Analysis Sustainability 30 of the most sustainable companies in the Middle East With Cop27 beginning today in Egypt, we focus on 30 businesses tackling the social and environmental challenges that threaten the region Middle Eastern companies large and small are going green as they realise the environmental and commercial potential of being socially conscious. Governments are also focusing on sustainability, placing green projects at the heart of […] November 6, 2022
Tech IPO juggernaut Bayanat eyes driverless vehicle acquisitions Abu Dhabi’s geospatial and data analytics firm Bayanat AI Plc expects its next wave of growth to come from the driverless vehicles segment and is in the market for potential acquisitions. The company this week recorded the best first-day performance of any global stock market listing of at least $100 million this year. It nearly […] November 3, 2022
UAE’s Taaleem to raise $204m from IPO on Dubai bourse Taaleem Holdings, the UAE-based K-12 premium education provider with 26 schools, will launch an initial public offering on the Dubai Financial Market to raise AED 750 million ($204.19 million) to expand its network. The company will offer 10 percent of its shares to retail investors starting November 10 and 88 percent to professional investors on […] October 31, 2022
Banking and Finance Jared Kushner’s firm leads $200m funding for Dubizzle’s owner UAE-based unicorn Emerging Markets Property Group (EMPG) has completed a $200 million investment led by Affinity Partners, a global firm launched in 2021 by former US president Donald Trump’s son-in-law Jared Kushner. EMPG owns leading UAE classifieds platforms Bayut and Dubizzle, along with several platforms across emerging markets focused on Mena, South and Southeast Asia. The investment round […] October 28, 2022
Analysis Mena markets buck global IPO downturn The Middle East and North Africa (Mena’s) IPO market continued to “forge its own path” during the first nine months of 2022, showing significant growth while the global landscape remained subdued. According to the latest EY Mena IPO Eye report, the Mena region witnessed a 288 percent year-on-year increase in the number of companies listing […] October 26, 2022
Real Estate Rising business occupancy boosts profits for Tecom Tecom Group, the Dubai-based operator of business parks and free zones, announced today that third quarter revenue rose by 12.5 percent year-on-year, driven by rising occupancy levels. Revenue reached $133.4 million as demand rose across the Tecom portfolio for office, warehouse and worker accommodation. The company, which is owned by the investment vehicle of Dubai’s […] October 26, 2022
Analysis Tech IHC sets out plan to create Mena’s largest tech company International Holding Company (IHC), the Abu Dhabi-based conglomerate, plans to create the largest tech holding company in the Middle East and North Africa (Mena) region. IHC said it wants to scale up its IT businesses as part of the long-term strategy to grow its capacity in the tech industry across different sectors. The company added […] October 24, 2022
Banking and Finance Empower targets Gulf expansion with IPO cash boost Dubai’s Emirates Central Cooling Systems Corporation (Empower) plans to launch its initial public offering (IPO) on the Dubai Financial Market on November 16, as it eyes expansion to neighbouring Gulf states, company executives said on Monday. Subscriptions will open on October 31 and close on November 7. Final pricing will be set on November 9 […] October 24, 2022
Energy Saudi Aramco’s trading unit said to list on Tadawul by early 2023 Saudi Aramco is working with advisers for a possible listing of Aramco Trading, its energy-trading business, on the Saudi Exchange (Tadawul) by year-end or early 2023, Bloomberg reported, citing sources. The Saudi-listed oil company is adding more banks to the IPO, which could value the unit at more than $30 billion. In May, the news […] October 20, 2022
Aviation Etihad names new CEO as airline confirms Tony Douglas exit Etihad Aviation Group named Antonoaldo Neves its new CEO today after confirming the departure of Tony Douglas, who is understood to be taking the helm at a new airline in Saudi Arabia. Neves was announced as group CEO while Douglas will serve during his transition period as an advisor to the board of ADQ Aviation […] October 19, 2022
Markets Gulf countries defy global gloom with bond sale plans Saudi Arabia, Mubadala and Emirates NBD are preparing to sell bonds and sukuk, despite market volatility that has put off other issuers October 18, 2022
