Gulf IPOs pulled back slightly in 1H, raising a combined USD 3.4 bn across 24 listings — a 6% y-o-y drop from the same period last year, according to a report (pdf) by Kuwaiti research firm Markaz.

Saudi remained the region’s IPO powerhouse, accounting for the lion’s share with USD 2.8 bn raised across 22 offerings — a 36% increase in value over 1H 2024 and representing 85% of total GCC IPO proceeds in the first six months of the year. The largest Saudi listing of the period came from Flynas, followed by Umm Al Qura.

A slow 1H for the rest: The UAE saw only one listing in the first half of the year, with IT services firm Alpha Data raising USD 163 mn, excluding Dubai Holding’s blockbuster AED 2.2 bn (USD 600 mn) listing of Dubai Residential REIT. Oman also contributed a single listing via Asyad Shipping, which raised USD 333 mn. Kuwait, Qatar, and Bahrain saw no listings in 1H.

Cyclicals dominated: The industrial sector led the way, accounting for 43% of total IPO proceeds with USD 1.4 bn raised. That included listings from Asyad, Nass, and several logistics and consultancy firms. Real estate followed with 17% of total proceeds, led by Umm Al Qura. Meanwhile, Specialized Medical Company contributing the bulk of USD 505 mn raised by healthcare IPOs

Kuwait’s bourse topped the region in performance, rising 18.1% YTD, followed by Dubai (10.6%), Abu Dhabi (5.7%), and Qatar (1.7%). In contrast, Tadawul ended H1 down 7.6%, and Bahrain’s Bourse lost 2.1%.

MARKETS THIS MORNING-

Asian markets are seeing yet another mixed morning, following gains for Asian chip stocks after the US lifted export curbs to China. Hong Kong’s Hang Seng is up 0.5%, while Japan’s Nikkei and the Shanghai Composite are both inching down 0.1%. Meanwhile, Wall Street futures are indicating a lower opening as the bank earnings season kicks into gear.

ADX

10,151

+0.9% (YTD: +7.8%)

DFM

5,914

+1.0% (YTD: +14.6%)

Nasdaq Dubai UAE20

4,932

+2.1% (YTD: +18.4%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

4.1% o/n

4.3% 1 yr

TASI

11,095

-1.1% (YTD: -8.0%)

EGX30

33,815

+0.3% (YTD: +13.7%)

S&P 500

6,244

-0.4% (YTD: +6.2%)

FTSE 100

8,938

-0.7% (YTD: +9.4%)

Euro Stoxx 50

5,354

-0.3% (YTD: +9.4%)

Brent crude

USD 68.86

-0.5%

Natural gas (Nymex)

USD 3.52

+1.6%

Gold

USD 3,337

-0.7%

BTC

USD 116,821

-2.7% (YTD: +24.7%)

Chimera JP Morgan UAE Bond UCITS ETF

AED 3.62

+0.6% (YTD: +1.5%)

S&P MENA Bond & Sukuk

145.63

-0.2% (YTD: +4.1%)

VIX (Volatility Index)

17.38

+1.1% (YTD: +0.2%)

THE CLOSING BELL-

The ADX rose 0.9% yesterday on turnover of AED 1.9 bn. The index is up 7.8% YTD.

In the green: Multiply Group (+7.7%), Abu Dhabi Commercial Bank (+7.6%) and Bank of Sharjah (+5.9%).

In the red: Umm Al Qaiwain General Investment (-9%), Al Wathba National Ins. (-8.1%) and Agility Global (-7.5%).

Over on the DFM, the index rose 1.0% on turnover of AED 961.4 mn. Meanwhile, Nasdaq Dubai was up 2.1%.

CORPORATE ACTIONS-

Ajman ruler + gov’t increase stakes in Ajman Bank: Ajman’s ruler Humaid bin Rashid Al Nuaimi has raised his ownership in Ajman Bank from 14.15% to 15.98%, according to a DFM disclosure (pdf). Separately, the Ajman government increased its stake from 28.43% to 31.15%, according to a separate bourse disclosure (pdf).

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