{"id":114467,"date":"2026-04-22T00:00:00","date_gmt":"2026-04-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?p=114467"},"modified":"2026-04-22T07:06:36","modified_gmt":"2026-04-22T07:06:36","slug":"emirates-global-aluminum-went-shopping-in-italy","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/22\/emirates-global-aluminum-went-shopping-in-italy\/","title":{"rendered":"Emirates Global Aluminum went shopping in Italy"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>We\u2019re not going to declare that regional equity capital markets are reopening, but\u2026<\/strong> Two developments give us heart this fine April morning: Saudi IT firm <strong>Dar Al Balad<\/strong> is readying what could be the Gulf\u2019s first IPO since the drones and bombers started flying \u2014 and our friends at <strong>EFG Hermes<\/strong> pulled off a surprise institutional placement for fintech darling <strong>Valu<\/strong>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also this morning: Emirates Global Aluminium<\/strong>, which is coping with damage from Iranian attacks, has gone shopping in Italy \u2014 and <strong>Pakistan<\/strong> cleared another tranche of UAE deposits on fresh Saudi support. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The details:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The first Gulf IPO since the war is about to test the market.<\/strong> Saudi IT services firm <strong>Dar Al <\/strong><strong>Balad<\/strong> is pushing ahead with a 30% float on Tadawul. It\u2019s looking to raise up to USD 75 mn through the sale of 21 mn shares, per <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-21\/saudi-it-firm-to-press-ahead-with-ipo-despite-war-uncertainty\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-21\/saudi-it-firm-to-press-ahead-with-ipo-despite-war-uncertainty\" style=\"\">Bloomberg<\/a>. Revenue jumped 30% last year to SAR 315 mn, giving bankers a growth story to pitch into a market starved of fresh paper, but the CMA approval expires in June, so the window is not particularly wide. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch for: <\/strong>How much of this gets snapped up by domestic investors and how much goes to foreigners will be an important data point to keep in mind when we look at how the fall IPO window might shape up. We\u2019re not expecting much activity in the coming 5-6 weeks, after which the IPO window basically slams shut until September when folks return from summer break. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">(You may see some small-fry stuff on Nomu, Saudi\u2019s baby bourse, but don\u2019t expect big offerings on Tadawul, DFM, or ADX before fall if nobody pulls the trigger before yacht season begins\u2026)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EGA goes shopping in Italy \u2014 again:<\/strong> <strong>Emirates Global Aluminium (EGA)<\/strong> is buying 80% of Italian recycler <strong>Eco Green<\/strong>, per a <a target=\"_blank\" href=\"https:\/\/media.ega.ae\/ega-to-acquire-majority-stake-in-italian-aluminium-recycling-firm-eco-green-advancing-global-expansion-strategy\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/media.ega.ae\/ega-to-acquire-majority-stake-in-italian-aluminium-recycling-firm-eco-green-advancing-global-expansion-strategy\/\" style=\"\">statement<\/a>. It\u2019s the group\u2019s third outbound deal in two years \u2014 and with Al Taweelah still under force majeure and Hormuz still a mess (to put it politely), locking in 70k tonnes a year of European scrap supply is less an ESG badge than it is a new supply chain insurance policy. The founding Scappini family will keep 20% of the combined entity.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The EGX is showing signs of life:<\/strong> <strong>Valu<\/strong> \u2014 Egypt\u2019s homegrown BNPL platform \u2014 placed a 2.55% stake (53.8 mn shares) through an accelerated bookbuild targeting institutions, per a <a target=\"_blank\" href=\"https:\/\/efgholding.com\/en\/media\/news\/ValuABB\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/efgholding.com\/en\/media\/news\/ValuABB\" style=\"\">statement<\/a>. The secondary sale, managed by <strong>EFG Hermes<\/strong>, likely cleared around EGP 603 mn on closing prices, implying a total valuation of EGP 24.1 bn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters:<\/strong> It vindicates <strong>EFG Holding<\/strong>\u2019s unusual call last year to spin Valu out rather than keep it on the balance sheet \u2014 and tells the market the EGX is still willing to pay up for local tech names that can deliver real numbers. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Aldar + Mubadala deepen their Abu Dhabi JV:<\/strong> Aldar Properties and Mubadala added to their AED 30 bn tie-up with the purchase of <strong>The Link<\/strong> \u2014 a five-building, 32k-sqm complex in Masdar City that houses <strong>Masdar<\/strong>\u2019s HQ and the <strong>Mohamed bin Zayed University of Artificial Intelligence<\/strong> \u2014 per a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1028.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1028.pdf\" style=\"\">press release (pdf)<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pakistan is on course to conclude its breakup with the UAE: <\/strong>Pakistan <a target=\"_blank\" href=\"https:\/\/tribune.com.pk\/story\/2603481\/pakistan-returns-2-billion-more-to-uae\" style=\"\">returned USD 2 bn<\/a> to the UAE and <a target=\"_blank\" href=\"https:\/\/timesofindia.indiatimes.com\/business\/international-business\/pakistan-says-it-will-repay-remaining-1-5-billion-loan-to-uae-by-april-23-amid-imf-funding-hopes\/articleshow\/130373074.cms\" style=\"\">says it will repay<\/a> the remaining USD 1.5 bn of a USD 3.5 bn UAE-linked deposit by tomorrow, after <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/16\/this-morning-pifs-five-year-strategy-inches-closer-to-the-light\/\" style=\"\">Saudi Arabia extended<\/a> a new USD 3 bn loan and rolled over its existing USD 5 bn deposit for a longer term. The repayments come as Islamabad awaits a fresh USD 1.2 bn IMF disbursement under its bailout program, which would help cushion reserves.