Everyone wants to get a piece of Dubai Taxi: State-owned Dubai Taxi’s USD 315 mnIPO for 25% of the company set to take place today is more than 130x oversubscribed, reported the Dubai Media Office. In total, investors submitted bids worth AED 150 bn (USD 41 bn) for the emirate’s first privatization in over a year.

Two records with one stone: The USD 315 mn offering marks the most oversubscribed offering that Dubai has ever had, according to Bloomberg.

ICYMI- The IPO hype is definitely not over in the GCC: While US and EU investor enthusiasm for IPOs has dropped off a cliff after huge after share prices of recently floated companies like Instacart begin trading way below their listing price in a matter of weeks, it’s a different story in the GCC. Over the past few months, we saw Oman hold its largest ever IPO with state-owned gas pipeline operator OQ Gas Networks raising USD 749 mn along with regional oil and gas services giant ADES Holding, and Saudi car rental firm Lumi making their Tadawul debuts to overwhelming investor interest.

EGX30

24,735

-0.1% (YTD: +69.4%)

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

11,177

+0.7% (YTD: +6.7%)

ADX

9,539

-0.2% (YTD: -6.6%)

DFM

3,988

-0.1% (YTD: +19.5%)

S&P 500

4,595

+0.6% (YTD: +19.7%)

FTSE 100

7,529

+1.0% (YTD: +1.0%)

Euro Stoxx 50

4,419

+0.8% (YTD: +16.5%)

Brent crude

USD 78.88

-2.5%

Natural gas (Nymex)

USD 2.81

+0.4%

Gold

USD 2,089.70

+1.6%

BTC

USD 39,422

+1.5% (YTD: +139.3%)

THE CLOSING BELL-

The EGX30 fell 0.6% at Thursday’s close on turnover of EGP 4.1 bn (39% above the 90-dayaverage). Regional investors were net sellers. The index is up 68.7% YTD.

In the green: Orascom Development Egypt (+9.9%), Amoc (+3.7%) and Qalaa Holdings (+3.3%).

In the red: TMG Holding (-3.3%), EFG Holding (-1.6%) and Eastern Company (-1.2%).

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