Finance $5bn of trade on the table as Abu Dhabi and Israel grow ever closer A top level delegation of 10 Abu Dhabi entities has returned from Tel Aviv as experts predict bilateral trade between the UAE and Israel could reach $5 billion by 2025. Led by the Abu Dhabi Investment Office (Adio), the delegation included Abu Dhabi Global Market, Abu Dhabi Residents Office, Hub71, Abu Dhabi IPO Fund, Masdar […] February 23, 2023
Markets Oman’s OQ subsidiary Abraj Energy launches IPO The initial public offering (IPO) of Abraj Energy Services, a subsidiary of Oman’s state energy company OQ, opens today, February 20, 2023. A total of 49 percent of the issued capital, or 377.398 million shares, will be put up for sale, raising up to $244 million. The selling shareholders will have the right to adjust the IPO […] February 20, 2023
Retail UAE companies join ranking of elite brands UAE businesses including Adnoc, Dubai Duty Free and RAK Hospital have been recognised by the organisation that ranks elite brands around the world. Superbrands UAE welcomed its latest cohort of 29 brands, which also included Al Rostamani Group, Aster DM Healthcare, Hamriyah Free Zone Authority, Nando’s and Tabasco. The chosen few were selected from thousands […] February 17, 2023
Economy Abu Dhabi flexes economic muscles with 10.5% growth spurt Abu Dhabi’s economy is “proving its superiority” after producing the highest growth in the Middle East and North Africa during the first nine months of 2022. Statistics Centre Abu Dhabi said on Tuesday that it estimates that growth in GDP touched 10.5 percent compared to the same period of 2021. Ahmed Jasim Al Zaabi, chairman […] February 14, 2023
Markets Saudi Arabia has 23 IPOs in the pipeline as it builds on busy year Saudi Arabia has more than 20 companies on the launchpad for initial public offerings, according to its financial regulator, as the Tadawul stock exchange looks to build on its strong run. Mohammed El Kuwaiz, chairman of the Capital Market Authority, told the Saudi Capital Market Forum on Sunday that 23 businesses had been approved for […] February 14, 2023
Markets Hong Kong exchange courts Middle East companies The Hong Kong stock exchange has renewed its efforts to attract listings by Middle East companies, including Saudi Aramco. Christopher Hui, secretary for financial services and the treasury in Hong Kong, confirmed interest from Middle Eastern companies during a week-long tour of the region by a 30-strong delegation. The tour aims to promote Hong Kong […] February 10, 2023
Dewa’s 2022 profit rises 22% on higher power and water demand Dubai utility provider Dubai Electricity and Water Authority (Dewa) reported a net profit of AED8 billion ($2.18 billion) in 2022, up 22 percent year-on-year, due to higher power and water demand. Consolidated revenue increased 15 percent year-on-year to AED27.35 billion in 2022, the UAE state-owned WAM news agency reported. Net profit and revenue for the […] February 9, 2023
Energy Adnoc Gas IPO tipped to break record for Abu Dhabi exchange Adnoc’s listing of its gas business could take place as soon as this month – and become the largest IPO on the Abu Dhabi Securities Exchange, according to reports. The state-owned oil giant is looking at a valuation of at least $50 billion for Adnoc Gas, two sources close to the matter have told Reuters. […] February 3, 2023
Analysis Banking and Finance Middle East stock markets set to continue strong run of IPOs The stock markets in the Middle East and North Africa are preparing for a strong pipeline of initial public offerings (IPOs) in the coming months. Bourses across the region are looking to build on the success of 2022 when it saw a record number of 51 IPOs and combined proceeds of $22 billion. Abu Dhabi […] February 1, 2023
Markets DFM operator net profit surges 42% to $40m in 2022 Dubai Financial Market Company reported net profit of AED147.1 million ($40.05 million) for 2022, a year-on-year increase of 41.7 percent. Total revenue reached AED351.2 million, a year-on-year increase of 19 percent. The board of directors recommended a cash dividend of AED134.7 million, equivalent to 1.68 percent of the capital and 100 percent of the total […] February 1, 2023
