It’s a wonderful time of the year: The IPOs of Saudi broadcaster MBC and Emirati healthcare firm PureHealth have attracted a combined USD 86.5 bn in bids as investor demand for Gulf companies continues apace, Bloomberg writes, talking up the “IPO frenzy” in our corner of the world.

The takeaway: “That’s in stark contrast to the anemic listings picture in most other parts of the world. The Middle East has been a bright spot where IPOs have continued to find willing buyers who have mostly been rewarded with solid returns once the stocks have started trading.”

^^ We have more on both transactions in this morning’s IPO Watch, above.

Crypto bros eye Abu Dhabi amid US crackdown: Cryptocurrency firms, following in the footsteps of other investors, are setting up shop in Abu Dhabi as the industry seeks more relaxed regulations and deep-pocketed investors.

TASI

11,395.00

+0.1% (YTD: +8.8%)

MSCI Tadawul 30

1,464.31

+0.1% (YTD: +0.1%)

USD : SAR (SAMA)

3.75

3.75

Interest rates

6% repo

5.5% reverse repo

EGX30

24,071.66

-0.5% (YTD: +64.9%)

ADX

9,449.1

+0.4% (YTD: -7.5%)

DFM

3,937.28

+0.1% (YTD: +18%)

S&P 500

4,643.70

+0.5% (YTD: +21%)

FTSE 100

7,542.77

-0.03% (YTD: +1.2%)

Euro Stoxx 50

4,536.61

-0.08% (YTD: +19.6%)

Brent crude

USD 73.38

-3.5%

Natural gas (Nymex)

USD 2.31

-4.9%

Gold

USD 1,993.20

+0.03%

BTC

USD 41,252.56

+0.37% (YTD: +149.5%)

THE CLOSING BELL-

The TASI rose 0.1% yesterday on turnover of SAR 6.25 bn. The index is down 8.8% YTD.

In the green: Jazadco (+6.4%), Amiantit (+6.1%) and EIC (+4.7%).

In the red: Arabian Drilling (-3.4%), YSCC (-3.3%) and Seera

(-2.5%).

It’s a mixed picture in Asia this morning as investors await the outcome of the Federal Reserve meeting later today. Shares in Japan and Australia are in the green while Chinese markets are nursing losses. US stocks will rise at the opening bell while European markets are mixed, according to equity futures.

CORPORATE ACTIONS-

Sabic will pay out a dividend of SAR 1.6 per share to 3 mn eligible shareholders for the second half of the year, with distribution set for 4 March 2024.

National Gas and Industrialization Co.will pay a dividend of SAR 1 per share to its shareholders for the second half of FY 2023 with distribution set for 28 January 2024.

Sipchemwill pay out a dividend of SAR 0.75 per share to shareholders for the second half of 2023, with distribution set on 25 December 2023.

First Milling Co. paid a SAR 6.3 mn fine to settle a lawsuit filed by the General Food Security Authority (GFSA), which alleged First Mills had violated terms of an agreement to supply subsidized and unsubsidized flour.

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