{"id":93075,"date":"2024-06-14T00:00:00","date_gmt":"2024-06-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/another-adx-tadawul-listing-soon\/"},"modified":"2024-06-14T00:00:00","modified_gmt":"2024-06-14T00:00:00","slug":"another-adx-tadawul-listing-soon","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/06\/14\/another-adx-tadawul-listing-soon\/","title":{"rendered":"Another ADX-Tadawul listing soon?"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong style=\"background-color: transparent;\">Good morning, wonderful people. <\/strong><span style=\"background-color: transparent;\">We\u2019re finally only hours away from a four-day weekend \u2014 but judging by the amount of out of office replies we\u2019ve been getting, most of you have already checked out.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>EnterpriseAM UAE will be off all of next week in observance of Eid Al Adha.<\/strong> We\u2019ll be back at the usual hour on Monday, 24 June. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>In the spirit of Eid,<\/strong> <strong>President Sheikh Mohamed bin Zayed Al Nahyan pardoned 1,138<\/strong><strong> inmates,<\/strong> state news agency <a target=\"_blank\" href=\"https:\/\/wam.ae\/en\/article\/b3n89y0-uae-president-orders-release-1138-inmates-ahead\" style=\"\" rel=\"noopener\">Wam<\/a> reports. The President also pledged to cover all fines for the released inmates.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The big story here home<\/strong> is the Central Bank\u2019s downward revision of its growth forecast for the year to 3.9%, as well as news that Dubai accounted for more than half of FDI into tech projects in the region last year. <\/p>\n<p class=\"tag-border-left\">PSA- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><b>WEATHER- The weather has cooled slightly from its &gt;40\u00b0C highs<\/b>, with the mercury peaking at 39\u00b0C today in Dubai, with an overnight low of 30\u00b0C. Over in Abu Dhabi, temperatures will hit 36\u00b0C, before cooling to an overnight low of 31\u00b0C. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Energy and Infrastructure Ministry will suspend land and maritime transport services for 24 hours<\/strong> starting today at 2 pm, to develop service servers, according to a ministry <a target=\"_blank\" href=\"https:\/\/www.facebook.com\/people\/MOEIUAE\/100087503185269\/?mibextid=LQQJ4d&amp;_rdc=2&amp;_rdr\" style=\"\" rel=\"noopener\">statement<\/a>.<\/p>\n<p class=\"tag-border-left\"> HAPPENING TODAY- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The<\/strong><strong> G7 summit kicked off yesterday in Italy<\/strong>, and runs through to Saturday, with UAE President Sheikh Mohamed bin Zayed Al Nahyan in attendance. The meeting is set to discuss the situation in the Middle East, as well as the Russia-Ukraine war, climate change, and AI.<\/p>\n<p class=\"tag-border-left\"> WATCH THIS SPACE-<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <a id=\"wwtt1\"><\/a> <strong>#1-<\/strong> <strong>Agility eyeing ADX-Tadawul dual listing for ADX-listed subsidiary: <\/strong>Kuwaiti <a target=\"_blank\" href=\"https:\/\/www.agility.com\/en\/\" style=\"\" rel=\"noopener\">Agility<\/a> is mulling a dual listing for its ADX-listed subsidiary, Agility Global, on Saudi Arabia\u2019s Tadawul stock exchange, in a move to provide wider investment exposure for its investors, Agility Vice Chairman Tarek Sultan told <a target=\"_blank\" href=\"https:\/\/www.thenationalnews.com\/business\/markets\/2024\/06\/13\/agility-dual-list-saudi-tadawul\/\" style=\"\" rel=\"noopener\">the National,<\/a> revealing that the logistics firm\u2019s board could discuss the dual listing at the board level \u201cin the very near future.\u201d It plans to work with regulators both in the UAE and Saudi Arabia <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>This would mark the second ADX-Tadawul listing ever<\/strong>, after Americana <a target=\"_blank\" href=\"https:\/\/www.americanarestaurants.com\/investors\/ipo\/ipo-information-and-documents\/\" style=\"\" rel=\"noopener\">completed<\/a> its own dual listing on the two exchanges in 2022.