{"id":95906,"date":"2024-09-18T00:00:00","date_gmt":"2024-09-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/investors-are-becoming-more-selective-amid-the-surge-in-mena-ipos-fed-decision-today\/"},"modified":"2024-09-18T00:00:00","modified_gmt":"2024-09-18T00:00:00","slug":"investors-are-becoming-more-selective-amid-the-surge-in-mena-ipos-fed-decision-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/18\/investors-are-becoming-more-selective-amid-the-surge-in-mena-ipos-fed-decision-today\/","title":{"rendered":"Investors are becoming more selective amid the surge in MENA IPOs + Fed decision today"},"content":{"rendered":"

12t <\/font>Good morning, friends, and happy hump day. <\/strong>We continue a week that started off with big AI news \u2014 as reports that Nvidia\u2019s chips are coming our way came out \u2014 with even more AI news: this time from MGX and G42. Plus: A lot of investment and energy \u2014 including Abu Dhabi\u2019s Ajban solar plant reaching financial close.<\/p>\n

WEATHER- <\/strong>Dubai\u2019s mercury will peak at 38\u00b0C, before dropping to a low of 32\u00b0C. Meanwhile, Abu Dhabi will see a high of 36\u00b0C, and a low of 33\u00b0C.<\/p>\n

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UPDATE- Abu Dhabi Investment Authority-backed Bajaj Housing Finance\u2019s shares<\/strong> jumped up to as high as INR 161 on their market debut on Monday<\/strong>, up 130% from the final set price of INR 70. The IPO raised USD 782 mn<\/a> \u2014 marking it one of the largest in India this year \u2014 after receiving more than USD 39 bn in orders, with the order book 64x oversubscribed.<\/p>\n

Background:<\/strong> Adia invested INR 470 mn (USD 5.7 mn) in Bajaj Housing Finance USD 782 mn IPO, purchasing some 6.7 mn shares at INR 70 (USD 0.84) a piece through its Monsoon subsidiary, Zawya<\/a> reports. The Abu Dhabi sovereign wealth fund comprised 2.67% of the IPO\u2019s anchor investor portion, which saw institutional investors, including Adia, BlackRock, and the government of Singapore, funnel USD 209 mn<\/a> into the IPO.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Investors in the Middle East's equity capital markets are becoming more selective as <\/strong>the region experiences a surge in transactions<\/strong>, EFG Hermes\u2019 co-CEO of investment banking, Mohamed Ebeid, told Bloomberg<\/a> \u201cThere continues to be decent demand for ECM [transactions], but investors will become a little bit more selective.\u201d<\/p>\n

The region has seen 31 ECM transactions worth USD 18.2 bn this year<\/strong>, surpassing last year's USD 11 bn, according to the news outlet. However, recent IPOs, like Saudi\u2019s Fakeeh Hospital<\/a> and Abu Dhabi\u2019s Alef Education<\/a>, showed weaker debuts, highlighting a more selective approach amid tightening liquidity in GCC markets.<\/p>\n

Government entities are now stepping in to support local equity funds<\/strong>, who are usually offered more allocations in regional transactions, according to Ebeid. <\/p>\n

EFG plans to close five to six ECM transactions by the end of the year<\/strong> and anticipates robust activity into 2025, according to Ebeid. Holding a 10% market share, the firm is engaged in major upcoming listings, including Oman\u2019s OQ<\/a>, which could raise USD 2 bn, and the Talabat IPO<\/a> in Dubai.<\/p>\n

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<\/a> #2- The first of four vertiports in Dubai will kick off operations in 1Q 2026<\/strong>, head of transportation systems at the Roads and Transport Authority, Khaled Al Awadhi, said on the sidelines of the World Congress and Exhibition on Intelligent Transport Systems, state news agency Wam<\/a> reports. <\/p>\n

We already knew this was going to happen:<\/strong> The RTA agreed<\/a> with electric aircraft developer Joby Aviation to launch air taxis in 1Q 2026, with the company recently saying<\/a> it plans to launch them in Dubai by late 2025. The company said it will kick off infrastructure work later this year, begin initial flights in early 2025, and aims for full commercialization by year-end.The taxis will be designed to carry a pilot and four passengers at speeds of up to 200 miles per hour, slashing journey times from DXB to Palm Jumeirah to 10 minutes, down from 45 minutes by car.<\/p>\n

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<\/a> #3- Abu Dhabi's Energy Department plans to issue a new unified water manage<\/strong>ment strategy <\/strong>to rationalize consumption and conserve resources, chairman of the department, Awaidha Al Marar told Wam<\/a> on the sidelines of the World Utilities Congress. The strategy is being developed in collaboration with strategic partners and relevant authorities, and will cover all stages of water management, from production to consumption, and will assess water usage value, investigate loss rates, and promote conservation methods. <\/p>\n

#3- Wizz Air predicts growth in its UAE passenger volume:<\/strong> Hungarian-based airline Wizz<\/a>Air<\/a> anticipates a 15% to 20% boost in passenger volume in 2025 with new low-cost routes to the Middle East acting as a main contributor, Reuters<\/a> reported, citing the company\u2019s CEO J\u00f3zsef V\u00e1radi. Its Europe to UAE travel routes, specifically Abu Dhabi, are expected to experience a sharp growth rate going beyond these predicted figures, V\u00e1radi stated. <\/p>\n