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Refresher: <\/strong>Pakistan <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/06\/this-morning-ega-could-need-a-year-to-restore-full-production-at-al-taweelah-the-uae-is-now-the-9th-top-goods-exporter\/\" style=\"\">said earlier this month<\/a> it would return USD 3.5 bn in matured UAE loan deposits. The UAE had previously <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/04\/this-morning-emirates-nbds-60-rbl-takeover-needs-fresh-approval-the-dubai-loop-will-be-bigger-than-we-thought\/\" style=\"\">rolled over a USD 2 bn deposit<\/a> until 17 April after multiple extensions. Separate support has also included a USD 450 mn loan dating back to 1996, and a further USD 1 bn deposit in 2023 to help Pakistan meet IMF-related funding needs.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ALSO WORTH KNOWING TODAY-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The European Bank for Reconstruction and Development (EBRD<\/strong>) <a target=\"_blank\" href=\"https:\/\/www.ebrd.com\/home\/news-and-events\/news\/2026\/ebrd-backs-landmark-bond-issuance-in-morocco.html\" style=\"\">took a MAD 400 mn<\/a> (USD 43 mn) position in a local municipal bond issued by the Casablanca-Settat region. The issuance is a landmark for Morocco as the first bond issued by one of its regional authorities. The total issuance is worth MAD 1 bn (USD 107.5 mn) and will be used \u201cto implement strategic investments under [the region\u2019s] 2022-2027 Regional Development Plan.\u201d<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Abu Dhabi\u2019s <strong>Investcorp Capital<\/strong> is putting USD 200 mn into senior living, multifamily, and select rental assets across California, New York, and New Jersey, per a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1029.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1029.pdf\" style=\"\">press release (pdf)<\/a>. Target properties average 94% occupancy with solid in-place income \u2014 part of the firm\u2019s push toward a USD 6 bn deployment target for FY 2025-26.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Cairo-based <strong>A15<\/strong> sold its UAE-based music distribution portfolio company <strong>Viral Wave<\/strong> to <strong>PopArabia<\/strong>, the regional partner of Nasdaq-listed <strong>Reservoir<\/strong>, per a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1040.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/1040.pdf\" style=\"\">statement (pdf)<\/a>. It\u2019s A15\u2019s ninth fully realized exit \u2014 and another data point on the MENA tech truism: strategic M&A, not the public markets, is where regional winners cash in.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>B Investments<\/strong> is committing EGP 560 mn (USD 10.8 mn) to <strong>European Universities in Egypt <\/strong><strong>(EUE)<\/strong> through a mix of capital increase and a secondary sale, per a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/971.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/971.pdf\" style=\"\">bourse filing (pdf)<\/a>. The bet: Egyptian university enrollments are projected to hit 5 mn by 2030, requiring some 1.3 mn new seats \u2014 and EGX-listed education stocks are already pricing in the scarcity at 20-22x earnings.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Market Snapshot<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul<\/strong> 0.27% \u2022 <strong>ADX<\/strong> +0.20% \u2022 <strong>DFM<\/strong> +0.28% \u2022 <strong>EGX30<\/strong> +0.32%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 98.12 \/ bbl \u2022 Gold USD 4761 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 51.70<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Saudi\u2019s Dar Al Balad may be readying a rare wartime IPO and Valu\u2019s ABB shows investors will pay for a fintech name that delivers<\/p>\n","protected":false},"author":1,"featured_media":114468,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","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":[2630],"tags":[2827,2826,2538,2629,2805,2628,2657,2828],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-114467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets-deals","tag-aldar","tag-emirates-global-aluminum","tag-enterpriseam","tag-ipo-watch","tag-ma-watch","tag-markets-deals","tag-mubadala","tag-valu","wpautop","entry"],"acf":{"mongo_id":"b65bf824-50ee-42a1-a0d8-9a6d1f15b2ab","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/975.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Let\u2019s go shopping","related_issue":[114457],"teaser":"Plus: Saudi\u2019s Dar Al Balad may be readying a rare wartime IPO and Valu\u2019s ABB shows investors will pay for a fintech name that delivers"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Emirates Global Aluminum went shopping in Italy - MENA+ Edition<\/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\/menaplus\/2026\/04\/22\/emirates-global-aluminum-went-shopping-in-italy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Emirates Global Aluminum went shopping in Italy\" \/>\n<meta property=\"og:description\" content=\"Plus: Saudi\u2019s Dar Al Balad may be readying a rare 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