The Dubai Financial Market is close to gaining its first new listing in five years after Marka, a retailer, announced plans to launch a Dh500 million initial public offering.
The UAE-based company, which is under establishment, would become the country’s first publicly listed retailer.
“We are confident that this issue will be a great success, given the significant growth prospects enjoyed by the company on the one hand and the return of confidence to the financial markets on the other,” said Mahdi Mattar, the chief executive of CAPM Investment, a subsidiary of the UAE financial company Finance House, which announced the plan yesterday. It will be the lead manager of the IPO.
The UAE has been starved of fresh listings in recent years. The last IPO on the DFM was by Drake & Scull, which began trading in March 2009. The Abu Dhabi Securities Exchange has hosted only a couple of small sales since 2008.
Plans by several companies to launch local IPOs failed to materialise as the companies chose London to list or delayed plans altogether.
But optimism about potential listings has grown as local markets posted some of the highest returns in the world in the past year. The DFM General Index is up by 128 per cent, with the Abu Dhabi Securities Exchange General Index rising by 72.9 per cent.
“The IPO will definitely go ahead,” Marka said. “Marka has already received preliminary approval from the Securities and Commodities Authority (SCA) and it will launch the IPO on the DFM as per the planned schedule. “
CAPM said the company “has no relations” with the similarly named MarkaVIP, which is a different online retailer.
CAPM said Marka’s founders would subscribe to 45 per cent of the company’s equity, or the equivalent of Dh225m, while the remaining 55 per cent (275 million shares) would be offered to the public in an IPO at a price of Dh1 per share.
Ali El Adou, the senior vice president of asset management at The National Investor, said that even though the size of the IPO was a “bit small” it was still a positive for the market.
“It is a good time to test the market and see the appetite for investors in new sectors,” he said, adding that the IPO “is good to help diversify the market and potentially may open the door to others within the retail industry [to list].”
The planned IPO comes amid reports that several other UAE companies will come forward with plans for listings. National Bank of Abu Dhabi said last month that it expected as many as six UAE companies to go public this year, raising as much as Dh8bn.
Arabtec, the UAE’s largest construction company, has announced it is setting up Arabtec Capital in the Dubai International Financial Centre to float some subsidiaries.
“Mena investors can continue to look forward to an increasing number of IPOs from the region,” wrote Irfan Ellam, an analyst at Emirates NBD, in a research note last week.
Local markets are facing stiff competition from London as a listing destination, especially for larger companies. Abu Dhabi-based Gulf Marine Services said last month it planned to sell shares on the London Stock Exchange. The Dubai developer Damac listed in London in December. Since then its stock has surged by more than 26 per cent.
tarnold@thenational.ae
Zayed Sustainability Prize
Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
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Director: Rohit Shetty
Stars: Ajay Devgn, Kareena Kapoor Khan, Ranveer Singh, Akshay Kumar, Tiger Shroff, Deepika Padukone
Rating: 3/5
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Wenger's Arsenal reign in numbers
1,228 - games at the helm, ahead of Sunday's Premier League fixture against West Ham United.
704 - wins to date as Arsenal manager.
3 - Premier League title wins, the last during an unbeaten Invincibles campaign of 2003/04.
1,549 - goals scored in Premier League matches by Wenger's teams.
10 - major trophies won.
473 - Premier League victories.
7 - FA Cup triumphs, with three of those having come the last four seasons.
151 - Premier League losses.
21 - full seasons in charge.
49 - games unbeaten in the Premier League from May 2003 to October 2004.
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
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What is Folia?
Prince Khaled bin Alwaleed bin Talal's new plant-based menu will launch at Four Seasons hotels in Dubai this November. A desire to cater to people looking for clean, healthy meals beyond green salad is what inspired Prince Khaled and American celebrity chef Matthew Kenney to create Folia. The word means "from the leaves" in Latin, and the exclusive menu offers fine plant-based cuisine across Four Seasons properties in Los Angeles, Bahrain and, soon, Dubai.
Kenney specialises in vegan cuisine and is the founder of Plant Food Wine and 20 other restaurants worldwide. "I’ve always appreciated Matthew’s work," says the Saudi royal. "He has a singular culinary talent and his approach to plant-based dining is prescient and unrivalled. I was a fan of his long before we established our professional relationship."
Folia first launched at The Four Seasons Hotel Los Angeles at Beverly Hills in July 2018. It is available at the poolside Cabana Restaurant and for in-room dining across the property, as well as in its private event space. The food is vibrant and colourful, full of fresh dishes such as the hearts of palm ceviche with California fruit, vegetables and edible flowers; green hearb tacos filled with roasted squash and king oyster barbacoa; and a savoury coconut cream pie with macadamia crust.
In March 2019, the Folia menu reached Gulf shores, as it was introduced at the Four Seasons Hotel Bahrain Bay, where it is served at the Bay View Lounge. Next, on Tuesday, November 1 – also known as World Vegan Day – it will come to the UAE, to the Four Seasons Resort Dubai at Jumeirah Beach and the Four Seasons DIFC, both properties Prince Khaled has spent "considerable time at and love".
There are also plans to take Folia to several more locations throughout the Middle East and Europe.
While health-conscious diners will be attracted to the concept, Prince Khaled is careful to stress Folia is "not meant for a specific subset of customers. It is meant for everyone who wants a culinary experience without the negative impact that eating out so often comes with."
Married Malala
Malala Yousafzai is enjoying married life, her father said.
The 24-year-old married Pakistan cricket executive Asser Malik last year in a small ceremony in the UK.
Ziauddin Yousafzai told The National his daughter was ‘very happy’ with her husband.
The specs
Engine: 3.8-litre twin-turbo flat-six
Power: 650hp at 6,750rpm
Torque: 800Nm from 2,500-4,000rpm
Transmission: 8-speed dual-clutch auto
Fuel consumption: 11.12L/100km
Price: From Dh796,600
On sale: now
THE SPECS
GMC Sierra Denali 1500
Engine: 6.2-litre V8
Transmission: 10-speed automatic
Power: 420hp
Torque: 623Nm
Price: Dh232,500
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How being social media savvy can improve your well being
Next time when procastinating online remember that you can save thousands on paying for a personal trainer and a gym membership simply by watching YouTube videos and keeping up with the latest health tips and trends.
As social media apps are becoming more and more consumed by health experts and nutritionists who are using it to awareness and encourage patients to engage in physical activity.
Elizabeth Watson, a personal trainer from Stay Fit gym in Abu Dhabi suggests that “individuals can use social media as a means of keeping fit, there are a lot of great exercises you can do and train from experts at home just by watching videos on YouTube”.
Norlyn Torrena, a clinical nutritionist from Burjeel Hospital advises her clients to be more technologically active “most of my clients are so engaged with their phones that I advise them to download applications that offer health related services”.
Torrena said that “most people believe that dieting and keeping fit is boring”.
However, by using social media apps keeping fit means that people are “modern and are kept up to date with the latest heath tips and trends”.
“It can be a guide to a healthy lifestyle and exercise if used in the correct way, so I really encourage my clients to download health applications” said Mrs Torrena.
People can also connect with each other and exchange “tips and notes, it’s extremely healthy and fun”.
Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
Saturday's schedule at the Abu Dhabi Grand Prix
GP3 race, 12:30pm
Formula 1 final practice, 2pm
Formula 1 qualifying, 5pm
Formula 2 race, 6:40pm
Performance: Sam Smith
The specs
Engine: 1.5-litre 4-cylinder petrol
Power: 154bhp
Torque: 250Nm
Transmission: 7-speed automatic with 8-speed sports option
Price: From Dh79,600
On sale: Now