The airline plans to expand existing operations in the GCC:<\/strong> The airline has plans to operate a daily flight between Milan Malpensa airport and Abu Dhabi starting from June 2025, alongside plans to boost its flights from Saudi Arabia.<\/p>\n

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#4- UAE-based developer Sol Properties is working on a pipeline of AED 12 bn worth <\/strong>of luxury <\/strong>projects for the next six months<\/strong>, Khaleej Times<\/a> reports. The company recently secured 4 mn sqft of land for both ultra-luxury and affordable luxury projects, with key developments including the Fairmont Residences Solara Tower<\/a> in Downtown Dubai and a project on the West Crescent of Palm Jumeirah, with a combined value of AED 8.2 bn.<\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

#1- Residency status violations can only be resolved in the UAE:<\/strong> The Federal Authority for Identity, Citizenship, Customs and Port Security confirmed that the amnesty period to correct residency status violations<\/a> is limited to violators present inside the country during the allocated correctional period, ending 31 October, state news agency Wam<\/a> reports. A valid passport is required to resolve violations and to get a departure permit without a stamp of denial of re-entry.<\/p>\n

Background:<\/strong> The authority kicked off a visa overstay amnesty program at the start of September to allow anyone overstaying their visa to get their paperwork in order or to leave the country without fines. <\/p>\n

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#2- Sharjah residents can now pay government fees at several service partner locations <\/strong>under a new payment platform, Madd<\/strong>, Wam<\/a> reports. The new payment channel is an extension of the digital payment system Tahseel<\/a>. <\/p>\n

HAPPENING TODAY- <\/p>\n

Besides, the slew of conferences here at home \u2014 across the pond, the Federal Reserve <\/strong>is expected to pull the trigger on the first in a series of rate cuts. <\/strong>We\u2019ll have an update on the outcome of the meeting \u2014 and the Central Bank of the UAE\u2019s moves following the meeting \u2014 in tomorrow\u2019s issue. <\/strong><\/p>\n

#1-<\/strong> The <\/strong>Arab Water Forum<\/a><\/strong> is on its final day today at Adnec Center in <\/strong>Abu Dhabi. <\/strong>The event features over 60 exhibitors from 24 countries, along with roundtables and speaker sessions, gathering water sector leaders to discuss solutions for clean water and sanitation, with an emphasis on innovation and improving water security. <\/p>\n

#2- The <\/strong>World Utilities Congress<\/a><\/strong> is on its final day today in<\/strong> Abu Dhabi.<\/strong> The event gathers global energy leaders, policymakers, and other industry professionals from the power and water utilities value chain to discuss industry trends and challenges.<\/p>\n

#3- <\/strong>The <\/strong>Intelligent Transport Systems World Congress 2024<\/a><\/strong> is on its third day today, and will run until<\/strong> Friday, 20 September <\/strong>in Dubai. The Congress is expected to welcome 20k participants to explore innovations in smart mobility and transportation technology.<\/p>\n

#4- The <\/strong>AI in Oil and Gas Midle East conference<\/a><\/strong> kicked off yesterday in Abu Dhabi <\/strong>and will wrap today<\/strong>, with a focus on AI in exploration and production, supply chains, data analytics, and more. The event will feature speakers and AI experts from across the region\u2019s oil firms. <\/p>\n

#5- The Inaugural <\/strong>Hili Forum<\/a><\/strong> kicked off on Monday and will wrap up today at The St. <\/strong>Regis Saadiyat Island Resort<\/strong>, Wam<\/a> reports. The two-day event brings together global experts to address challenges in geopolitics, geoeconomics, and geotech. The forum aims to explore strategic solutions, present research, and offer policy recommendations.<\/p>\n

#6- The <\/strong>Sharjah Investment Forum<\/a><\/strong> kicks off today and runs until tomorrow <\/strong>at the Jawaher Reception and Convention Centre in Sharjah. Discussions will span across investments in emerging markets and in the UAE, smart cities and economies, and more.<\/p>\n

HAPPENING TOMORROW- <\/p>\n

Forbes\u2019 <\/strong>Healthcare Leaders Summit 2024<\/a><\/strong> will take place on Thursday and Friday<\/strong> at the St. Regis Saadiyat Island Resort, Abu Dhabi. The event gathers healthcare leaders from across the region to discuss innovation in healthcare and sustainability in the industry. <\/p>\n

THE BIG STORY ABROAD-<\/p>\n

Our corner of the world is unfortunately once again dominating the international news<\/strong> cycle<\/strong> after an Israeli operation that killed nine and injured thousands in Lebanon \u201cmarked an extremely concerning escalation,\u201d according<\/a> to UN Special Coordinator for Lebanon Jeanine Hennis-Plasschaert.<\/p>\n

