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The listing of Amanat's education business is anticipated in the first half of 2025

Amanat hires SNB Capital for education business IPO

Amanat Holdings, a Dubai-listed investment company, has appointed SNB Capital to manage the proposed sale of a 30 percent stake in its education business through an initial public offering (IPO) in Saudi Arabia next year. The listing is anticipated in the first half of 2025, which will raise $300 million, Reuters reported, citing unnamed sources. […]

A Dubai supermarket. Recent successful listings by UAE retailers could bode well for Union Coop

UAE retailer Union Coop explores going public

Dubai retailer and mall owner Union Coop has begun exploring a transition from a consumer cooperative society to a public joint-stock company.  The company said the move is aimed at increasing its presence, expanding its operations and maximising its financial resources. Dubai-based law firm Al Tamimi Company has been appointed to conduct a study exploring the […]

Egypt United Bank IPO

Retail investors offered 1.5% of Egypt’s United Bank in IPO

A small stake in Egypt’s United Bank is to be offered to retail investors on Wednesday, when 16.5 million shares of the state-owned bank will be floated on the Egyptian Exchange as part of an IPO. The retail tranche, 1.5 percent of the bank’s shares, is part of an initial public offering of 330 million […]

Nice One has more than 1,200 international and local brands as well as its own

Saudi beauty ecommerce site Nice One announces IPO

Nice One Beauty Digital Marketing, the largest beauty and personal care ecommerce platform in Saudi Arabia, has announced plans to launch an initial public offering of 30 percent of its shares on the Saudi market. The announcement comes after approval from the Capital Market Authority to offer 34,650,000 ordinary shares. No further information on share […]

Lulu's revenue rose to $1.86bn, driven by strong sales performances in the UAE, Saudi Arabia and Kuwait

Lulu Q3 profit rises 126% as revenue hits $1.9bn

Lulu Retail Holdings, the largest grocery retailer in the GCC, reported a 126 percent year-on-year increase in net profit to $35.1 million in the third quarter of 2024. The company cited improved operating profit and cost management for the rise. Revenue rose to $1.86 billion, up 6 percent on last year, driven by a strong […]

Listing is seen as a way to professionalise family-run companies, but Mishal Kanoo argues that it does not fundamentally change family dynamics

The No 1 problem in a family business? ‘Not business, but family’

Public listings offer access to capital markets but they do not resolve the issues that often plague family businesses, the chairman of one of the Gulf’s largest and oldest family-owned conglomerates has told AGBI. Those challenges are governance, mindset and personal dynamics, said Mishal Kanoo, chairman of the Kanoo Group.  “Not a lot of people […]

Turkey will not sell stakes in state energy companies to a single private company or consortium, the energy minister said

Turkey targets IPOs for state energy companies

Turkey is preparing to launch initial public offerings (IPOs) for its state-run energy companies to enhance their institutional structures, energy minister Alparslan Bayraktar has said. The companies include electricity transmission operator Teias, electricity producer EUAS, gas grid operator Botas, and oil and gas company TPAO, Reuters reported, citing the minister’s briefing to a parliamentary commission. […]

Among the UAE companies that have listed since 2021, the top nine performers are majority owned by Dubai or Abu Dhabi

State-backed UAE companies lead the pack for share price gains

The stock market performance of UAE companies that have gone public in the past few years varies greatly – but government-backed businesses have delivered the biggest gains. There have been 21 notable initial public offerings of UAE companies since the start of 2021 – 13 on the Abu Dhabi Securities Exchange and eight on the […]

Bahrain Bourse is one of the Gulf's smaller exchanges, with a market cap of about $20bn

More companies tipped to list on Bahrain Bourse

AlAbraaj Restaurants Group’s debut on Bahrain Bourse – the first listing on the exchange in more than five years – will pave the way for more activity, experts have told AGBI. The AlAbraaj initial public offering (IPO) this month is the first since the listing of APM Terminals Bahrain in 2018, according to consultancy EY. […]

Roshn was established to deliver 400,000 homes under the Vision 2030 goal of reaching 70 percent homeownership; ownership was at 64 percent in 2023

Banks vying to fund Roshn’s Saudi expansion

Saudi real estate developer Roshn, a subsidiary of the Public Investment Fund (PIF), is reporting strong interest from banks eager to finance its projects, and demand is so high that some lenders have been turned away, according to a senior executive. In contrast to this momentum, Saudi Arabia’s other giga-projects face financing constraints, with resources […]

The Saudi Telecom share sale will take place pre-trading on Thursday through off-market negotiated deals

PIF’s $1bn Saudi Telecom sale could be sign of things to come

Saudi Arabia’s Public Investment Fund has offloaded a $1 billion stake in the kingdom’s former telecoms monopoly in a deal that could mark the start of further equity sales as government entities seek to raise money for infrastructure spending. In October, the International Monetary Fund lowered its GDP growth prediction for Saudi Arabia this year […]

