Dubai’s RTA to take subsidiaries to market: Dubai’s Roads & Transport Authority (RTA) has reportedly appointed Citigroup, Bank of America, and Emirates NBD Capital to the listing of its taxi business this year, while our friends at HSBC together with Emirates NBD and Goldman Sachs will quarterback the listing of its parking business scheduled for next year, according to Bloomberg.

Citi is expecting a new spate of IPOs in the coming months: Citigroup’s MENA capital markets chief said this week that the bank is preparing for a spate of IPOs in the Gulf later this year and 2024, telling Bloomberg that it had been approached by a number of companies to work on the listings.

Also looking to list: Tobacco firm Advanced Inhalation Rituals and private-sector K-12 education provider Alef Education.

ADQ x IHC: Abu Dhabi wealth fund ADQ and the International Holding Company (IHC) are merging key real estate assets into a jointly-held firm, Q Holding, Bloomberg reports. With an implied market value of around USD 12 bn, the company will be one of the largest of its kind in the Middle East.

ALSO WORTH NOTING-

  • The company formerly known as Etisalat wants to up its stake in Vodafone: e& is mulling increasing its stake in Vodafone to 20%. The Emirati mobile network operator bought a 9.8% in the company in 2022 and has gradually upped its ownership to around 14.6%. (CNBC Arabia)
  • Companies lose appetite for IPOs in Europe: The number of companies that went to market in Europe plummeted to a 14-year low in 1H 2023 as they chase the more lucrative US market. (Financial Times)

EGX30

17,456

-0.3% (YTD: +19.6%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

18.25% deposit

19.25% lending

Tadawul

11,478

-1.4% (YTD: +9.5%)

ADX

9,826

+0.5% (YTD: -3.4%)

DFM

4,084

+0.2% (YTD: +22.4%)

S&P 500

4,513

-1.4% (YTD: +17.8%)

FTSE 100

7,562

-1.4% (YTD: +1.5%)

Euro Stoxx 50

4,337

-1.6% (YTD: +14.3%)

Brent crude

USD 83.46

-1.7%

Natural gas (Nymex)

USD 2.49

-2.9%

Gold

USD 1,971.50

-0.4%

BTC

USD 29,118

-0.3% (YTD: +76.2%)

THE CLOSING BELL-

The EGX30 fell 0.3% at yesterday’s close on turnover of EGP 2.9 bn. Foreign investors were net sellers. The index is up 19.6% YTD.

In the green: Alexandria Containers (+2.8%), Eastern Company (+2.6%), and Beltone Financial (+2.0%).

In the red: GB Corp (-5.9%), Alexandria Mineral Oils (-3.9%), and Palm Hills Development (-3.0%).

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