At around 3:30pm in Lebanon, pagers belonging to Hezbollah members began <\/strong>exploding<\/a><\/strong>, injuring more than 2.7k and killing<\/a> nine people \u2014 including a child. It is still unclear how Israel \u2014 which has not publicly admitted responsibility \u2014 conducted the attack, with some outlets reporting that they likely sabotaged supply lines and rigged the Taiwan-made pagers with small explosives prior to their arrival in Lebanon. An official from the armed group described<\/a> the attack as the \u201cbiggest security breach\u201d that Hezbollah has faced in the nearly year since 7 October. <\/p>\n

All eyes are now on what happens next<\/strong>, with Hezbollah vowing that Israel would receive \u201cfair punishment\u201d for the attack and an increasingly belligerent Netanyahu saying Israel will pursue a \u201cfundamental change in the security situation in the north\u201d as part of its war aims.<\/p>\n

WHILE IN AI NEWS- BlackRock and Microsoft are teaming up to bring us a USD 30 bn AI<\/strong> investment fund <\/strong>to invest in<\/a> rapidly scaling up the power and digital infrastructure to get ahead of potential bottlenecks in AI\u2019s growth trajectory. We have more on this in the news well, below. <\/p>\n

The news comes as the US continues to throw up regulatory hurdles to stop AI tech from<\/strong> getting into Chinese hands, <\/strong>with Microsoft calling<\/a> yesterday for more \u201cclarity and consistency\u201d on US chip export controls to the Middle as the tech giant seeks to expand its collaboration with Abu Dhabi-based AI company G42. Meanwhile, over in Japan, policymakers are mulling a deal with the US that would curb chip exports to China<\/a> and prevent Japanese tech companies from falling afoul of new US export controls \u2014 though potentially at the cost of Chinese retaliation. <\/p>\n

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MARKET WATCH- <\/p>\n

Citigroup expects Brent crude prices to climb before cooling off in 2025:<\/strong> Global investment bank Citigroup expects a spike in short-term Brent crude prices to USD 75 per barrel before an eventual decline to below USD 60 by the end of 2025, Market Watch<\/a> reported. Predictions for the next 15 months are USD 74 per barrel in 4Q, followed by USD 60 in 2Q and 3Q, and USD 55 in 4Q.<\/p>\n

OPEC+ is anticipated to carefully loosen its production shackles:<\/strong> The financial institution also predicts that OPEC+ will likely continue with its output cuts in 2025 \u2014 despite initial plans to lift some of these reductions in October, which it scrapped<\/a> earlier this month. <\/p>\n

Citigroup also expects global demand to decline <\/strong>due to the pandemic recovery period being mostly over and the increase of EV sales, with expectations for demand to hover around 900k bbl \/ d in 2025.<\/p>\n

CIRCLE YOUR CALENDAR- <\/p>\n

The DMCC- and AGCC-hosted Expand North Star\/Gitex 2024 will see a <\/strong>Global AI<\/a><\/strong>Challenge<\/a><\/strong> take place <\/strong>between <\/strong>13 and 16 October in Dubai<\/strong>, with a chance for AI startups to receive a prize of USD 100k, as well as a package including a DMCC company license, co-working space, residency visas, and a three-month acceleration program from AGCC to help startups grow in the region.<\/p>\n

How to sign up: <\/strong>Startups can apply to the competition here<\/a>, with eligibility requirements including aligning with at least one of the UN Sustainable Development Goals (SDGs). Startups specifically addressing SDGs will receive higher tallies.<\/p>\n

T<\/a><\/strong>he Aviation Future Week<\/a><\/strong> will take place between 15 and 17 October in Dubai.<\/strong> Hosted by Emirates and the Museum of the Future, the event will connect UAE ministers, senior government officials, and industry leaders from various sectors including aviation, aerospace, air freight, maintenance, overhaul and repair, and logistics.<\/p>\n

The Sustainability in Accounting and Auditing Conference<\/a><\/strong> for the Middle East and Nor<\/strong>th Africa will be held between 22-24 October in Dubai.<\/strong> It will be hosted by the Emirates Association For Accountants And Auditors<\/a> and the International Federation of Accountants<\/a>, and will focus on the international standards of financial sustainability and implementing them in GCC countries.<\/p>\n

CyberQ: Security in the Quantum Era<\/a><\/strong> will kick off 12-13 November at Adnec in Abu <\/strong>Dhabi. <\/strong>The agenda includes keynote speeches, panel discussions, workshops on quantum-safe cryptography, and networking opportunities.<\/p>\n

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":"

Plus: Adia-backed Bajaj jumps on market debut<\/p>\n","protected":false},"author":1,"featured_media":95907,"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":[368,7,1342,1392,765,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-abu-dhabi-investment-authority","tag-enterpriseam-uae","tag-investment","tag-ipo","tag-us-federal-reserve","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"1d1473f3-b513-4d11-b121-f80593fe8042","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/4\/528.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: Fed decision today + Investors are becoming more selective amid the surge in MENA IPOs","related_issue":[95904],"teaser":"Plus: Adia-backed Bajaj jumps on market debut","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.955840dc-51e3-402c-88cf-8a69c014d986.mp3"},"yoast_head":"\nInvestors are becoming more selective amid the surge in MENA IPOs + Fed decision today - 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