Computer Hardware, Electronics, Hardware

Egypt’s United Bank set to raise $104m from listing

Egypt’s United Bank is set to raise between EGP4.2 billion and EGP5.1 billion ($85-104 million) through an initial public offering (IPO) on the Egyptian stock exchange. The bank set the indicative price range of EGP12.7 to EGP15.6 per share, according to local media reports. The final price will be determined through a book-building process. In […]

UIHC is the parent company of Tasheel Finance, an Islamic consumer finance operator

Saudi finance firm UIHC’s IPO 132 times oversubscribed

United International Holding Company (UIHC) has received orders worth SAR131 billion ($34.8 billion) for its upcoming initial public offering on the Tadawul, the company announced on Tuesday.  The Saudi Arabian financial services firm’s IPO was oversubscribed 132 times. The final price was set at SAR132 per share, implying a market capitalisation of SAR3,300 million at […]

AlAbraaj has several franchises in Saudi Arabia, including Mezza-W-Mashawi at Riyadh's King Khalid airport

Restaurant chain AlAbraaj plans IPO on Bahrain Bourse

AlAbraaj Restaurants Group is planning to list on Bahrain Bourse before the end of 2024. Founded in 1987, the restaurant chain manages 15 brands across 37 locations in Bahrain. It employs about 1,200 people. AlAbraaj also franchises five restaurants, three of which are in Saudi Arabia – Khobar, Jeddah and Riyadh. The company is finalising […]

A Talabat delivery driver in Doha, Qatar

Talabat focusing on core markets ahead of listing, says CFO

Food delivery app Talabat aims to prioritise organic growth over geographical expansion, its chief financial officer says, as it prepares to launch one of the region’s largest listings. Delivery Hero, the German parent company of the UAE-headquartered app, announced on Monday that it plans to sell a 15 percent stake in Talabat.  The initial public […]

Talabat IPO: it has more than 119,000 riders on its platform

Talabat plans to list 15% on Dubai bourse via IPO

Talabat Holding, a UAE-based online food ordering and delivery platform, plans to list 15 percent of its share capital on the Dubai Financial Market (DFM). Nearly 3.49 billion shares, each with a nominal value of AED 0.04, will be divested through the initial public offering. The shares will be offered by the sole shareholder, Delivery […]

Talabat couriers in Abu Dhabi. The company operates in eight countries across the Mena region

Talabat profits soar ahead of planned IPO

Food delivery company Talabat reported a 46 percent increase in third-quarter profits ahead of its planned IPO.  Delivery Hero, the Berlin-headquartered parent company of the business, said net income reached $98 million in the three months, up from $67 million the previous year. It said the increased profit was due to improved logistics efficiency, continued […]

Based on the offer price range, Lulu is set to list with a market capitalisation of between AED20.04bn and AED21.07bn

High demand leads Lulu to upsize IPO stake to 30%

Lulu Retail Holdings has increased the size of its initial public offering (IPO) by 5 percent to 30 percent to potentially raise AED6.32 billion ($1.72 billion) on the Abu Dhabi Securities Exchange (ADX) following high demand from investors. The retail chain operator in the Middle East initially offered a 25 percent stake sale. The total […]

Investors check prices at Oman's stock exchange. OQ Base Industries is due to list in December

OQ’s methanol unit is latest in Oman’s privatisation push

OQ Base Industries is to sell up to 49 percent of its shares through an initial public offering in Oman – the fourth flotation of an OQ subsidiary since March 2023. The Omani state oil company raised OR748.8 million ($1.94 billion) in October by offloading a 25 percent stake in its upstream subsidiary OQ Exploration […]

MBC is one of the largest media and entertainment companies in the Mena region, operating 13 free-to-air television channels

PIF to acquire 54% stake in MBC Group for $2bn

Saudi Arabia’s Public Investment Fund (PIF) has agreed to acquire a 54 percent stake in MBC Group for SAR7.5 billion ($2 billion). The fund will buy Istedamah Holding Company’s entire stake through a private transaction priced at SAR41.60 per share, MBC Group said in a statement to the Saudi stock exchange on Sunday. The transaction […]

Multi-ethnic group of people on a business meeting in the UAE

PIF to back Brookfield Middle East fund

Saudi Arabia’s Public Investment Fund (PIF) plans to back Brookfield Asset Management’s new $2 billion Middle East fund, helping the Canadian investment firm pursue deals in the Gulf. The investment platform, known as Brookfield Middle East Partners, will target $2 billion from a range of investors and intends to focus on buyouts and structured solutions, […]

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Lulu aims to raise $1.4bn from Abu Dhabi IPO listing

Lulu Retail Holdings, the largest grocery retailer in the GCC, has announced a price range of between AED1.94 and AED2.04 per share for its much-anticipated IPO on the Abu Dhabi Stock Exchange (ADX). If all the 2.8 billion shares offered, a quarter of the total holding, are sold, the size of the offering will be […]