Finance UAE mall operator Lulu plans a Gulf listing in 2024 Retail conglomerate Lulu Group International expects to launch its initial public offering (IPO) in the first half of 2024, said chairman and managing director Yusuff Ali. The IPO will be launched in the Gulf, but no specific stock exchange has been decided, Ali said on the sidelines at an event in New Delhi. The hypermarket […] September 12, 2023
Logistics Saudi logistics company SAL announces IPO Saudi Logistics Services Company – known as SAL – said on Tuesday it would launch an initial public offering of 30 percent of its shares on the Saudi market. It was not clear when the SAL IPO will take place. A statement said the price of each of the 24 million shares would be determined […] September 12, 2023
Finance PIF-backed Ades Holding aims to raise $1.2bn from IPO Oil and gas driller Ades Holding has set its share price range at between SAR 12.50 and SAR 13.50, seeking to raise as much as SAR 4.57 billion ($1.22 billion) from its initial public offering (IPO) on the Saudi stock exchange. The institutional book-building process started on September 10 and will close on September 14. […] September 11, 2023
Agriculture UAE fish farm angles for $200m to produce Atlantic salmon A fish farming company in the UAE aims to raise $200 million to produce Atlantic salmon locally. Ocean Harvest needs the investment to build a 100,000 square metre facility in Ras Al Khaimah. Jawad Jamil, co-founder and CEO of Ocean Harvest, said they were appealing to sovereign wealth funds across the Mena region, impact and […] September 7, 2023
Finance UAE exports to Egypt given $100m financing boost The UAE’s exports to Egypt are set to increase after the two Arab countries signed a revolving loan facility of $100 million. Abu Dhabi Exports Office (Adex), the export-financing arm of the Abu Dhabi Fund for Development, has signed a financing agreement with the National Bank of Egypt to reinforce bilateral trade and economic relations. […] September 7, 2023
Media & Advertising UAE’s Multiply plans IPO after $61m ad agency deal Abu Dhabi investment holding company Multiply Group is planning an IPO for its media and communications business Multiply Media after buying a stake in Dubai outdoor advertising agency Media 247. The plan was announced after Multiply completed a deal to buy a 55 percent majority stake in Media 247 for AED225 million ($61.3 million). Media […] September 6, 2023
Oil & Gas Oman plans IPO of gas transport operator Oman’s natural gas transportation network operator OQ Gas Networks (OQGN) is planning to sell up to 49 percent of its share capital through an IPO. The subscription, subject to regulatory approvals from the sultanate’s Capital Market Authority, will commence this month and be open to all qualified investors. The listing on the Muscat Securities Market […] September 4, 2023
Markets Aramco targets $50bn in IPO on local bourse Saudi Aramco is planning to sell a stake valued at $50 billion through a secondary share offering on the Saudi stock exchange, according to a media report. The sale is likely to happen before the end of the year after consultations with an adviser, the Wall Street Journal reported, citing Saudi officials. Aramco has been […] September 4, 2023
Industry UAE company buys 30% stake in Egyptian tobacco maker The UAE’s Global Investments Holding has acquired a 30 percent stake in Eastern Company, Egypt’s largest tobacco producer, for $625 million. The sale is part of the Egyptian government’s programme of privatising state-owned assets. Chemical Industries Holding Company, which held 50.95 percent of Eastern’s shares, last month announced that it had received offers from foreign […] September 4, 2023
Markets Saudi car rental company aims for $290m from IPO Saudi-based car rental company Lumi is likely to raise up to SAR1.089 billion ($290 million) after announcing the price range for its initial public offering (IPO) on the Saudi Exchange (Tadawul). The wholly-owned auto rental subsidiary of Riyadh-listed Seera Group Holding set the price range between SAR62 and SAR66 per share, giving the company a […] August 31, 2023
Markets Egypt targets $5bn from state IPOs by mid-2024 Egypt is aiming to raise $5 billion by listing power plants and state-owned companies from October 2023 until the end of June 2024, a local daily reported. The government plans to offer stakes in the Siemens Beni Suef power plant, Gabal El-Zeit wind power plant and Zafarana wind farm, in addition to Safi and Watanya, […] August 30, 2023
