Banking & Finance Late-stage funding tumbles for UAE tech startups Late-stage funding for UAE technology startups has declined sharply in recent months as the region’s risk-averse venture capitalists shy away from larger, high-stakes investments. The latest report by Indian market intelligence platform Tracxn showed only $25 million was allocated to late-stage startups in Q3 2023, a year-on-year drop of 75 percent. It reflects investors’ growing […] October 9, 2023
Opinion People & Lifestyle The hopes – and insecurities – of Russian exiles in Dubai The fact is that if you land on your feet in Dubai, there is little to pull you back home October 6, 2023
Transport Saudi Logistics’ institutional order book hits $49bn The institutional book-building for Saudi Logistics Services Company’s (SAL) initial public offering generated an order book of SAR182.4 billion ($48.63 billion), meaning it was 72 times oversubscribed. The IPO price was finalised top of the range at SAR106 per share, implying a market capitalisation of SAR8.48 billion on listing, the company said in a statement. […] October 6, 2023
Leisure & Hospitality Oman’s luxury hotels report 26% rise in revenues to $360m Luxury hotels in Oman reported double-digit growth in the year to August, driven by a surge in foreign tourists. Revenues of three-to-five-star hotels grew by 26.3 percent year on year to OMR 138.38 million ($359.43 million), the state-run Oman News Agency reported, quoting data released by the National Centre for Statistics and Information. The number […] October 4, 2023
Finance Oman’s total foreign assets rise 27% to $18bn Total foreign assets at the Central Bank of Oman (CBO) increased 27.4 percent year on year to OMR 6.86 billion ($17.82 billion) by the end of July 2023. Local liquidity stood at OMR21.36 billion, an increase of 4.9 percent year on year, state-owned Oman News Agency reported, citing National Centre for Statistics and Information (NSCI). […] October 3, 2023
Finance Saudi fund SVC’s $30m to energise Middle East startups State-owned Saudi Venture Capital (SVC) is investing $30 million in a fund that will invest in startups and growth-stage companies from the Middle East. Fund III will be managed by Impact46, a Riyadh-based asset management and advisory firm, state-run SPA news agency reported. The SVC fund will invest in Saudi growth-stage companies and businesses up […] October 3, 2023
Finance Saudi Arabia’s stock market cap rises 5% to $3 trillion Saudi Arabia’s total stock market capitalisation reached SAR 11.41 trillion ($3.04 trillion), rising 5.33 percent year-on-year in the first nine months of 2023, according to a report issued by the Saudi stock exchange (Tadawul). Tadawul All Share Index (Tasi) closed at 11,055.96 points, down 349.36 points in the year to September, or just over 3 […] October 2, 2023
Tourism $1bn tourism school to open in Saudi’s Qiddiya Saudi Arabia plans to build a $1 billion tourism school in the Qiddiya sports, culture and entertainment city giga-project. The Riyadh School for Tourism and Hospitality will train workers from around the world, not only Saudi Arabia, tourism minister Ahmed Al-Khateeb told a UN World Tourism Organization gathering in the capital. The training headquarters at […] September 27, 2023
Finance Fitch raises Oman’s credit rating on lower external debt Fitch Ratings has upgraded Oman’s credit rating to BB+ from BB with a stable outlook as lower external debt has reduced liquidity risks. The upgrade reflects the use of high oil revenues to pay down debt and spread its maturity, spending restraint reducing external risks, and an increase in oil price forecast, the ratings agency […] September 26, 2023
Transport Saudi Logistics expects to raise $678m from IPO Saudi Logistics Services Company (SAL) will raise SAR2.54 billion ($678 million) from its initial public offering after disclosing an indicative price range. The price range was set between SAR98 and SAR106 per share, the company said in a statement. The logistics business is 70 percent owned by Saudi Arabian Airlines Corporation (Saudia) and 30 percent […] September 26, 2023
Markets Bahrain’s Investcorp completes first IPO in Indonesia Investcorp has successfully listed its Indonesian franchisee of the Mothercare brand as its focus on Asia continues to grow. The listing of PT Multitrend Indo is the Bahrain alternative investment company’s first IPO on the Indonesian stock exchange and the 26th in its 40-year history. Mothercare is one of Indonesia’s leading baby and kids retailers, […] September 25, 2023