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER- <\/strong>Agility Global made its debut via a technical listing on ADX in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/40cd08aa-1d5d-4ea6-a6e3-dfba0d137825\/%253cmark%253eagility%253c%2Fmark%253e%253cmark%253e-global%253c%2Fmark%253e-shares-jump-more-than-four-fold-on-adx-debut\" style=\"\" rel=\"noopener\">May<\/a>. Agility Global\u2019s share price jumped more than fourfold on the first day of trading following its technical listing on ADX. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The Saudi bourse is key for exposure:<\/strong> \u201cAt the end of the day, [investors] want exposure to the emerging markets, they want exposure to the big economies of the Middle East, and you can't have that in a fundamental way if you're not present in the Kingdom,\u201d Sultan said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2- Dubai to keep privatization ball rolling:<\/strong> Dubai is pushing forward with plans to list 10 state-owned companies on the DFM, Dubai International Financial Centre CEO Arid Amiri told <a target=\"_blank\" href=\"https:\/\/www.wam.ae\/ar\/article\/b3n81zj-%D8%B9%D8%A7%D8%B1%D9%81-%D8%A3%D9%85%D9%8A%D8%B1%D9%8A-%D9%86%D9%85%D9%88-%D8%B1%D8%B3%D9%88%D9%85-%D8%A7%D9%84%D8%AE%D8%AF%D9%85%D8%A7%D8%AA-%D8%A7%D9%84%D9%85%D8%A7%D9%84%D9%8A%D8%A9-%D9%88%D8%A3%D8%B5%D8%AD%D8%A7%D8%A8-%D8%A7%D9%84%D8%AB%D8%B1%D9%88%D8%A7%D8%AA\" style=\"\" rel=\"noopener\">Wam<\/a>. Dubai has so far seen six state-owned firms list on the bourse, including <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/de573f5b-c1df-4b13-ba64-58e95fdfcffb\/parkin-share-price-rises-35%2525-on-market-debut\" style=\"\" rel=\"noopener\">most recently<\/a> Parkin. <a target=\"_blank\" href=\"https:\/\/www.dewa.gov.ae\/en\/\" style=\"\" rel=\"noopener\">Dubai Electricity and Water Authority<\/a> (Dewa), utility company <a target=\"_blank\" href=\"https:\/\/mediaoffice.ae\/en\/news\/2022\/November\/15-11\/Empower-debuts-listing-and-trading-of-its-shares-on-the-Dubai-Financial-Market#:~:text=Shares%20began%20trading%20under%20the,Company%20has%20increased%20the%20size\" style=\"\" rel=\"noopener\">Empower<\/a>, business park developer <a target=\"_blank\" href=\"https:\/\/tecomgroup.ae\/press-release-july-1.html\" style=\"\" rel=\"noopener\">Tecom Group<\/a> and road toll operator <a target=\"_blank\" href=\"https:\/\/www.mediaoffice.ae\/en\/news\/2022\/September\/29-09\/Salik-debuts-listing-and-trading-of-its-shares-on-the-Dubai-Financial-Market\" style=\"\" rel=\"noopener\">Salik<\/a> all went public in 2022, while Dubai Taxi was listed in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2023\/11\/1671.pdf\" style=\"\" rel=\"noopener\">AED 1.2 bn IPO<\/a> in December. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Background: <\/strong>Dubai announced its plan to list 10 state-backed entities on the Dubai Financial Market (DFM) in <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-11-02\/dubai-plans-to-list-10-state-firms-as-it-seeks-to-join-ipo-boom\" style=\"\" rel=\"noopener\">2021<\/a>, in a bid to double the emirates\u2019 financial market size to AED 3 tn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER-<\/strong> Construction firm Alec is expected to be the seventh state-owned company to list on the Dubai bourse, having already <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e2feb924-f76a-4703-af1e-485f9061c6b2\/icd-backed-alec-taps-banks-ahead-of-planned-ipo\" style=\"\" rel=\"noopener\">tapped advisors<\/a> for the IPO.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt2\"><\/a> <strong>#5- Drake &amp; Scull is on track to land new projects by August, <\/strong>backed by a clean balance sheet after writing off AED 4 bn in debt and raking in <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/39a70cf5-950a-43b1-b6dc-5836b846a059\/drake-&amp;-scull-can-now-relist-on-the-dfm-after-raising-aed-450-mn-in-capital-boost\" style=\"\" rel=\"noopener\">AED 450 mn in fresh capital<\/a>, <a target=\"_blank\" href=\"https:\/\/gulfnews.com\/business\/property\/dubais-drake--scull-targets-new-projects-after-dh4b-debt-waiver-and-new-dh450m-in-bank-1.1718268678652\" style=\"\" rel=\"noopener\">Gulf News<\/a> reports, citing comments made by Vice Chairman Ahmed Kilani during a media briefing. The firm aims to participate in tenders across the GCC \u201cthat can provide [the company] with some double-digit margins,\u201d with the priority being major projects inside the UAE, with plans for \u201cconservative bidding\u201d in other GCC projects. The company aims to gain back the market\u2019s confidence in its rebound \u201cby mid-August 2024, [hoping] to convince everyone that we are back after 5 years,\u201d Kilani said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Drake &amp; Scull will keep pursuing claims exceeding AED 2 bn against its former management, <\/strong>Kilani said, affirming that the contractor is not considering an out of court settlement. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>REMEMBER - <\/strong>Drake &amp; Scull completed its restructuring after raising AED 450 mn in a capital increase and resuming trading on the Dubai Financial Market (DFM) on <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a6b32db8-aa7b-404f-aa69-83403a0c9051\/this-morning:-sidara-makes-final-play-for-wood-group-%2B-president-in-china#:~:text=Drake%20%26%20Scull%20is%20back%20on%20the%20DFM%3A%20Dubai%E2%80%93based%20Drake%20%26%20Scull%20re%2Dlisted%20its%20shares%20on%20the%20Dubai%20Financial%20Market%20(DGF)%20yesterday%20following%20a%20five%2Dyear%20hiatus.%20Shares%20soared%20as%20much%20as%2030%25%20in%20trading%20before%20closing%20up%2024%25%20at%20AED%200.31.\" style=\"\" rel=\"noopener\">29 May<\/a>, following a five-year hiatus. The construction firm\u2019s shares were suspended from trading on the back of excessive financial losses and reporting violations. The restructuring saw the contractor <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/edition\/am\/24ca3b46-2d30-442f-964c-17bb6a53beca\/eu-launches-anti-subsidy-probe-into-e&amp;%25e2%2580%2599s-ppf-acquisition#:~:text=Drake%20%26%20Scull%20wraps,and%20shareholders%E2%80%99%20equity.%E2%80%9D\" style=\"\" rel=\"noopener\">write off over AED 4.18 bn<\/a> in accumulated debt.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a id=\"wwtt3\"><\/a> <strong>#5- Abu Dhabi sovereign wealth fund Mubadala is mulling the sale of cash-strapped ins. <\/strong><strong>tech startup <\/strong><strong><a target=\"_blank\" href=\"https:\/\/www.wefox.com\/\" style=\"\" rel=\"noopener\">Wefox<\/a><\/strong> to Abu Dhabi Investment Authority-backed UK ins. broker <a target=\"_blank\" href=\"https:\/\/www.ardonagh.com\/\" style=\"\" rel=\"noopener\">Ardonagh Group<\/a> that would value it at EUR 550 mn, against the German founders\u2019 wishes, <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-13\/mubadala-favors-selling-fintech-wefox-against-founders-wishes\" style=\"\" rel=\"noopener\">Bloomberg<\/a> reports, citing a presentation it saw. The startup was <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/33f049b8-2db8-41d4-b8fe-7aa74d9fecff\" style=\"\" rel=\"noopener\">valued at EUR 4.5 bn<\/a> following a Mubadala-led USD 400 mn funding round in 2022. The new proposed transaction would see the startup split into two, with Ardonagh taking over the core of the company and a separate firm comprising Wefox\u2019s tech platform and Swiss business set up and owned by early investors and shareholders.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The founders are pushing for another funding round instead<\/strong>, sources familiar with the matter told the business information service. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mubadala stands to receive double its investment from a sale of the company<\/strong> due to a two-times liquidity preference it had negotiated at the time of its initial investment, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/05aa8bfc-9aa0-474b-8eca-edd0c4383dd3\" style=\"\" rel=\"noopener\">Financial Times<\/a> writes.<\/p>\n<p class=\"tag-border-left\"> THE BIG STORY ABROAD- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Leading front pages everywhere: <\/strong>Tesla\u2019s shareholders approved a USD 56 bn pay package for founder and CEO Elon Musk, as well as a move of its headquarters from Delaware to Texas (where there are more favorable courts). The vote is considered a huge victory for Musk, who is attempting to overturn a decision by the Delaware court to void a package of options, the largest in US history, which would boost Musk\u2019s stake in the company to 20%, up from 13% currently. (<a target=\"_blank\" href=\"https:\/\/www.reuters.com\/business\/autos-transportation\/tesla-live-shareholder-vote-elon-musks-56-billion-pay-2024-06-13\/\" style=\"\" rel=\"noopener\">Reuters<\/a> | <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/1caa4ad2-2ae5-4edd-9920-45f5e0dc7870\" style=\"\" rel=\"noopener\">Financial