Energy PIF-backed oil and gas driller to float 30% on Saudi bourse Oil and gas driller Ades Holding, which is backed by Saudi Arabia’s Public Investment Fund, has announced plans to proceed with an initial public offering (IPO) on the Saudi Exchange. The share sale comprises 338.72 million ordinary shares, resulting in a free float of 30 percent after the sale of a mix of existing and […] August 28, 2023
Finance Seera auto rental unit to float 30% on Tadawul Saudi Arabian travel company Seera Group Holding’s wholly-owned auto rental subsidiary plans to list 30 percent of its issued share capital on the Saudi Exchange (Tadawul). Car rental company Lumi expects to issue 16.5 million shares, with the listing taking place following regulatory approvals, the company said in its prospectus. Saudi Fransi Capital has been […] August 25, 2023
Construction Court gives Dubai’s Drake & Scull stay of execution Dubai contracting company Drake & Scull International (DSI) has received a reprieve from liquidation following the latest court ruling on its long-running restructuring plan. DSI has been attempting to thrash out a restructuring proposal for more than a year. Its accumulated losses increased to AED5.3 billion ($1.44 billion) in the first half of this year, […] August 23, 2023
Analysis Transport Careem could yet be hailed a smart buy for Uber The hefty premium Uber paid for Dubai ride-hailing rival Careem will prove worth it in the long run, analysts believe. Uber, which has racked up nearly $33 billion in losses since its inception in 2009, paid $3.1 billion for Careem in January 2020 in what remains the largest deal for a homegrown Gulf tech startup. […] August 16, 2023
Construction Contractor Drake & Scull files lawsuit claims of $2.8bn Troubled Dubai contracting firm Drake & Scull International said on Tuesday that it has filed lawsuits with claims equivalent to more than AED10.3 billion ($2.8 billion) as it awaits court approval on its restructuring plan. Chairman Shafiq Abdelhamid said in a filing to Dubai Financial Market that the lawsuits include civil cases filed against the […] August 15, 2023
Finance Lulu Group said to raise $2.7bn before potential IPO Lulu Group International, the largest hypermarket chain operator in the Middle East, will raise AED10 billion ($2.72 billion) to refinance debt ahead of a potential initial public offering (IPO), Bloomberg reported, citing informed sources. The funding will be provided by Abu Dhabi Commercial Bank, Dubai Islamic Bank, Emirates NBD Bank and Mashreq Bank, with loans […] August 13, 2023
Transport Profit down 31% at Dubai toll road operator Salik Dubai toll road operator Salik saw its net profit shrink 31 percent in the second quarter, to AED272.6 million ($74.2 million), from AED393.6 million a year earlier. The company said the fall was due to it incurring “new costs, such as concession fees, rent, amortisation, transitional service expenses, as well as finance costs”. These followed […] August 11, 2023
Markets Saudi leads ‘very healthy’ GCC IPO pipeline The GCC remains an attractive region for IPO listings with Saudi Arabia leading a healthy pipeline of planned deals for the rest of the year and beyond, say experts. The Middle East and North Africa (Mena) region recorded a 44 percent jump in listings during the second quarter. By contrast, wider Europe, Middle East, India, […] August 9, 2023
Finance Dubai laundry app seeks ‘deeper pockets’ for next step Dubai’s door-to-door laundry app Washmen plans to tap into private equity and funding from family investment groups, but has ruled out a public listing, CEO Rami Shaar has told AGBI. The company has gone through three rounds of fundraising since it was set up eight years ago, raising $11 million from seed, series A and […] August 8, 2023
Banking & Finance Dubai business park operator sees H1 profits up 13% Dubai business park operator Tecom Group’s net profit rose 13 percent year on year in the first half of 2023 to AED485 million ($132.05 million) due to higher occupancy levels. Revenue jumped six percent annually to AED1.05 billion during the first six months. The occupancy level for commercial and industrial assets stood at 87 percent […] August 2, 2023
Banking & Finance Bank of America ousts Goldman as top Mena M&A adviser Bank of America was the top M&A financial adviser in the Middle East and Africa during the first half of 2023, according to research from GlobalData. The US bank advised on two deals worth a combined $9.86 billion in H1. This was more than double the sum recorded by JP Morgan, which took second place […] July 31, 2023
