Adnoc Logistics & Services surged 58% above its listing price on its debut on the Abu Dhabi Securities Exchange on Thursday following a USD 769 mn IPO. Shares opened at AED 2.91 and rose as high as AED 3.180 before paring gains to close at AED 3.130. The IPO priced the company’s shares at AED 2.01, valuing it at some USD 4.05 bn. The offering saw huge demand, with investors submitting bids worth USD 125 bn, implying a 163x oversubscription level. EFG Hermes acted as joint bookrunner on a USD 769 mn initial public offering, it said in a statement (pdf).

UAE introduces corporate tax: The UAE began introducing a 9% tax on business’ income last week as the country looks to increase non-oil revenues, Reuters reports. Firms will pay the tax on any income above AED 375k from the beginning of their next financial years, meaning that the first tax returns won’t be due until 2025.

This doesn’t apply to freezones: Companies operating in the UAE’s more than 30 freezones could be eligible for a 0% corporate tax rate, subject to certain conditions. Check out the regulations here (pdf) and here (pdf) for more information.

ALSO WORTH NOTING-

  • PIF doubles down on EV startup Lucid: EV startup Lucid Group plans to raise nearly USD 3 bn from a stock offering, with two-thirds of the funding coming from Saudi Arabia’s Public Investment Fund (PIF), it said Wednesday. The Saudi wealth fund — which already owns more than 60% of the company — will invest USD 1.8 bn in a private placement and another USD 1.2 bn will be raised via a secondary share sale on the Nasdaq. (Lucid statement)
  • Erdogan’s new finance chief could signal an end to Erdonomics:Newly-reelected Turkish president Recep Tayyip Erdogan has announcedthe members of his cabinet, naming former economy chief Mehmet Simsek as treasury and finance minister in what could signal a step away from his unorthodox economic policies. (Reuters)

EGX30

17,533

+0.2% (YTD: +20.1%)

USD (CBE)

Buy 30.84

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,015

0.0% (YTD: +5.1%)

ADX

9,406

+0.4% (YTD: -7.9%)

DFM

3,603

+0.6% (YTD: +8.0%)

S&P 500

4,282

+1.5% (YTD: +11.5%)

FTSE 100

7,607

+1.6% (YTD: +2.1%)

Euro Stoxx 50

4,324

+1.6% (YTD: +14.0%)

Brent crude

USD 76.13

+2.5%

Natural gas (Nymex)

USD 2.17

+0.7%

Gold

USD 1,969.60

-1.3%

BTC

USD 27,070

-0.4% (YTD: +64.1%)

THE CLOSING BELL-

The EGX30 rose 0.2% at Thursday’s close on turnover of EGP 2.14 bn. Regional investors were net buyers. The index is up 20.1% YTD.

In the green: Qalaa Holdings (+6.2%), Heliopolis Housing (+4.9%) and Ibnsina Pharma (+4.7%).

In the red: CIRA Education (-2.6%), Elsewedy Electric (-2.5%) and Abu Qir Fertilizers (-2.5%).

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