China plans to issue up to $2 billion in senior, unsecured fixed-rate bonds in Saudi Arabia
Equities
Agthia Group
Agthia reports 24% surge in net profit in 9-months of 2024
The Group also posted a 10.3% rise in net revenue to AED 3.6 billion during the period
IPO
Lulu IPO raises $1.72bn largest share offering of the year
Lulu IPO gives retail giant a market capitalisation of around $5.7bn
bonds
GCC IPOs increase in value despite volume slump in Q3 as bonds raise and Sukuks raise $9.6bn
GCC IPO market remains positive with a healthy pipeline of companies looking to launch IPOs
Abu Dhabi
New UAE laws; Petrol price increase; Dubai’s ‘viral chocolate’; Visa amnesty extended; Tax rules updated – 10 things you missed this week
UAE visa amnesty, new laws announced, petrol prices increased, Dubai real estate strategy and more of the top news stories this week
Apple
Apple sees record sales in India in July-Sept quarter; to open 4 more stores
The quarter ending September saw Apple’s revenue from iPhone grow in almost every geographic segment worldwide, including the UAE
Crypto-mining
UAE tech major Phoenix Group posts 148% jump in assets to $978mn in 9 months of 2024
The company also announced a core revenue of $35.9 million and investment income of $68.5 million in Q3 this year
Alef Education
Alef Education revenues reach $150mn for 9M 2024
Adjusted Net Profit before tax rises to $103.2 million; Adjusted EBITDA rises by 6% to reach $107.5 million
BYD
Chinese EV-maker BYD’s quarterly revenue races past Tesla for first time
Revenue soars 24% year-on-year to $28.2 billion; Tesla sales were $25.2 billion for the same period but more profitable
Americana
Americana Restaurants reports $1.61 billion in 9M revenue
Adjusted EBITDA of $350.6 million, with 21.8% EBITDA margin; 113 gross new stores added, taking its total to 2,504 restaurants
Abu Dhabi
Emirates Stallions Group revenue soars 125% YoY to $245.2 million
Operational profit up 69% to $41.33 million; Gross profit up 221% to $82.83 million; Total assets rise 13% compared to December 2023
Initial public offering
LuLu IPO: More retailers across MENA now eye IPO, up to $100bn in market cap on the way
Strong fundamentals such as stability, sustainability and scalability to drive the IPO surge among the region’s retail and grocery market players
Connectivity
UAE telco du posts its best ever 9M results as net profit surges 49.7%
The telecom company’s Q3 net profit was $195.8 million – its best quarter in the past three years
Abu Dhabi
LuLu IPO: How to invest in UAE’s latest blockbuster public listing
Based on the price range, Lulu Retail’s market capitalisation could reach between AED 20.04 billion and AED 21.07 billion
Dubai
Union Properties’ 9M profits up 43.2% to $14.43mn
The company plans to launch projects worth $1.63 billion in the next 18 months, says CEO Amer Khansaheb