Economy Oman GDP falls after slowdown in oil activities Oman’s GDP recorded a fall of 9.5 percent in the second quarter of this year, largely as a result of a slowdown in oil-related activities. The sultanate’s GDP was OMR10.1 billion ($26.24 billion) in the second quarter, compared with OMR11.1 billion for the same period last year, according to the National Center for Statistics and […] September 25, 2023
Economy Egypt’s economic outlook darkens as IMF postpones review Egypt’s efforts to revive its economy were dealt a major setback this week after the IMF postponed its eagerly awaited September review of Egypt’s $3 billion bailout programme until the first quarter of 2024. Originally scheduled to take place in March, it would have been the IMF’s first review of the $3 billion loan it […] September 22, 2023
Markets Abu Dhabi deal could bolster ‘blank cheque’ companies The first so-called “blank-cheque” company to list in the Middle East this week signed a deal with United Printing & Publishing, an Abu Dhabi state investment fund business. Special purpose acquisition companies (SPACs) raise money through an initial public offering and then use the proceeds to acquire other companies. ADC Acquisition Corporation is the UAE’s […] September 22, 2023
Analysis Markets Strong demand for Oman’s biggest IPO in two decades Oman’s joint-biggest initial public offering is attracting huge interest among retail investors, despite subdued recent activity on Muscat’s bourse, a senior financial industry executive told AGBI. OQ Gas Network (OQGN), a subsidiary of national oil company OQ, will sell 49 percent – or 2.12 billion – of its shares in an IPO. The company this […] September 22, 2023
Finance PIF-backed Ades Holding’s order book hits $76bn Saudi oil and gas driller Ades Holding set the final price for its initial public offering (IPO) at the top-end at SAR 13.50, implying a valuation of SAR 15.242 billion ($4.06 billion). The institutional book-building process was 62.7 times oversubscribed, while the order book stood at SAR 286.853 billion ($76.49 billion). The Public Investment Fund-backed […] September 21, 2023
Markets Saudi Tadawul to launch four Size Indices The Saudi stock exchange (Tadawul) is launching four new indices based on company size and public listing performance. The four Size Indices are the Tadawul Large Cap Index, Tadawul Medium Cap Index, Tadawul Small Cap Index and the Tadawul IPO Index. The maximum weight for any single stock will be 15 percent, following Tadawul All […] September 19, 2023
Analysis Media & Advertising Middle East to be world’s fastest-growing ad market The Middle East’s advertising market is on track to be the world’s fastest growing over the next two years, driven by Saudi Arabia’s ongoing transformation. The regional market, worth $5.9 billion last year, is forecast to grow 10 percent in 2023 and a further 6.2 percent in 2024, when its value will reach $6.9 billion. […] September 19, 2023
Transport Dubai’s Hala reports 36% rise in trips as user numbers up Hala, Dubai’s e-hailing taxi service on the Careem app, has reported a 36 percent annual growth in trips in the first six months of 2023 and a 21 percent rise in new users year on year. Khaled Nuseibeh, CEO at Hala, said that the performance has been “tremendous” this year so far, with March 2023 […] September 15, 2023
Finance Lumi’s retail IPO tranche orders hit $333m Saudi-based car rental company Lumi said the retail tranche of its initial public offering (IPO) was oversubscribed 11.5 times, with demand reaching SAR1.25 billion ($333.25 million). The retail subscription, which took place on September 12, was subscribed by 124,888 investors. It comprised 1,650,000 shares, representing 10 percent of the total offering. Based on the results […] September 15, 2023
Retail UAE’s Brands For Less sets sights on Asia and Africa UAE retail group Brands for Less (BFL Group) has revealed plans for international expansion including a $20 million distribution centre in Saudi Arabia. The 38,000 square metre facility in Sudan City for Industry and Businesses close to Riyadh will employ 350 people and be able to store three million products. BFL Group plans to increase […] September 14, 2023
Media & Advertising Blinx launches to cater to ‘tech-savvy youth’ A new digital media centre has launched in the Middle East focusing on Gen Z and millennial content creation, storytelling and reporting. Dubai-headquartered Blinx (spelt as “blinx”) wants to capitalise on the region’s burgeoning media and entertainment industry, expected to be worth over $61 billion by 2028, according to research from Mordor Intelligence. Blinx will […] September 13, 2023
