{"id":542955,"date":"2022-01-25T03:57:44","date_gmt":"2022-01-25T03:57:44","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/abu-dhabi-issues-spac-regs-as-it-eyes-gulfs-first-blank-check-listing\/"},"modified":"2022-01-25T03:57:44","modified_gmt":"2022-01-25T03:57:44","slug":"abu-dhabi-issues-spac-regs-as-it-eyes-gulfs-first-blank-check-listing","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/abu-dhabi-issues-spac-regs-as-it-eyes-gulfs-first-blank-check-listing\/","title":{"rendered":"Abu Dhabi issues SPAC regs as it eyes Gulf\u2019s first blank-check listing"},"content":{"rendered":"

<\/a> The ADX is one step closer to welcoming the GCC\u2019s first SPAC: <\/strong>The UAE\u2019s securities regulator has approved the Gulf\u2019s first regulatory framework for special purpose acquisition companies (SPACs), the Abu Dhabi Media Office<\/a> said yesterday. The Abu Dhabi Securities Exchange (ADX) could see its first SPAC listing this year, according to the statement. The framework allows sponsors abroad to apply for approval to list their SPACs on the ADX, with sponsors required to raise at least AED 100 mn in the IPOs, after which at least 90% of the SPAC\u2019s capital must be put in a non-interest-bearing account, in a move that is meant to protect investors.<\/p>\n

Bahrain-based crypto exchange platform Rain Management has received preliminary <\/strong>approval on a financial services license from the ADX<\/strong>, according to a statement (pdf)<\/a>. Once Rain meets the criteria to get final approval for the license, it will be able to list more digital asset trading pairs<\/a> on the ADX and expand the scope of its services in the Gulf, the statement says. Rain last week announced it had raised USD 110 mn<\/a> to fund cross-border expansion in a series B funding round led by Paradigm and Kleiner Perkins.<\/p>\n

Saudi Arabia plans to keep its debt levels stable at SAR 938 bn \u2014 around 25.9% of <\/strong>GDP \u2014 in 2022<\/strong>, the kingdom\u2019s National Debt Management Center said in its annual borrowing plan (pdf)<\/a>. Rising oil prices and production volumes are set to boost the crude exporter\u2019s finances, with borrowing for the year focused on SAR 43 bn in debt refinancing. The kingdom \u201cmay explore\u201d a non-USD denominated international issuance, as it looks poised to deliver its first budget surplus<\/a> in eight years in 2022, amid oil-fueled economic growth.<\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

11,616<\/p>\n<\/td>\n

\n

-0.3% (YTD: -2.8%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 15.66<\/p>\n<\/td>\n

\n

Sell 15.76<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

8.25% deposit<\/p>\n<\/td>\n

\n

9.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

12,068<\/p>\n<\/td>\n

\n

-0.6% (YTD: +7.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

8,701<\/p>\n<\/td>\n

\n

-0.1% (YTD: +2.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,147<\/p>\n<\/td>\n

\n

-2.0% (YTD: -1.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,410<\/p>\n<\/td>\n

\n

+0.3% (YTD: -7.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,297<\/p>\n<\/td>\n

\n

-2.6% (YTD: -1.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 86.27<\/p>\n<\/td>\n

\n

-1.8%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.97<\/p>\n<\/td>\n

\n

-1.5%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,845<\/p>\n<\/td>\n

\n

+0.1%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 36,440<\/p>\n<\/td>\n

\n

+3.7% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 fell 0.3% yesterday<\/strong> on turnover of EGP 934 mn (17.8% below the 90-day average). Regional investors were net buyers. The index is down 2.8% YTD.<\/p>\n

In the green: <\/strong>EFG Hermes (+1.1%), MM Group (+1.1%) and Eastern Company (+1.0%).<\/p>\n

In the red: <\/strong>Cleopatra Hospital (-3.8%), Speed Medical (-3.3%) and Raya Holding (-2.8%).<\/p>\n","protected":false},"excerpt":{"rendered":"

