{"id":555537,"date":"2021-11-17T04:00:31","date_gmt":"2021-11-17T04:00:31","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/17\/two-dubai-ipos-are-coming-down-the-pipeline-as-dfm-chases-gulf-rush\/"},"modified":"2021-11-17T04:00:31","modified_gmt":"2021-11-17T04:00:31","slug":"two-dubai-ipos-are-coming-down-the-pipeline-as-dfm-chases-gulf-rush","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/17\/two-dubai-ipos-are-coming-down-the-pipeline-as-dfm-chases-gulf-rush\/","title":{"rendered":"Two Dubai IPOs are coming down the pipeline as DFM chases Gulf rush"},"content":{"rendered":"

<\/a> Dubai is holding on to its promise list more state-owned companies <\/strong>with two more IPOs in the pipeline.<\/strong> IT firm Starlink<\/a> plans to list on the Nasdaq Dubai in 1Q2022 in a transaction quarterbacked by our friends at EFG Hermes, marking the first listing of an IT firm on the city\u2019s exchange, Bloomberg<\/a> reported. The IPO of Dubai\u2019s flagship carrier Emirates and its units could soon follow, Chairman Sheikh Ahmed Bin Saeed Al Maktoum told Asharq (watch, runtime: 8:46<\/a>). Dubai recently announced plans to publicly list 10 state-owned firms<\/a>, including its toll system Salik<\/a>, in an effort to raise trading volumes on its bourse to AED 3 tn and keep up with competition from neighboring Riyadh and Abu Dhabi.<\/p>\n

Dubai is offering incentives to IPO in efforts to catch up with the Abu Dhabi and Saudi <\/strong>exchanges. <\/strong>The city\u2019s attempt to increase private sector share sales saw it announce<\/a> financial support for companies during and following IPOs. Among the incentives, which come as the Dubai market attempts to get in on the Gulf\u2019s recent IPO rush<\/a>, are a three-year waiver on various fees associated with listing and dividend distribution.<\/p>\n

Are <\/strong>Saudi\u2019s<\/strong> FDI plans pie in the sky? <\/strong>Saudi Arabia says it wants FDI to hit USD 100 bn annually by 2030, but missed targets are fuelling a credibility problem among potential investors, analysts tell Reuters<\/a>. The country\u2019s Vision 2030 roadmap hinges on raising bns of USD in foreign investment, but after knockbacks from political scandals and the pandemic, FDI amounted to just USD 5.5 bn in 2020, less than the USD 8 bn recorded in 2015, and well below a near-USD 19 bn target set in 2016. Authorities say the plans are still at an early stage and kinks are being ironed out. But the new target \u201cdoes raise eyebrows as to how it looks quite unattainable,\u201d Capital Economics economist James Swanston told the newswire.<\/p>\n

Royal Dutch Shell to drop the Dutch, move HQ to tax-friendlier UK:<\/strong> Anglo-Dutch energy giant Shell will say goodbye to the European half of its identity as it moves its HQ from the Netherlands to the UK, according to a company statement<\/a>.<\/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

11,413<\/p>\n<\/td>\n

\n

-0.7% (YTD: +5.2%)<\/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

11,827<\/p>\n<\/td>\n

\n

-0.1% (YTD: +36.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

8,352<\/p>\n<\/td>\n

\n

+1.0% (YTD: +65.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,287<\/p>\n<\/td>\n

\n

+1.0% (YTD: +31.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,701<\/p>\n<\/td>\n

\n

+0.4% (YTD: +25.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

7,327<\/p>\n<\/td>\n

\n

-0.3% (YTD: +13.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 82.36<\/p>\n<\/td>\n

\n

+0.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 5.18<\/p>\n<\/td>\n

\n

+3.2%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 1,852<\/p>\n<\/td>\n

\n

-0.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 60,604<\/p>\n<\/td>\n

\n

-5.0% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 fell 0.7% yesterday<\/strong> on turnover of EGP 939 mn (36.4% below the 90-day average). Foreign investors were net sellers. The index is up 5.2% YTD.<\/p>\n

In the green: <\/strong>Orascom Development Egypt (+1.9%), TMG Holding (+1.4%) and Oriental Weavers (+0.8%).<\/p>\n

In the red: <\/strong>Pioneers Properties (-7.2%), Aspire Capital (-6.9%) and Egyptian Resorts Company (-6.8%).<\/p>\n

