from five percent to 10 percent of the total offering. The move makes the UAE retail offer equivalent to Saudi Arabia, the company said in a statement. […] November 18, 2022
Health Venture capital firm to bring healthcare technology to the UAE An Abu Dhabi-based venture capital firm has obtained approval from regulators to invite investors into healthcare startups in the US and elsewhere with a view to bringing specialist technology to the Middle East. Biosis Ventures said this week it had in principle received permission from the Abu Dhabi Global Market to offer venture capital products […] November 17, 2022
Banking & Finance Digital bank launches Gulf’s first IPO subscription service Customers of online bank Liv. can now subscribe to an IPO in its app, a first for a digital lender in the region. Liv., which is owned by Dubai’s Emirates NBD, is launching a digital platform that will allow investors to register their interest for upcoming IPOs and will provide information on individual listings, such […] November 16, 2022
Construction Saudi’s $500bn Neom targets Berlin and Paris for investment Neom, the $500 billion futuristic city being built in Saudi Arabia, is targeting potential business partners in Europe as part of its ongoing efforts to attract investors. Located in a vast region in the northwest of the kingdom, Neom is at the heart of Crown Prince Mohammed bin Salman’s Vision 2030 drive to diversify the […] November 16, 2022