The ADX is one step closer to welcoming the GCC\u2019s first SPAC: The UAE\u2019s securities regulator has approved the Gulf\u2019s first regulatory framework for special purpose acquisition companies (SPACs), the Abu Dhabi Media Office said yesterday. The Abu Dhabi Securities Exchange (ADX) could see its first SPAC listing this year, according to the statement. The […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[581,7106,72,119,78,582,122,583,219,439,90],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-542955","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-adx","tag-debt","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-national-debt-management-center","tag-planet-finance","tag-rain-management","tag-saudi-arabia","tag-spacs","tag-uae","wpautop","entry"],"acf":{"mongo_id":"5411ed2a-aa29-492a-913e-688f686f1868","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[542931],"teaser":"","voice_url":""},"yoast_head":"\nAbu Dhabi issues SPAC regs as it eyes Gulf\u2019s first blank-check listing - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/01\/25\/abu-dhabi-issues-spac-regs-as-it-eyes-gulfs-first-blank-check-listing\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Abu Dhabi issues SPAC regs as it eyes Gulf\u2019s first blank-check listing\" \/>\n<meta property=\"og:description\" content=\"The ADX is one step closer to welcoming the GCC\u2019s first SPAC: The UAE\u2019s securities regulator has approved the Gulf\u2019s first regulatory framework for special purpose acquisition companies (SPACs), the Abu Dhabi Media Office said yesterday. 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The Financial Regulatory Authority greenlit a similar proposal to allow the establishment\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":543619,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/09\/abu-dhabi-ports-shares-surge-on-adx-following-ipo-dubais-shuaa-wants-to-spac\/","url_meta":{"origin":542955,"position":1},"title":"Abu Dhabi ports shares surge on ADX following IPO + Dubai\u2019s SHUAA wants to SPAC","author":"enterpriseam admin","date":"9 February 2022","format":false,"excerpt":"Shares in Abu Dhabi Ports jumped as much as 17% on its ADX debut yesterday, marking the latest success for Gulf listings, Bloomberg reports. The company, which is majority-owned by Abu Dhabi sovereign wealth fund ADQ, raised USD 1.1 bn from its IPO ahead of its debut on the Abu\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":546786,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/29\/adq-chimera-launch-middle-easts-first-blank-check-company\/","url_meta":{"origin":542955,"position":2},"title":"ADQ, Chimera launch Middle East\u2019s first blank-check company","author":"enterpriseam admin","date":"29 May 2022","format":false,"excerpt":"Introducing the Middle East\u2019s first SPAC: ADQ and Chimera\u2019s ADC Acquisition Corporation officially began trading in Abu Dhabi on Friday, closing its first day AED 0.5 up at AED 10.50, BloombergAsharq reported. The SPAC managed to raise AED 367 mn (USD 100 mn) in its IPO, selling 36.7 mn shares\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":542900,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/23\/anghami-takes-one-step-closer-to-its-spac-listing-uaes-masdar-has-big-growth-plans\/","url_meta":{"origin":542955,"position":3},"title":"Anghami takes one step closer to its SPAC listing + UAE\u2019s Masdar has big growth plans","author":"enterpriseam admin","date":"23 January 2022","format":false,"excerpt":"Anghami takes one step closer to its SPAC listing: The streaming platform\u2019s merger \u2014 which would value the company at around USD 220 mn \u2014 with blank-check firm Vistas Media Acquisition Company was approved by Vistas shareholders at a special stockholders meeting last week, the companies announced in a joint\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":635295,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/29\/fra-amends-spac-listing-rules\/","url_meta":{"origin":542955,"position":4},"title":"FRA amends SPAC listing rules","author":"enterpriseam admin","date":"29 July 2024","format":false,"excerpt":"SPACs must apply to list on the EGX within one month of obtaining their license from the FRA","rel":"","context":"In "Capital markets"","block_context":{"text":"Capital markets","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/capital-markets\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/7\/2257.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":562361,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/20\/junk-spacs-are-becoming-an-issue-of-concern\/","url_meta":{"origin":542955,"position":5},"title":"Junk SPACs are becoming an issue of concern","author":"enterpriseam admin","date":"20 May 2021","format":false,"excerpt":"Silicon Valley veteran is worried about the proliferation of \u201cjunk\u201d SPACs: The meteoric growth in the number of blank check companies going public over the past year has drawn concern that acquired companies and SPAC investors will be harmed as the period of manic speculation comes to an end. The\u2026","rel":"","context":"In "PLANET FINANCE"","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=542955"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/542955\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/542931"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=542955"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=542955"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=542955"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=542955"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=542955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}