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People speak in the lobby of the Dubai Financial Market. Strict IPO rules mean loss-making startups cannot go public

Tough IPO rules deter UAE tech startups from listing

The UAE’s burgeoning startup sector has helped it become a centre for tech innovation, yet almost none of these fledgling companies have gone public due to stock market regulations. Since 2021 the Dubai Financial Market (DFM) and Abu Dhabi Securities Exchange (ADX) have welcomed a flurry of initial public offerings as part-privatised government-related companies diversify […]

The Adnoc Logistics and Services board recommended a cash dividend of $130 million for the second half of 2023

Adnoc logistics subsidiary profit up 138%

Adnoc Logistics and Services (L&S) reported a 138 percent year on year increase in net profit to AED2.3 billion ($620 million) as all its business segments continued to perform strongly. Revenues at Adnoc’s logistics subsidiary rose 41 percent year on year to $2.8 billion, particularly aided by the integrated logistics division, Adnoc L&S said in a […]

Al Ansari reported that customer demand for digital channels skyrocketed, with a 94% year on year increase in transaction value

Al Ansari profit falls 16% as remittance takes a hit

UAE remittance and foreign exchange house Al Ansari Financial Services reported a 16 percent year on year decline in profit due to a drop in the remittance segment and increased expenses. The company reported a net profit of AED495 million for 2023, hoping the newly announced remittance fee hike will help offset costs and strengthen […]

Empower’s profit falls 5% despite record revenue

Empower, Dubai’s, and the world’s, largest district cooling company, reported a net profit of AED960 million ($261.37 million) for 2023, down five percent from AED1 billion in 2022. Revenue was at a record high of AED3 billion, rising 8.7 percent year on year, the company said in a statement to the Dubai bourse on Monday. […]

Investcorp co-CEO Rishi Kapoor. The Bahrain-based company says it is particularly interested in the Philippines, Indonesia and Thailand

Investcorp lines up diverse strategies for east and west 

Multibillion-dollar asset manager Investcorp Capital is planning listing activity from its companies in the east in the next six months, but sees more profit in mergers and acquisitions in the west. The Bahrain-based company, which was listed on the Abu Dhabi Stock Exchange in November, on Monday reported income of $34 million for the first […]

HSBC is among the global banks that are reported to be in talks for the upcoming Saudi Aramco share sale.

Saudi Arabia taps banks for new Aramco share sale

Saudi Arabia is set to hire banks including Citigroup, Goldman Sachs Group and HSBC Holdings for a potential secondary share sale in state oil company Aramco that could raise nearly $20 billion – up from earlier estimates of $10 billion. Bloomberg and Reuters reported that the kingdom is in talks with several banks as it […]

Thomas Pramotedham, CEO at Presight, is confident the company can use its data analytics in the climate change sector

Domestic deals push Presight AI’s profit up 5% to $155m  

Presight AI Holding, part of Abu Dhabi artificial intelligence group G42, said 2023 net profit rose 5.1 percent year on year to AED570.6 million ($155.35 million) in 2023, supported by major domestic project deployments. Revenue jumped 14.7 percent to AED1.78 billion last year from AED1.55 billion in 2022. Net profit rose marginally by 0.4 percent year on year […]

A listing ceremony at Qatar Stock Exchange. 'You need more than [IPOs] to improve stock exchange liquidity,' said one market observer

Qatar sets up $200m fund to drive trade in Doha stocks

Qatar Investment Authority has launched a $200 million fund for Doha-listed stocks as part of plans to reinvigorate trading on the country’s bourse. Trading turnover on the Qatar Stock Exchange has dropped from QAR160.4 billion ($44.1 billion) in 2022, when Russia’s invasion of Ukraine boosted the prices of Gulf hydrocarbon exports, spurring local, regional and […]

Listing requirements for companies joining Nomu are less onerous compared to Saudi Arabia’s main market

Saudi stock market Nomu poised for listings flurry

Saudi Arabia’s lower-tier stock market, Nomu, is poised for a further flurry of new listings this year as an increasing number of the kingdom’s small and mid-sized companies opt to go public to raise money and improve corporate governance standards. Since launching in 2017, Nomu, which means growth in Arabic, has swelled to 79 listed […]