Analysis MENA startup valuations take a hit as funding tightens Funding for startups in the Middle East and North Africa (MENA) has continued to decline this year, in line with global trends, but industry experts remain optimistic that the end of the year will see a resurgence. The tightening of cash has also meant investors are looking for increasingly bigger stakes, resulting in startup valuations […] October 18, 2022
Analysis Economy Egypt aims to double private sector to tackle economic woes Weakened by the consequences of the war in Ukraine, Egypt has been forced to negotiate a new loan from the International Monetary Fund and wants to double the private sector’s share in its economy. By 2025 Egypt’s government wants the country’s private sector’s investment contribution to more than double to 65 percent from the current […] October 17, 2022
Retail Lulu Group targets Iraq and Africa ahead of Abu Dhabi IPO Lulu Group International is planning a listing on the Abu Dhabi Securities Exchange in 2023 and has hired investment bank Moelis & Co to advise it. The supermarket chain, which has its headquarters in Abu Dhabi, also confirmed to AGBI that it will add new outlets to its network as it consolidates in the Middle […] October 14, 2022
Dubai funds Indian VC raising $225m to back domestic growth Indian VC firm Fireside Ventures has raised $225 million for its third fund to back domestic consumer brands, with backers including Investment Corp of Dubai (ICD). The investment in 25 to 30 Indian startups is the latest bet on Asia’s third largest economy, as startup funding dries up globally. The early-stage investor said the new […] October 12, 2022
Analysis Banking and Finance UAE government’s IPO juggernaut raises $13.3bn and counting A flurry of government-backed initial public offerings (IPOs) on the Dubai and Abu Dhabi stock markets has helped rejuvenate UAE bourses, as local and international investors seek exposure to the country’s buoyant economy. While Europe and the US fret over soaring inflation and likely recession, and most emerging market currencies wilt versus the dollar, Gulf […] October 12, 2022
Health UAE hospital operator Burjeel in share surge on $300m IPO debut The healthcare firm offered 11% of its shares on the ADX as proceeds from Middle Eastern IPOs continue to rise, bucking the global trend October 10, 2022
Markets Oman to list state-owned entities to boost sultanate’s capital market State-owned enterprises that are part of Oman Investment Authority (OIA) are gearing up for privatisation through listing on the Muscat Stock Exchange (MSX), the Oman Daily Observer said, citing bourse CEO Haitham bin Salim Al Salmi. The proposals are aimed at boosting the growth of the country’s capital market over the next five years. The […] October 9, 2022
Retail India’s Ferns N Petals blossoms in the Middle East Indian flower and gifting company Ferns N Petals is forecasting 50 percent annual growth in the Middle East as it expands into more markets including Saudi Arabia, ahead of a potential stock market listing within three years. Established in New Delhi in 1994, Ferns N Petals is one of the largest floral retail chains in […] October 3, 2022
Food & Drink Five Guys to expand in the UAE Fast food chain Five Guys is gearing up to make its debut in Sharjah and Al Ain as it looks to build on its network of outlets across the UAE. The US burger brand is also planning to develop its cloud kitchen network which began in the UAE at the height of the coronavirus pandemic. […] September 29, 2022
Dubai’s GEMS Education owners mull $6bn stake sale UAE-based private school operator GEMS Education is planning to sell a controlling stake in the business or a market listing in a potential exit route, Bloomberg reported, citing people familiar with the matter. Private equity firm CVC Capital Partners and GEMS founder Sunny Varkey may sell their stakes, which could be valued at as much […] September 27, 2022
Markets UAE health firm Burjeel to offer 11% stake in October IPO Abu Dhabi-based hospital operator Burjeel Holdings plans to offer an 11 percent stake in an initial public offering on the Abu Dhabi Securities Exchange, the company said in a statement on Monday. Burjeel will be the first private company to be listed on the Abu Dhabi exchange since 2011. The company intends to offer about […] September 26, 2022
