Global IPO market, dealmaking to accelerate next year: Goldman Sachs sees the global IPO market picking momentum and is penciling in an acceleration in activities in 2H 2024 on expectations of a less restrictive monetary environment, according to a Goldman Sachs briefing. “We do expect to see a reasonable pickup in dealmaking activity, especially now that we seem to be through the other side of this interest rate hiking cycle,” said Jim Esposito, the co-head of Goldman Sachs’ Global Banking & Markets business.

Saudi dominated the regional IPO market in 3Q: Five out of the six main-market IPOs in the MENA region came out of Saudi with Lumi Rental drawing the highest proceeds (USD 291 mn), according to Ernst and Young. MBC Group is set for what could be one of the region’s top IPOs this year.

ALSO FROM PLANET FINANCE-

Gulf funds, including Saudi’s PIF, are facing great headwinds from the Biden administration, as part of a wider US campaign to scrutinize countries with closer ties to China. The Committee on Foreign Investment in the US is reportedly reviewing over six pacts with PIF, UAE’s ADIA and Mubadala Investment Co over national security risks. (Reuters)

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THE CLOSING BELL-

The ADX fell 0.4% on Friday on turnover of AED 830.8 mn.

In the green: Emirates Driving Company (+12.7%), Al Khaleej Investment (+12.0%) and Chimera (+4.9%).

In the red: Hayah Ins. Company (-4.6%), Bildco (-3.2%) and Aram Group (-2.8%).

Meanwhile, the DFM closed down 0.4% on Friday. The index is up 19.5% YTD.

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