Retailer Lulu has branches across the Mena region, India and the Far East. It plans a billion-dollar IPO before the end of the year

Saudi Arabia and UAE to dominate Mena IPOs in 2024

Nearly 30 companies in the Middle East and North Africa plan to launch initial public offerings this year, despite mixed share price performance from many regional businesses that went public last year, a report has found. Businesses from Saudi Arabia and the UAE will again dominate Mena IPOs in 2024, according to the report by […]

International investors Gulf markets woman walking at Dubai Financial Market

Gulf markets attracting more international investors

International investors are increasingly considering opportunities in Gulf markets, according to traders and observers. The only exception is China, where interest in investing in the Gulf remains relatively low.  GCC countries raised $6.8 billion through 29 offerings during the first nine months of 2023, buoyed by a privatisation push in Dubai, several record-breaking listings from […]

The Aramco IPO raised $30 billion and industry observers believe now is the right time for a second listing that could raise a further $10 billion

Appetite high for Aramco’s $10bn second listing

Now is the right time for the Saudi state oil company Aramco to follow through on its much-anticipated second share listing, industry experts have said. Observers believe that growing international investor appetite for the region’s stock markets makes the timing attractive. However, geopolitical regional tensions, concerns about global oil demand, and high interest rates could […]

Drake & Scull's trading ceased in November 2018 when the company disclosed losses exceeded 75 percent of its capital

Dubai bourse operator’s 2023 profit up 124% to $90m

Dubai Financial Market Company, the operator of the Dubai bourse, said net profit jumped 124 percent to AED329.4 million ($89.68 million) last year. The earnings surge was driven by a substantial increase in trading activities, capital inflow and an influx of new investors. Total revenue reached AED541.6 million in 2023, an increase of 54 percent […]

Shakhbout Medical City reported a net profit of AED14.7 million in 2023

Pure Health buys Abu Dhabi hospital stake for $150m

A subsidiary of Abu Dhabi’s Pure Health Holding has agreed to acquire Mayo Clinic’s shares in Sheikh Shakhbout Medical City for $150 million. Under the agreement, Abu Dhabi Health Services Company (Seha) will acquire 25,000 shares, or 25 percent, of the total issued shares of Sheikh Shakhbout Medical City, Pure Health said in a statement […]

Wego co-founder and WegoPro CEO Prashant Kirtane and Wego co-founder and CEO Ross Veitch

Saudi will top Gulf business travel chart, says Wego boss

Business travel to and from Saudi Arabia is expected to surpass neighbouring UAE, according to the CEO and co-founder of online travel marketplace Wego. As of the start of this month, foreign companies hoping to gain access to billions of dollars worth of government contracts must have their regional headquarters in Riyadh. The regional HQ […]

Ades Holding is expected to raise about $1.22bn from selling more than 338.72 million existing and new shares

Avalon Pharma’s market value at $437m on listing

Saudi Arabia’s Middle East Pharmaceutical Industries Company (Avalon Pharma) has priced its initial public offering (IPO) at the top of its range at SAR82 ($21.87), implying a market capitalisation of SAR1.64 billion ($437.33 million) on listing. The recorded orders during the institutional book-building stood at SAR68.27 billion, representing a coverage of 138.76 times. The retail […]

oman tourism, oman ratings, oman

Oman expects a ratings rebound but oil’s grip is strong

Oman is on course to regain its investment-grade rating but analysts say challenges remain in reducing the economy’s dependence on hydrocarbons. Standard Chartered has forecast that Oman’s continued improvements in fiscal performance, de-leveraging (lowering debt) and commitment to reform could see the sultanate’s rating rebound “as early as 2024”. The bank’s Global Focus 2024 report […]

Saudi's Almarai rolled out multiple new products in 2023 with plans to enter the seafood and frozen bakery business

Saudi F&B company Almarai Q4 profit up 4% to $100m

Saudi Arabian food and beverage company Almarai said its net profit for the final quarter of 2023 rose four percent year on year to SAR370.72 million ($98.84 million), driven by a positive performance in its core GCC markets. Saudi Arabia contributed the most to the quarterly revenue growth, driven mainly by the poultry and dairy […]