{"id":609130,"date":"2023-10-31T00:00:00","date_gmt":"2023-10-31T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/31\/dubais-taxi-business-to-ipo-next-month\/"},"modified":"2023-10-31T00:00:00","modified_gmt":"2023-10-31T00:00:00","slug":"dubais-taxi-business-to-ipo-next-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/10\/31\/dubais-taxi-business-to-ipo-next-month\/","title":{"rendered":"Dubai\u2019s taxi business to IPO next month"},"content":{"rendered":"

Dubai Taxi to IPO next month: <\/strong>Dubai\u2019s Road and Transport Authority (RTA) is looking to raise USD 300 mn from listing its taxi business <\/span>Dubai Taxi Corp<\/a> next month, <\/span>Bloomberg<\/a> 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.<\/span><\/p>\n

Investors love Dubai\u2019s transport services:<\/strong> The government raised some USD 1 bn<\/a> from selling a 24.9% stake in its toll-road business Salik last year. <\/p>\n

Gulf markets have been seeing a lot of IPO activity lately: <\/strong>Over the past two months we saw regional oil and gas giant ADES Holding<\/a> and Saudi car rental firm Lumi<\/a> make their Tadawul debuts and Omani state-owned gas pipeline operator OQ Gas Networks (OQGN)<\/a> partake in the country\u2019s largest ever IPO. Spinneys Dubai, Saudi water treatment firm Miahona<\/a>, and Saudi\u2019s largest medical procurement firm Nupco<\/a> have also all expressed interest in making their market debuts soon.<\/p>\n

ALSO WORTH NOTING-<\/strong>US is expected to issue more debt instruments over the coming months: <\/strong>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<\/a> wrote.<\/p>\n

HSBC net income increases 2x y-o-y in 3Q 2023:<\/strong> HSBC\u2019s 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)<\/a>. 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.<\/p>\n

<\/a><\/a> <\/p>\n

\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

23,436<\/p>\n<\/td>\n

\n

+1.5% (YTD: +60.5%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

U<\/strong>SD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

10,536<\/p>\n<\/td>\n

\n

+0.5% (YTD: +0.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

9,285<\/p>\n<\/td>\n

\n

+0.5% (YTD: -9.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

3,839<\/p>\n<\/td>\n

\n

+1.4% (YTD: +15.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

4,167<\/p>\n<\/td>\n

\n

+1.2% (YTD: +8.5%)<\/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

+0.5% (YTD: -1.7%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,028<\/p>\n<\/td>\n

\n

+0.4% (YTD: +6.2%)<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 87.45<\/p>\n<\/td>\n

\n

-3.4%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 3.35<\/p>\n<\/td>\n

\n

-3.8%<\/p>\n<\/td>\n<\/tr>\n

\n

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

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

\n

USD 2,005.60<\/p>\n<\/td>\n

\n

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

\n

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

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

\n

USD 34,545.93<\/p>\n<\/td>\n

\n

+0.1% (YTD: +109.1%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

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

The EGX30 rose 1.5% at today\u2019s close<\/strong> 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.<\/p>\n

In the green: <\/strong>Eastern Company (+11.6%), MOPCO (+11.0%) and AMOC (+5.1%).<\/p>\n

In the red: <\/strong>Alexandria Containers and Goods (-4.3%), Heliopolis Housing (-4.1%) and Palm Hills Development (-3.5%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai\u2019s Road and Transport Authority is looking to raise USD 300 mn from the listing<\/p>\n","protected":false},"author":1,"featured_media":609131,"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":[7106,72,119,78,122,1041],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-609130","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-debt","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-planet-finance","tag-treasuries","wpautop","entry"],"acf":{"mongo_id":"7ddffcd7-76e5-47e3-bc3e-e1fe4267162a","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/10\/1476.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai\u2019s 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S&P says the rating outlook is now stable, after previously giving Morocco a negative outlook.Middle Eastern\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":609130,"position":3},"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":616072,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/28\/dubais-parkin-to-ipo-next-month\/","url_meta":{"origin":609130,"position":4},"title":"Dubai\u2019s Parkin to IPO next month","author":"enterpriseam admin","date":"28 February 2024","format":false,"excerpt":"The book building process starts next Tuesday and will conclude on 12 March for retail investors and a day later for institutional investors","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\/2024\/2\/2696.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":558862,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/30\/swvl-to-invest-up-to-usd-300-mn-globally-over-next-three-years\/","url_meta":{"origin":609130,"position":5},"title":"Swvl to invest up to USD 300 mn globally over next three years","author":"enterpriseam admin","date":"30 August 2021","format":false,"excerpt":"Mass transport startup Swvl is planning to invest USD 250-300 mn over the next three years to expand its global footprint, the company\u2019s CFO Youssef Salem told Al Mal. 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