Asian markets are mostly in the green in early trading this morning<\/strong> though futures suggest a mixed open in Europe and the US, with shares largely expected to open in the red.<\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai is holding on to its promise list more state-owned companies with two more IPOs in the pipeline. IT firm Starlink plans to list on the Nasdaq Dubai in 1Q2022 in a transaction quarterbacked by our friends at EFG Hermes, marking the first listing of an IT firm on the city\u2019s exchange, Bloomberg reported. 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":[3240,72,103,3241,78,122,803],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-555537","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-dubai-financial-market-dfm","tag-enterpriseam","tag-fdi","tag-gulf-ipo-rush","tag-ipo-watch","tag-planet-finance","tag-royal-dutch-shell","wpautop","entry"],"acf":{"mongo_id":"2af77b92-1aa4-4a44-a9d7-a34d164605d7","order":"0","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[555516],"teaser":"","voice_url":""},"yoast_head":"\nTwo Dubai IPOs are coming down the pipeline as DFM chases Gulf rush - 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\/2021\/11\/17\/two-dubai-ipos-are-coming-down-the-pipeline-as-dfm-chases-gulf-rush\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two Dubai IPOs are coming down the pipeline as DFM chases Gulf rush\" \/>\n<meta property=\"og:description\" content=\"Dubai is holding on to its promise list more state-owned companies with two more IPOs in the pipeline. 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Gulf stocks are on track to deliver a 36% return for 2021 in their best annual performance since 2007, thanks in no small part to the global oil squeeze \u2014 and 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":[]},{"id":555691,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/23\/dubais-ipo-pipeline-grows-as-shuaa-plots-x2-listings-in-early-2022\/","url_meta":{"origin":555537,"position":1},"title":"Dubai\u2019s IPO pipeline grows as Shuaa plots x2 listings in early 2022","author":"enterpriseam admin","date":"23 November 2021","format":false,"excerpt":"Another one for the Dubai IPO pipeline as it looks to capitalize on a regional boom in public listings: Shuaa Capital could debut two of its companies \u2014 Stanford Marine Group and NCM Investment \u2014 on the Dubai stock market by early next year, sources told Bloomberg. The financial group\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":549376,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/09\/14\/dubai-toll-operator-saliks-ipo-is-already-covered-after-day-one-of-subscription-period\/","url_meta":{"origin":555537,"position":2},"title":"Dubai toll operator Salik\u2019s IPO is already covered after day one of subscription period","author":"enterpriseam admin","date":"14 September 2022","format":false,"excerpt":"Dubai toll operator IPO covered within hours: Investors booked all 1.5 bn shares in Dubai\u2019s state-owned road toll operator Salik on the first day of subscription, Bloomberg reports, indicating continued strong demand for Gulf IPOs at a time when the listing pipeline in other markets has all but dried up.\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":546867,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/31\/efg-is-working-on-two-ipos-in-saudi-arabia\/","url_meta":{"origin":555537,"position":3},"title":"EFG is working on two IPOs in Saudi Arabia","author":"enterpriseam admin","date":"31 May 2022","format":false,"excerpt":"Our friends at EFG Hermes are working on two IPOs in Saudi Arabia, Mostafa Gad, co-head of EFG\u2019s investment banking division, told Al Arabiya (watch, runtime: 3:45). One company operates in the health sector and the other is a retail company, he said, without disclosing further information. EFG is also\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":584410,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/30\/the-gulf-is-becoming-one-of-the-worlds-leading-ipo-hubs\/","url_meta":{"origin":555537,"position":4},"title":"The Gulf is becoming one of the world\u2019s leading IPO hubs","author":"enterpriseam admin","date":"30 March 2023","format":false,"excerpt":"Public share sales by Adnoc Gas, Presight AI and Al Ansari have seen huge investor demand","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\/2023\/3\/654.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":547794,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/06\/boomtime-over-tecom-shares-fall-in-dubai-debut\/","url_meta":{"origin":555537,"position":5},"title":"Boomtime over? Tecom shares fall in Dubai debut","author":"enterpriseam admin","date":"6 July 2022","format":false,"excerpt":"Another sign that the Gulf IPO boom may have peaked: Dubai business park operator Tecom Group dropped as much as 17% in its trading debut in Dubai yesterday, in a fresh sign that Gulf markets are finally feeling the same headwinds as the rest of us. Tecom\u2019s IPO was massively\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\/555537","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=555537"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/555537\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/555516"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=555537"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=555537"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=555537"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=555537"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=555537"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}