Dubai Taxi to IPO next month: Dubai’s Road and Transport Authority (RTA) is looking to raise USD 300 mn from listing its taxi business Dubai Taxi Corp next month, Bloomberg reported citing people it says are familiar with the matter. The company plans to pay out at least AED 71 mn (USD 19 mn) in 4Q dividends in April. The RTA is working with Citigroup, Bank of America, and Emirates NBD Capital on the offering. The transport authority is also looking to list its parking subsidiary next year.

Investors love Dubai’s transport services: The government raised some USD 1 bn from selling a 24.9% stake in its toll-road business Salik last year.

Gulf markets have been seeing a lot of IPO activity lately: Over the past two months we saw regional oil and gas giant ADES Holding and Saudi car rental firm Lumi make their Tadawul debuts and Omani state-owned gas pipeline operator OQ Gas Networks (OQGN) partake in the country’s largest ever IPO. Spinneys Dubai, Saudi water treatment firm Miahona, and Saudi’s largest medical procurement firm Nupco have also all expressed interest in making their market debuts soon.

ALSO WORTH NOTING-US is expected to issue more debt instruments over the coming months: Analysts expect the US Treasury to hike the size of bills, notes, and bonds put up for sale when it announces its quarterly refunding plan tomorrow in an effort to fund its widening budget deficit, Reuters wrote.

HSBC net income increases 2x y-o-y in 3Q 2023: HSBC’s net income after tax more than doubled to USD 6.3 bn in 3Q 2023, up USD 3.6 bn on the same period last year due to the higher interest rate environment, the bank noted in its 3Q 2023 earnings release (pdf). The bank also attributed a y-o-y 40% increase in revenues to USD 16.2 bn during the quarter to a higher interest environment.

EGX30

23,436

+1.5% (YTD: +60.5%)

USD (CBE)

Buy 30.83

Sell 30.96

USD at CIB

Buy 30.85

Sell 30.95

Interest rates CBE

19.25% deposit

20.25% lending

Tadawul

10,536

+0.5% (YTD: +0.6%)

ADX

9,285

+0.5% (YTD: -9.1%)

DFM

3,839

+1.4% (YTD: +15.1%)

S&P 500

4,167

+1.2% (YTD: +8.5%)

FTSE 100

7,327

+0.5% (YTD: -1.7%)

Euro Stoxx 50

4,028

+0.4% (YTD: +6.2%)

Brent crude

USD 87.45

-3.4%

Natural gas (Nymex)

USD 3.35

-3.8%

Gold

USD 2,005.60

+0.4%

BTC

USD 34,545.93

+0.1% (YTD: +109.1%)

THE CLOSING BELL-

The EGX30 rose 1.5% at today’s close on turnover of EGP 5.0 bn (111.9% above the 90-day average). Local investors were net sellers. The index is up 60.5% YTD.

In the green: Eastern Company (+11.6%), MOPCO (+11.0%) and AMOC (+5.1%).

In the red: Alexandria Containers and Goods (-4.3%), Heliopolis Housing (-4.1%) and Palm Hills Development (-3.5%).

Tags: