{"id":115666,"date":"2026-06-10T00:00:00","date_gmt":"2026-06-10T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?p=115666"},"modified":"2026-06-10T06:41:40","modified_gmt":"2026-06-10T06:41:40","slug":"two-of-three-big-ipos-in-the-mena-pipeline-are-now-postponed-reflecting-the-overhang-from-the-us-israel-war-on-iran","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/10\/two-of-three-big-ipos-in-the-mena-pipeline-are-now-postponed-reflecting-the-overhang-from-the-us-israel-war-on-iran\/","title":{"rendered":"Two of three big IPOs in the MENA+ pipeline are now postponed, reflecting the overhang from the US-Israel war on Iran"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Bankers have pulled the plug on the much-watched USD 800 mn Tadawul IPO of <\/strong><strong>contractor Mutlaq Al Ghowairi<\/strong> \u2014 which only <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/06\/01\/mutlaq-al-ghowairi-seeks-sar-3-bn-from-tadawul-listing\/\" style=\"\">opened bookbuilding days earlier<\/a>, the <a target=\"_blank\" href=\"https:\/\/mgc.com.sa\/insights\/ipostatement\/\" style=\"\">company said in a statement<\/a>. Real estate player <strong>Arabian Dyar<\/strong>, eyeing a SAR 16 bn valuation, is <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/capital-markets\/equities\/arabian-dyar-shelves-tadawul-ipo-plans-for-now-amid-weak-market-sentiment-fg9p0g5d\" style=\"\">pulling back, too<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The strange part: The books were covered.<\/strong> Shareholders got cold feet on post-listing performance after last week\u2019s strikes on Kuwait and Bahrain, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-09\/saudi-arabia-contractor-mgc-said-to-postpone-799-million-riyadh-ipo\" style=\"\">Bloomberg reports<\/a>, with some investors scaling back orders as the ceasefire wobbled. MGC was meant to be the Gulf\u2019s first major listing since the war began, the bellwether for infrastructure-sector confidence, and the first test of Saudi\u2019s new guidance encouraging issuers to hand retail investors up to 30% of an offering.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT-<\/strong> Newly listed names are holding up: IT services firm Dar Albalad <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/21\/dar-albalad-surges-on-tadawul-debut\/\" style=\"\">climbed 28% on<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/21\/dar-albalad-surges-on-tadawul-debut\/\" style=\"\">its Tadawul debut<\/a> last month and still trades roughly 41% above its IPO price, and Tadawul stayed in the green through <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/04\/02\/tasis-march-rise-could-be-masking-weak-investor-appetite\/\" style=\"\">the thick of the war<\/a>. \u201cOnce visibility improves, particularly on oil prices and regional stability, expect issuers to come back, possibly with repriced expectations,\u201d Riyadh-based investment banker Mustafa Fahim told EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch next: <\/strong>Will Oman India Fertilizer Co. <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/03\/omans-msx-will-get-a-much-needed-shot-in-the-arm-if-the-ipo-of-oman-india-fertilizer-co-is-a-hit\/\" style=\"\">push ahead with plans to list in Muscat<\/a> ? The company is a rich dividend play with a captive market in India. Egypt\u2019s Banque du Caire \u2014 the third big regional IPO in the pipeline \u2014 is also out of the market for now, with our Egypt desk reporting the bank <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/07\/banque-du-caire-ipo-pushed-back-to-year-end\/\" style=\"\">has push<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/06\/07\/banque-du-caire-ipo-pushed-back-to-year-end\/\" style=\"\">ed to the fall window<\/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>Saudi quick-commerce player Ninja is sizing up Delivery Hero\u2019s Middle East portfolio<\/strong>, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/f66cd84b-eabf-4c3e-9f18-d480054b3e3a?syn-25a6b1a6=1\" style=\"\">FT reports<\/a>. Riyadh-based <strong>Ninja<\/strong> would start with <strong>HungerStation<\/strong>, <strong>Delivery Hero<\/strong>\u2018s Saudi unit, which would be easier to integrate and face fewer regulatory hurdles, and could partner with another buyer to make an offer for parts of Dubai-listed <strong>Talabat<\/strong>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BACKGROUND- <\/strong>The dark-store grocery player <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/en\/news\/story\/64f3a897-9db3-43f2-9d64-f81a460049c3\/ninja-hits-unicorn-status-with-usd-250-mn-raise\" style=\"\">hit a USD 1.5 bn valuation last July<\/a> and <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/10\/this-morning-ninja-lines-up-banks-for-ipo-keeps-options-open\/\" style=\"\">has<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/10\/this-morning-ninja-lines-up-banks-for-ipo-keeps-options-open\/\" style=\"\">banks lined up<\/a> for a potential c. USD 1 bn Tadawul listing of its own \u2014 and two of its founders know the target well, one having helped establish HungerStation, another being a Delivery Hero and Gorillas alum.<\/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>Big global infra investors still <\/strong><strong>have appetite<\/strong><strong> for Kuwait\u2019s USD 7.5 bn pipeline deal.<\/strong> BlackRock\u2019s <strong>Global Infrastructure Partners<\/strong>, <strong>Brookfield<\/strong>, <strong>EIG<\/strong>, <strong>Apollo<\/strong>, and <strong>KKR<\/strong> are through to the next round of bidding for a stake in KPC\u2019s crude pipeline network, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-06-09\/brookfield-gip-defy-war-to-advance-7-5-billion-kuwait-deal\" style=\"\">Bloomberg reports<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In context: <\/strong>Aramco is lining up divestments <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/18\/is-aramco-on-a-usd-35-bn-privatization-push\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/18\/is-aramco-on-a-usd-35-bn-privatization-push\/\" style=\"\">worth as much as USD 35 bn<\/a> across energy facilities and real estate.<\/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>Who doesn\u2019t like some fried chicken and a Timmy\u2019s? <\/strong>UAE SWF Mubadala has hired advisers to prepare a bid for Restaurant Brands Europe \u2014 the Burger King, Popeyes, and Tim Hortons operator across Spain and Portugal \u2014 Spanish daily <a target=\"_blank\" href=\"https:\/\/www.expansion.com\/empresas\/2026\/06\/09\/6a271781e5fdea60688b4586.html\" style=\"\">Expansi\u00f3n reports<\/a>. The business could fetch EUR 2-3 bn including debt. Abu Dhabi isn\u2019t alone: Meritage and Apollo are also said to be circling.<\/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>Cairo headquartered fintech giant MNT-Halan hit a USD 1.4 bn valuation on the first close <\/strong><strong>of a strategic round led by Al Ahly Capital<\/strong>, the National Bank of Egypt\u2019s USD 2.5 bn investment arm, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/6\/508.pdf\" style=\"\">company statement (pdf)<\/a>. The size and stake weren\u2019t disclosed, and a second close is in the works.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>MNT-Halan has worked with 30-plus banks, but this is the first time a commercial lender has taken equity \u2014 and it lands right after the CBE tightened how banks fund non-bank lenders. MNT-Halan has spent the past two years turning itself from an Egyptian upstart into a multi-market power player \u2014 buying <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/03\/20\/mnt-halan-snaps-up-struggling-pakistani-microfinance-bank\/\" style=\"\">Advans Pakistan Microfinance Bank<\/a> and Turkey\u2019s <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/07\/28\/fintech-leader-mnt-halan-expands-into-turkey-with-acquisition-of-tam-finans\/\" style=\"\">Tam Finans<\/a> in 2024 and launching Halan Advance in the UAE. The new money is earmarked for Egyptian SMEs and a new push in the the Gulf.<\/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>Dubai Islamic Bank priced a USD 1 bn perpetual non-call six-year AT1 sukuk yesterday<\/strong>, drawing a book north of USD 1.85 bn, per <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/capital-markets\/bonds\/dubai-islamic-bank-prices-1bln-at1-pnc-6-year-sukuk-ei3kuem8\" style=\"\">Zawya<\/a> \u2014 a day after <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/economy\/islamic-economy\/dubai-islamic-bank-mandates-usd-at1-pnc-6-year-sukuk-r3aot133\" style=\"\">mandating the deal<\/a>. The Mudaraba paper will list on Euronext Dublin and Nasdaq Dubai, with eleven joint leads on the transaction including our friends at HSBC and KFH Capital. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>DIB is the fifth Gulf bank into the AT1 pool since the war began<\/strong>, by our math, following <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/04\/30\/enbd-reopens-at1-market\/\" style=\"\">Emirates NBD<\/a> (USD 750 mn), <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/04\/saudi-sukuk-market-is-waking-up-from-war-driven-slumber\/\" style=\"\">Saudi Investment Bank<\/a> (SAR 1.85 bn), <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/05\/31\/alinma-closes-twin-tier-1-issuances-as-corporate-issuers-move-in\/\" style=\"\">Alinma Bank<\/a> (twin SAR and USD issuances), and <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/capital-markets\/bonds\/oman-arab-bank-raises-400mln-from-at1-pnc-55-year-capital-securities-wfjfqjsz\" style=\"\">Oman Arab Bank<\/a> (USD 400 mn). <\/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 IMF isn\u2019t sure it likes FAB\u2019s USD 5 bn total return swap with Nigeria<\/strong>, warning in an Article IV consultation that the structure is opaque and <a target=\"_blank\" href=\"https:\/\/www.imf.org\/en\/news\/articles\/2026\/06\/09\/pr26190-nigeria-imf-executive-board-concludes-2026-article-iv-consultation-with-nigeria\" style=\"\">warning<\/a> that \u201chigh collateral and possible margin calls introduce additional fiscal risks and could give rise to political constraints on monetary or exchange-rate policy.