{"id":96612,"date":"2024-10-09T00:00:00","date_gmt":"2024-10-09T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-more-tech-ipos-in-the-next-18-months-dubai-holding-mulls-setting-up-an-reit-report\/"},"modified":"2024-10-09T00:00:00","modified_gmt":"2024-10-09T00:00:00","slug":"this-morning-more-tech-ipos-in-the-next-18-months-dubai-holding-mulls-setting-up-an-reit-report","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/10\/09\/this-morning-more-tech-ipos-in-the-next-18-months-dubai-holding-mulls-setting-up-an-reit-report\/","title":{"rendered":"THIS MORNING: More tech IPOs in the next 18 months? + Dubai Holding mulls setting up an REIT -report"},"content":{"rendered":"

Good morning, wonderful people.<\/strong> It\u2019s another busy day in the news, with the cabinet approving the largest ever budget for 2025, more updates from the latest in a diplomacy-heavy week, and news that real estate mogul Nick Candy has set up a JV with Modon Holding. <\/p>\n

It\u2019s also a busy day from a macro perspective<\/strong>, with a new report from Global SWF ranking Abu Dhabi as the richest city in the world<\/strong>, a new banking sentiment<\/strong> report from PwC suggesting online perception of banks in the UAE declined last year, and a startup investment<\/strong> report showing UAE leading the region in terms of funding rounds. <\/p>\n

\u2601\ufe0fWEATHER- The Eastern parts of the country will continue to see clouds with<\/strong> a chance of rain today<\/strong> and through to Friday. In Dubai, temperatures will hit 37\u00b0C before cooling to 29\u00b0 overnight \u2014 the first time we\u2019ve broken the 30\u00b0C barrier for a while now \u2014 while Abu Dhabi will see the mercury hit 35\u00b0 before cooling to 29\u00b0. <\/p>\n

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<\/a> JUST IN- Abu Dhabi sovereign wealth fund Abu Dhabi Investment Authority has written <\/strong>off its 9.9% stake in the UK\u2019s largest water and sewage company Thames Water<\/strong>, the Financial Times<\/a> reports, citing documents it has seen. Adia said it had written down the GBP 263 mn investment due to the \u201cchallenging regulatory environment and operational performance.\u201d The FT says this was done at the end of last year, according to Adia\u2019s filings in June. <\/p>\n

Adia has also written down a GBP 31mn loan<\/strong> awarded to one of the holding companies that owns Thames, the FT wrote.<\/p>\n

Background: <\/strong>Thames water has been in hot water for a while now, with shareholders saying the company is \u201cuninvestable\u201d under the current regulatory regime, following unresolved issues between the UK\u2019s Water Services Regulation Authority (Ofwat) and the shareholders over price changes.<\/p>\n

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<\/a> AND- Cerebras\u2019 IPO on ice for now? <\/strong>Abu Dhabi-backed Cerebras \u2014 a rival to Nvidia \u2014 is likely postponing its IPO due to delays with a US national security review that is looking into state-owned tech firm G42\u2019s minority stake in the company, Reuters<\/a> reports, citing people familiar with the matter. The investment is still expected to receive the greenlight, sources said. <\/p>\n

REMEMBER- <\/strong>Cerebras Systems is reportedly looking to raise between USD 750 mn to USD 1 bn from its IPO, potentially valuing the company at USD 7-8 bn. G42 has already been subject to some reviews from US security regulators due to Microsoft\u2019s USD 1.5 bn investment<\/a> in the company that looked into any possible links with China amid heightened tensions between the US and China. The company has since reportedly divested all of its Chinese investments. <\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- HSBC Middle East expects to see many tech companies in the GCC region go pu<\/strong>blic over the coming 18 months<\/strong>, especially those focusing on education, healthcare, and logistics, co-head of Investment Banking for Mena and Turkey at the bank, Samer Deghaili, told Zawya<\/a>. The UAE, Saudi Arabia, and Oman, in particular, are expected to raise a lot of capital via the stock markets in the coming months, experts surveyed by the newswire said.<\/p>\n

The rationale: <\/strong>Tech companies are eyeing IPOs to leverage debt levels, fund marketing campaigns, and expand into new regions, CIO at UAE brokerage firm Century Financial, Vijay Valecha, said.<\/p>\n

Remember- The ADX pipeline is heating up:<\/strong><\/p>\n