Oman’s Omifco is the last big MENA+ IPO still standing — and it says it’s going to start trading in July

The last big IPO still in the MENA+ market is pushing ahead as Oman signalled it’s taking fertilizer champion Oman India Fertiliser Company (Omifco) public even after Banque du Caire and Mutlaq Al-Ghowairi delayed to fall.

Shareholders in the Oman-India JV behind the Sur fertilizer complex are looking to raise as much as USD 678 mn from the sale of 25% of Omifco on the Muscat Stock Exchange, according to a statement (pdf) , with the order book set to open this month and trading to begin on 8 July. The offer is all secondary, with all proceeds going to existing shareholders.

Omifco is marketing itself as a dividend play, saying it expects to pay a divvy worth OMR 71.2 mn (c. USD 185 mn) for FY 2026 in two equal installments in September 2026 and April 2027, then 90% of net profits in 2027-2028 or 3% annual growth on the 2026 payout, whichever is higher.

Why it matters: With Banque du Caire pushing its roadshow to September-October and Saudi Arabia’s Mutlaq Al-Ghowairi postponing its listing, Omifco is the last big regional listing still on the summer calendar. Qalaa Holding also joined the wait-for-September club this week, pushing the IPO of its ports arm, National Ports Management, to September from a June-July window and trimming its follow-on pipeline to three subsidiary floats from five.

In brighter news: ADX expects two to three dual listings before year-end, with tech and healthcare names working through home-market approvals — Hong Kong-listed biotech Insilico Medicine is among those previously flagged for a secondary Abu Dhabi offering. ]

File the week’s biggest “M&A” headline under “restructuring.” Abu Dhabi’s L’imad now holds more than 98% of utility Taqa after AD Power, an indirect wholly owned subsidiary, took over 2PointZero‘s entire 7.29% stake, worth AED 21.5 bn at Wednesday’s close by our math. (Disclosures here, here, and here.) This is Abu Dhabi consolidating Abu Dhabi: L’imad has already folded in ADQ and Cyvn this year, while 2PointZero — fresh from its three-way merger with Multiply and Ghitha — says the proceeds shore up its balance sheet and fund deals across energy, mining, consumer, food, and packaging.

In other M&A news:

• Masdar is buying a 49.99% slice of a EUR 849 mn Spanish renewables portfolio from Repsol. It will pushes Masdar’s Iberian assets to 4.1 GW on top of the EUR 1.2 bn Saeta takeover and its Endesa solar buy-in, making the emirate one of Europe’s largest clean-power owners;
• Aster DM Healthcare took a majority stake in Saudi Arabia’s ProCare Hospital through a JV with Saleh Al Rahji & Partners. Worth watching as it reportedly eyes a dual Tadawul-UAE listing ;
• BlueFive Capital bought 49% of LeasePlan Emirates from France’s Ayvens through its Reef PE Fund I, leaving Mubadala-owned Solutions+ at 51%.

It’s not all doom-and-gloom in Dubai real estate: Emaar is preparing an AED 200 bn (USD 55 bn) “city within a city” masterplan in Dubai for nearly 150k residents and Dubai logged USD 68.61 bn in 1Q real estate transactions with foreign investment up 26%. Meanwhile, AHS Properties bought the Shangri-La Dubai for AED 1.1 bn (USD 300 mn) — it’s a 430floor hotel-offices-and-residences tower on the main Sheikh Zayed Road thoroughfare. AHS founder and CEO Abbas Sajwani says he’ll take the lid off an AED 25 bn mixed-use project in 3Q.

The EBRD wants to invest EUR 7.5 bn (c. EGP 450 bn) into Egypt over five years — and it’s got particularappetite for real estate players who build green, with at least half the bank’s annual spend mandated to its Green Economy Transition (pdf). For Egyptian corporates, an Edge or Leed stamp could unlock cheaper long-term finance as the EGP 1.3 bn Ibnsina facility and a USD 50 mn MSME package via NBK showed.

Morocco’s National Office of Electricity and Drinking Water (ONEE) lined up a EUR 250 mn (c. MAD 2.75 bn) program with EBRD to modernize the country’s drinking-water infrastructure, to be rolled out in two phases.

Egypt is signaling it can live without a new IMF program. No talks are underway on a successor to the USD 8 bn extended fund facility that expires in December, with Prime Minister Mostafa Madbouly saying Egypt sees no need for a new program.

WATCH THIS SPACE- UAE state defense champion Edge is formalizing its European push under Paris-headquartered Edge Europe, with an engineering and manufacturing hub in Bordeaux, according to a press release. A planned controlling stake in Italy’s CMD and a USD 1.5 bn manufacturing pipeline with Spain’s EM&E points to a transaction in the offing…

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