The company offering 1.545 billion shares; Price range is set between $7.12 and $7.73 per share; Offer opens on June 3
Equities
Capital Markets
Gulf IPOs: When is it a bad idea to go public?
The Gulf IPO boom is upon us, with billions at stake. As the region’s economic transformation hangs in the balance, companies must tread carefully to unlock their full potential, experts say
Abu Dhabi
Alef Education targets $2.5bn valuation in UAE’s first edtech IPO
The Abu Dhabi-based company set an indicative price range of AED1.30 to AED1.35 per share for its IPO
capital market investors
Dubai IPO boom expected with privatisation, family business listings and tech start-ups; 110,000 HNWIs grow investment pool
‘Dubai’s IPO boom underscores the city’s status as a thriving hub for capital markets’ says DIFC boss
Aviation
Boeing shares down 5% as CFO withdraws 2024 cash forecast, citing weak first half
The US plane maker had previously projected positive cash generation in the low-single digit billions for this year
Abu Dhabi
Institutional investors lap up additional 880 million ADNOC Drilling shares
ADNOC offered 880 million shares, priced at AED3.90 – nearly 70% above the IPO price of AED2.30 per share
Abu Dhabi
ADNOC offers further 880 million shares of ADNOC Drilling
Open only to Professional Investors; a higher free float is expected to provide a pathway towards inclusion in the MSCI Emerging Market Index
Abu Dhabi
UAE’s Alef Education announces intention to list on Abu Dhabi bourse
Internationally, Alef Education has operations in the US, Indonesia and Morocco. It intends to expand further in Saudi Arabia and Egypt
Deyaar Development
Deyaar Development’s net profit up 38% to $21m in first quarter
Revenue grows 5% to $89.4 million; Liquidity increases by $123.6 million; Total assets up 7% to $1.82 billion
Cryptocurrency
Phoenix Group records 18% increase in revenue to over $68mn in Q1
The crypto mining firm posted stellar 2024 Q1 financial results with a massive surge in assets and profits
Dubai
Dubai’s TECOM announces $463mn investment for new acquisitions, development plans
The acquisitions include two operational grade A office buildings in Dubai Internet City for AED420 million and industrial land plots in Dubai Industrial City totalling 13.9 million square feet for AED410 million
Abu Dhabi
Abu Dhabi’s TAQA reports AED2.1bn net income for Q1 2024
The company said its earnings were bolstered by the recognition of contributions from SWS Holding
Financial Services
BHM Capital’s profit surges 22% in Q1
The company also reported an increase in its total assets to reach AED 1.3 billion by the end of the first three months of 2024
Abu Dhabi
Own-produced sales propel Fertiglobe’s Q1 revenue to $552 million
Cost optimisation and AI technology to help realise at least $100 million in incremental annual adjusted EBITDA by end of 2025
Abu Dhabi
AD Ports Group reports doubling of revenue, 10% jump in net profit in Q1, 2024
The group announced completion of several overseas acquisitions in the quarter
Dubai
Spinneys reports $221.9mn sales in first post-IPO quarterly result
Q1 2024 total revenue grows 10.9%; Gross profit up 15.1% to $91.5 million; First Saudi store expected to open this quarter
Dubai
Middle East sees positive IPO results in 2024: Report
According to the report, Tadawul stood as the most active exchange in the GCC region