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IPO
Hookah maker Air bets on shisha demand as it plans to brave markets with May IPO
Shareholders will vote on the merger between Cantor Equity Partners III and Air on Tuesday,12…
Al Ramz pitches primary market access in dual-fund launch
Investors have until Wednesday, 13 May, to subscribe to the open-ended vehicles
A quieter-than-usual 1Q for regional capital markets
The region has welcomed just four IPOs this year
UAE IPOs slip into wait-and-see mode as war hits execution
The DFM is currently more exposed than the ADX “due to its higher retail flows…
M&A
M42 expands footprint in Brazil, AD Ports sells assets to Aldar, and another wager on autonomous aviation
M42’s acquisition lifts Diaverum’s footprint in Brazil to 18 clinics and three vascular access centers
Emirates Global Aluminium acquires a stake in Italy’s Eco Green, staking a position in Europe’s scrap economy
EGA could be building a local buffer to keep serving auto and construction clients while…
Lunate takes a stake in Aussie private credit player
The transaction, due to close in 3Q, values La Trobe at USD 2.1 bn
Abu Dhabi’s EIIC is now a minority holder in Joe & The Juice
The transaction valued the business at USD 1.8 bn
Debt
THIS MORNING: Tourism in Ajman is the latest to see gov’t support + Al Habtoor kicks off its lawsuit against Lebanon
Plus: Dubai residential capital values fall for the first time since the pandemic
April sukuk auction sees 4.7x oversubscription
The issuance included a tap on its 7-year sukuk issuance from February
Regional debt markets edge back from the brink
Spreads have clawed their way back from multi-year highs, but the recovery is selective…
Private lending is going strong despite regional tensions, with Aldar raising AED 5 bn from banks
Bookbuilding for the facility started in February but remained on track despite market jitters
Macro + Economy
THIS MORNING: UAE-Korea partnership to come into effect in May + Salama hikes capital in two-act survival play
Plus: Syrian leader Ahmed Al Sharaa landed in the UAE yesterday
Prolonged regional conflict could drag UAE growth to 1.4% as BMI slashes GCC outlook
Overall, the GCC is expected to grow only 1.9%, down from 4.8%
More ADGM action, IHC seals Pakistan acquisition, another Dubai International Chamber office in Asia, and CBUAE rolls out e-KYC
Dubai International Chamber has opened another global office, this time in Manila, the Philippines
IMF trims global GDP forecast with dispersed war scenarios
MENA region sees the most significant slip by a 2.8 percentage points down from 3.9%