Adnoc is looking to take another one of its subsidiaries public:Adnoc L&S, the shipping and logistics arm of state-owned Abu Dhabi National Oil Company, is aiming to raise around USD 1 bn in an IPO that could go to market as soon as May, Bloombergreports, citing people familiar with the matter. Adnoc has yet to make a public announcement on the possible IPO and has so far declined to comment on the alleged plans. The bookrunners for the transaction are EFG Hermes, Credit Agricole, Societe Generale, Arqaam Capital, Abu Dhabi Commercial Bank, and International Securities. Global coordinators for the transaction are HSBC Holding, Citigroup, First Abu Dhabi Bank, and JPMorgan, Bloomberg reported.

REFRESHER- Adnoc in February listed its gas arm, Adnoc Gas, raising some USD 2.5 bn in what was the world’s biggest IPO of 2023. The listing followed a string of stake sales in other units of Adnoc, which has in recent years listed Borouge, Adnoc Drilling, Fertiglobe, and Adnoc Distribution amid the UAE’s drive to diversify its energy-reliant economy.

Read more in this morning’s issue of Enterprise Logistics — our new daily roundup of news, analysis, and insight into the biggest stories from MENA logistics players, four days a week.

ALSO WORTH NOTING-

  • Fitch bumps up Saudi credit rating: Fitch Ratings yesterday raised Saudi Arabia’s sovereign debt rating to A+ from A, citing the kingdom’s progress in boosting its non-oil economy and strong reserves. (Statement)
  • TotalEnergies is investing big in Iraq: TotalEnergies, Qatar Energy and the Iraqi government will invest USD 10 bn in a project to increase oil and gas production in Iraq after the French energy giant and Baghdad agreed terms. TotalEnergies will own 45% of the Gas Growth Integrated Project, while Iraq’s state-owned Basrah oil company will hold a 30% stake and Qatar Energy will own 25%. (Company statement | Bloomberg)
  • Dubai tightens oversight of crypto traders:Dubai’s regulator is increasing scrutiny of crypto companies seeking licenses in response to the collapse of crypto trading platform FTX. (Bloomberg)

EGX30

17,019

+0.1% (YTD: +16.6%)

USD (CBE)

Buy 30.83

Sell 30.96

USD atCIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

10,921

-0.3% (YTD: +4.2%)

ADX

9,495

-0.1% (YTD: -7.0%)

DFM

3,430

-0.7% (YTD: +2.8%)

S&P 500

4,090

-0.3% (YTD: +6.5%)

FTSE 100

7,663

+0.4% (YTD: +2.8%)

Euro Stoxx 50

4,298

-0.4% (YTD: +13.3%)

Brent crude

USD 84.99

+0.1%

Natural gas (Nymex)

USD 2.14

-0.7%

Gold

USD 2,036

+0.0%

BTC

USD 28,187

-0.1% (YTD: +71.1%)

THE CLOSING BELL-

The EGX30 rose 0.1% at yesterday’s close on turnover of EGP 1.6 bn. Regional investors were net buyers. The index is up 16.6% YTD.

In the green: Rameda Pharma (+5.0%), Juhayna (+3.6%) and GB Auto (+3.0%).

In the red: Palm Hills Developments (-2.6%), Abu Dhabi Islamic Bank (-2.4%) and Oriential Weavers (-2.1%).

Asian markets are a sea of red in early trading this morning as traders react to payroll data showing weaker US jobs growth in March. Futures suggest a similar picture on Wall Street when US markets open later on today, while major European indices are set to fare better.

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