\u201d<\/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 this morning<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Octo Management Consultancies<\/strong>, the UAE alternative investment manager, is partnering with Bahrain\u2019s <strong>GFH<\/strong> on a USD 300 mn logistics and industrial real estate platform spanning the UAE and Saudi, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/gfh-signs-mou-with-octo-management-to-develop-300mln-logistics-and-industrial-platform-across-saudi-arabia-and-the-uae-ix744tqt\" style=\"\">statement<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>BP <\/strong>is folding five Egyptian gas concessions into its joint venture with <strong>Adnoc <\/strong>after getting approval from the regulator. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">The <strong>Royal Commission for Makkah City and Holy Sites<\/strong> awarded SAR 13.3 bn of <a target=\"_blank\" href=\"https:\/\/x.com\/RCMC_KSA\/status\/2061130426417074683?s=20\" style=\"\">redevelopment projects across six sites<\/a>, each structured through closed-ended real estate funds, with developers and fund managers financing and delivering work the state budget used to carry. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Julphar<\/strong>, the Ras Al Khaimah-based, ADX-listed drugmaker, has completed the sale of its Health First Pharmacy chain in the UAE to <strong>Albatha Group<\/strong>, the family-owned Emirati conglomerate whose 25-plus companies span automotive, healthcare, engineering, FMCG, and real estate, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/6\/468.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\"><strong>Alcazar Energy<\/strong>, the UAE-based renewables investor, has signed a <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/EgyptianCabinet\/posts\/pfbid0ndwdATqYDoLqLspkyHhHknCGvW1PaHAG734mESoPE2vjyyGJpWF8N1xeM6yWrHR3l\" style=\"\">USD 420 mn agreement<\/a> to operate, maintain, and upgrade Egypt\u2019s 580 MW <strong>Gabal El Zeit<\/strong> wind farm.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Kuwait<\/strong> <a target=\"_blank\" href=\"https:\/\/asharqbusiness.com\/economics\/135634\/%D8%A7%D9%84%D9%83%D9%88%D9%8A%D8%AA-%D8%AA%D8%AC%D8%AF%D8%AF-%D9%88%D8%AF%D9%8A%D8%B9%D8%A9-%D8%A8%D9%85%D9%84%D9%8A%D8%A7%D8%B1%D9%8A-%D8%AF%D9%88%D9%84%D8%A7%D8%B1-%D9%84%D8%AF%D9%89-%D8%A7%D9%84%D8%A8%D9%86%D9%83-%D8%A7%D9%84%D9%85%D8%B1%D9%83%D8%B2%D9%8A-%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A\/\" style=\"\">rolled over its USD 2 bn deposit<\/a> at the <strong>Central Bank of Egypt<\/strong> for another year after it matured in April, as Egypt\u2019s reserves extend a record streak to USD 53.13 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Adnoc<\/strong> is weighing Canadian upstream and LNG investments through its international arm <strong>XRG<\/strong>, Upstream CEO Musabbeh Al Kaabi told <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/adnoc-eyeing-canada-upstream-lng-opportunities-via-xrg-arm-executive-says-2026-06-09\/\" style=\"\">R<\/a><a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/energy\/adnoc-eyeing-canada-upstream-lng-opportunities-via-xrg-arm-executive-says-2026-06-09\/\" style=\"\">euters<\/a>.<\/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> 1.3% \u2022 <strong>ADX<\/strong> 0.8% \u2022 <strong>DFM<\/strong> 0.9% \u2022 <strong>EGX30<\/strong> 1.0%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 91.88 \/ bbl \u2022 Gold USD 4,224 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 51.72<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Saudi\u2019s Ninja has its eyes on Delivery Hero\u2019s Middle East portfolio<\/p>\n","protected":false},"author":1,"featured_media":115667,"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":[2538,2629,2805,2628,2619,2643],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-115666","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets-deals","tag-enterpriseam","tag-ipo-watch","tag-ma-watch","tag-markets-deals","tag-oman","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"cd8bb004-6ad6-4046-b989-9c36e1ecaa9e","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/6\/648.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Pulling the plug","related_issue":[115661],"teaser":"Plus: Saudi\u2019s Ninja has its eyes on Delivery Hero\u2019s Middle East portfolio"},"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>Two of three big IPOs in the MENA+ pipeline are now postponed, reflecting the overhang from the US-Israel war on Iran - 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\/06\/10\/two-of-three-big-ipos-in-the-mena-pipeline-are-now-postponed-reflecting-the-overhang-from-the-us-israel-war-on-iran\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Two of three big IPOs in the MENA+ pipeline are now postponed, reflecting the 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