Times<\/a> | <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-13\/tesla-vote-results-approve-elon-musk-s-56-billion-pay-deal?srnd=homepage-middle-east\" style=\"\" rel=\"noopener\">Bloomberg<\/a> | <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/world\/chancay-peru-port-china-south-america-trade-ffc75d32?mod=hp_lead_pos7\" style=\"\" rel=\"noopener\">WSJ<\/a> | <a target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2024\/06\/13\/tesla-shareholder-elon-musk-pay-package-at-annual-meeting.html\" style=\"\" rel=\"noopener\">CNBC<\/a>)<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Also from the EV world: We\u2019re already seeing the repercussions of the <\/strong><strong><a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/5f8d2c50-875c-49b6-b0ca-45aeb30d31a7\/nmc-healthcare-is-eyeing-an-ipo-%2B-more-hedge-funds-plan-expansions-to-abu-dhabi\" style=\"\" rel=\"noopener\">EU\u2019s tariffs on Chinese EVs<\/a><\/strong><strong>. <\/strong>Stellantis is planning to shift production of some of its Chinese-branded electric vehicles to Europe, with CEO Carlos Tavares saying the tariffs will serve to correct a \u201clack of competitiveness\u201d among European EV manufacturers, the Financial Times said. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>OVER IN PUGLIA- The G7 countries are set to provide Ukraine with USD 50 bn in loans<\/strong> using interest from frozen Russian assets, <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/cf9e7399-84cd-4a26-ab58-663f22256ea1\" style=\"\" rel=\"noopener\">Reuters<\/a> reports. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>AND- The Trump is once again making headlines,<\/strong> as he makes the rounds in a bid to secure more votes ahead of elections. The former US president returned to Capitol Hill for the first time since the infamous 6 January riot to meet Republicans in a show of unity, <a target=\"_blank\" href=\"https:\/\/www.bbc.com\/news\/articles\/c511wrejnpeo\" style=\"\" rel=\"noopener\">BBC<\/a> reported. He also held a business roundtable with CEOs, where he promised to slash taxes and regulations while pushing up tariffs, the <a target=\"_blank\" href=\"https:\/\/www.ft.com\/content\/0a661ffb-1b0c-4195-b7cb-98e1f768e0aa\" style=\"\" rel=\"noopener\">Financial Times<\/a> reports.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">   Get <b style=\"font-weight: 700\">Enterprise<\/b> daily   <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>  <a target=\"_blank\" href=\"\/egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\" rel=\"noopener\">Subscribe here<\/a>  <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><a href=\"https:\/\/uaeformar.enterprise.news\/\" target=\"_blank\" rel=\"noopener\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2024\/6\/836.jpg?ssl=1\"><\/a><\/p>\n<p class=\"tag-border-left\"> CIRCLE YOUR CALENDAR- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi Global Market will host Abu Dhabi Finance Week from 9-12 December, <\/strong>it said in a <a target=\"_blank\" href=\"https:\/\/www.adgm.com\/media\/announcements\/adfw-to-return-in-december-2024-under-the-patronage-of-hh-sheikh-khaled\" style=\"\" rel=\"noopener\">statement<\/a>. The global finance event will run under the theme \u201cWelcome to the Capital of Capital,\u201d and will focus on Abu Dhabi's position as a financial hub in a bid to attract new firms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Mubadala mulls sale of Wefox<\/p>\n","protected":false},"author":1,"featured_media":93076,"comment_status":"","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":[1543],"tags":[74,29,1002,7,149,1343,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-93075","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-adx","tag-capital-markets","tag-drake-scull","tag-enterpriseam-uae","tag-ipo-watch","tag-mubadala","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"76487642-4cb6-4177-8bca-193a4b82e77e","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/440.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Another ADX-Tadawul listing soon?","related_issue":[93073],"teaser":"Plus: Mubadala mulls sale of Wefox","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/6\/.1230ce21-fb05-46d8-b4ea-f0b33ea546fc.mp3"},"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>Another ADX-Tadawul listing soon? 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