Banking and Finance Chauffeur firm gains UAE investor for premium Gulf service Chauffeur operator Blacklane has attracted investment from Dubai conglomerate Gargash Group, as it aims to offer Gulf passengers a more luxurious alternative to ride-hailing apps such as Uber and Careem. Founded in Berlin in 2011, Blacklane is active in around 50 countries. It launched in the Gulf in 2016 and currently operates in Dubai, Abu […] January 31, 2023
Markets Egypt to announce listing of state-owned companies shortly Egypt’s cabinet will announce the country’s plans to list state-owned companies on the Egyptian Exchange (EGX) during 2023, Ahram Online reported, citing Prime Minister Mostafa Madbouly. “In less than two weeks, the cabinet will fully announce the plan to offer all [mandated] companies on the Egyptian exchange in 2023,” he stated. The step follows the recently […] January 29, 2023
Banking and Finance ‘Pent-up demand’ to lift GCC markets, says law firm boss Appetite for GCC debt and equity will pick up this year after a sluggish 12 months, as investors take comfort in a more predictable interest rate environment and the region’s relative political calm. That is according to Jonathan Fried, Middle East managing partner of global law firm Linklaters, who took over the reins heading up […] January 27, 2023
Banking and Finance UAE capital markets set for ‘significant growth’, says regulator If 2022 was a year of recovery from the economic effects of the coronavirus pandemic, then 2023 will witness “significant growth” in the UAE capital markets. Mohamed Khalifa Al Hadari, deputy CEO of the Emirates Securities and Commodities Authority, told the inaugural Mena IPO Summit in Dubai that there are 11 initial public offerings (IPOs) […] January 25, 2023
Markets Management consultancy for PIF said to list on Saudi market Saudi-based management consultancy TAM Development Co. is planning an initial public offering (IPO) in the first half of the year, Bloomberg reported, citing CEO Abdullah Yousef. TAM is planning to list on the kingdom’s small-cap market, he added, with plans to move to the main exchange within two years. The consultancy derives most of its […] January 23, 2023
Banking and Finance UAE is in ‘first division’ of financial literacy The UAE is in the ‘first division’ when it comes to financial literacy, according to Alex Fraser, CEO of the London Institute Banking and Finance (LIBF). With just one third of adults worldwide being financially literate, according to Standard & Poor’s Ratings Services Global Financial Literacy Survey, the LIBF is involved in the global challenge […] January 22, 2023
Analysis Banking and Finance Rising global interest sets Dubai IPOs on course for strong 2023 Global stock markets may have suffered heavy losses but bourses in the Middle East and North Africa are thriving, recording 42 listings in 2022 and with a healthy pipeline of activity planned for the year ahead. According to Bloomberg data, Mena initial public offerings (IPOs) raised over $18 billion in 2022. This represents 47 percent […] January 20, 2023
Banking and Finance Qatari bank Dukhan set to list on Doha’s main market Dukhan Bank, Qatar’s fifth-largest bank, is planning to go public and list on the Doha stock exchange. The bank, which has total assets in excess of QR100 billion ($27.5 billion), agreed the proposal at an extraordinary general assembly meeting on Sunday. Its share capital will be listed on the main market of the Qatar Stock Exchange […] January 17, 2023
Retail Dubai Mall shoppers up 20% on pre-Covid levels, says Alabbar Visitor numbers at the Dubai Mall are a fifth higher than they were before the coronavirus pandemic, said Mohamed Alabbar, founder and chairman of Emaar Properties, the developer of both the Dubai Mall and Burj Khalifa. Alabbar said economic recovery from the pandemic is not only complete, but has exceeded 2019 figures. Footfall at the […] January 17, 2023
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 and 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
