{"id":86922,"date":"2024-06-06T00:00:00","date_gmt":"2024-06-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/06\/arabian-oud-taps-bankers-for-planned-tadawul-ipo\/"},"modified":"2024-06-06T00:00:00","modified_gmt":"2024-06-06T00:00:00","slug":"arabian-oud-taps-bankers-for-planned-tadawul-ipo","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/06\/06\/arabian-oud-taps-bankers-for-planned-tadawul-ipo\/","title":{"rendered":"Arabian Oud taps bankers for planned Tadawul IPO"},"content":{"rendered":"

Good morning, wonderful people, and happy THURSDAY to you all. <\/strong>We hope you\u2019ve had a fantastic workweek \u2014 and that you\u2019re looking forward to the weekend as much as we are. From Riyadh and Jeddah to Cairo, Abu Dhabi, and Dubai, our region has been on a tear this week as folks look to wrap up key projects before Eid Al Adha and the start of summer vacation season. We don\u2019t expect the pace to let up next week. Next stop: September. <\/p>\n

<\/a> BUT FIRST: We love the smell of an IPO in the morning. <\/strong>Perfume maker Arabian Oud has reportedly hired bankers as it plans a Tadawul IPO, lining up SNB Capital and Emirates NBD Capital to quarterback the offering, Bloomberg<\/a> reports. The company has yet to decide on the size, structure, or timing of the transaction. The company says it has<\/a> 1.2k stores across 37 countries.<\/p>\n

That adds another big name to Tadawul\u2019s offering pipeline <\/strong>as investors welcome fresh share offerings in Riyadh. <\/p>\n

AND- Fakeeh Care shares were up a bit more than 10% in their debut yesterday<\/strong>, as we note in this morning\u2019s news well, below. That rise was perhaps muted by the amount of cash pulled from the market as investors put in bids for Aramco\u2019s blockbuster share sale. Speaking of which: The order window for Aramco stock closes today.<\/strong><\/p>\n

CAPITAL MARKETS-<\/p>\n

Nomu-listed Banan Real Estate is looking to make a move to the main market<\/strong>, having submitted its request to transition this week, it said in a disclosure to Tadawul<\/a>. The company\u2019s board of directors first greenlit the Tadawul transfer decision<\/a> in July of last year, appointing AlDukheil Financial Group as its advisor. The company, valued at SAR 200 mn, began trading on Nomu in August 2021.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- RETAIL WATCH- The Emirates National Oil Company (Enoc) plans to open 45 filling <\/strong>stations in Saudi<\/strong> over the coming five years, Al Sharq Al Awsat<\/a> quotes Enoc CEO Saif al-Falasi as saying. The stations will include Enoc\u2019s Zoom-branded convenience stores. Al-Falasi drew a line between the strategy and the Kingdom\u2019s goal of seeing 1.2k new filling stations open nationwide in the next five years. ENOC has 14 stations here operating today.<\/p>\n

#2- <\/strong>The Air Connectivity Program (ACP) wants to lure in more US, Canada, Brazil, and<\/strong> Europe-based airlines to the Kingdom\u2019s airports<\/strong>, CEO Majid Khan told Argaam<\/a>, as Riyadh looks to become a global aviation hub. The ACP is also working on agreements with Asian and European airlines to make it easier for tourists to visit the Kingdom\u2019s attractions, ultimately boosting tourism footfall, he added.<\/p>\n

Background: <\/strong>The program, which was launched in 2021, aims to boost connectivity to the Kingdom from Europe, Asia and the Americas. It has attracted three new Chinese airlines<\/a> and three European carriers<\/a> to launch flights to Saudi this year, according to Khan.<\/p>\n

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<\/a> #3- Saudi Arabia has joined a Bank of International Settlements trial on a <\/strong>multi-central-bank digital currency (CBDC) platform<\/strong>, the BIS said in a statement<\/a>. The Kingdom\u2019s participation as the world\u2019s largest oil exporter means we could start seeing significantly more commodity settlement in currencies beyond the USD, Josh Lipsky, who runs a global CBDC tracker, said<\/a>.<\/p>\n

In context: <\/strong>Central banks including the Central Bank of the UAE took the wrappers off the <\/strong>first operational prototype <\/strong>of the CBDC platform yesterday, a press release (pdf)<\/a> reads. The trial is a collaboration between the UAE, Hong Kong, China, and Thailand. They\u2019re aiming to build a platform that can make it easier to carry out cross-border digital currency transactions using the code China's e-CNY is built on. <\/p>\n

BACKGROUND- <\/strong>Both Saudi Arabia and the UAE have already been working on boosting trade in their domestic currencies, with Saudi signing<\/a> a currency swap agreement with China in December. The UAE has also begun to accept<\/a> INR payments for oil as of last year. <\/p>\n

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#4- <\/strong>The Saudi Armed Forces Command and Staff College has rebranded as the<\/strong> National <\/strong>Defense University<\/strong>, state news agency SPA<\/a> reports. Defense Minister Khalid bin Salman inaugurated the university last Tuesday as the Kingdom looks to strengthen its system of professional military schooling. The university provides military education and training with its campus\u2019 history tracing back to 1958.<\/p>\n

#5- <\/strong>Six transport companies were handed fines for price fixing ranging from <\/strong>SAR 700k to <\/strong>SAR 5 mn<\/strong> after a General Authority for Competition investigation, state news agency SPA<\/a> reported yesterday. The report did not get into the specifics of any of the cases. The fines:<\/p>\n