The shares of Bayanat AI, a geospatial data products and services provider owned by Abu Dhabi-based artificial intelligence and cloud computing company G42, quadrupled above its listing price on Monday as the company made its debut on the Abu Dhabi Securities Exchange.
The shares, which began trading under the ticker symbol “BAYANAT”, rose 309 per cent to an intraday high of Dh4.50 ($1.22).
They settled 272 per cent above the listing price at Dh4.10 at the close of trading. The price of the offering was set at Dh1.10 per ordinary share.
Bayanat’s initial public offering will support the company’s strategy of investing in research and development and exploring inorganic growth opportunities, it said in a statement on Monday.
“We will now focus on further strengthening our AI solutions powered by our geospatial technology, international expansion, inorganic growth and new JVs creation and partnerships,” Hasan Al Hosani, chief executive of Bayanat, said.
“We are confident that listing on ADX will deliver the increased investment, support and profile we need to achieve these ambitions.”
The offering attracted significant demand from investors, with gross demand amounting to more than Dh57.5 billion ($15.7bn) — an oversubscription of 379 times excluding cornerstone investors and 90 times on aggregate.
After the IPO, Bayanat became the first and only listed geospatial intelligence company in the Middle East and North Africa region.
Private equity company Silver Lake — which manages more than $92bn in combined assets and has taken up stakes in some of the world's best-known technology companies, including Airbnb, Chinese payments firm Ant Financial, Expedia Group and Twitter — is a cornerstone investor.
International Holding Company, the most valuable business listed on the Abu Dhabi bourse, is also a cornerstone investor in the Bayanat IPO.
G42 acquired Bayanat in 2020. The company was born out of the commercialisation of the UAE's Military Survey Department, a sector of the Armed Forces.
It provides national-level mapping and geospatial products and services for both the public and private sectors in the UAE.
Bayanat's IPO comes after a flurry of listings in the UAE and wider region, where investor demand has been strong as economies rebound at a quicker pace from the coronavirus-induced slowdown and liquidity has been shored up by high oil prices.
Various government-owned companies have gone public in the UAE and private companies are now following suit.
This month, Abu Dhabi healthcare provider Burjeel Holdings listed its shares on the ADX after raising more than Dh1.1bn from an 11 per cent stake sale in the company’s IPO.
Other companies to list on the bourse this year include Borouge, the joint venture between Adnoc and Austrian chemicals producer Borealis, and the Abu Dhabi Ports Group, the operator of industrial cities and free zones in the emirate.
The number of listings in the Mena market increased sixfold during the first six months of this year, with 24 IPOs raising $13.5bn, according to an EY report on the region. In the second quarter of 2022, nine IPOs raised about $9bn.
Gender pay parity on track in the UAE
The UAE has a good record on gender pay parity, according to Mercer's Total Remuneration Study.
"In some of the lower levels of jobs women tend to be paid more than men, primarily because men are employed in blue collar jobs and women tend to be employed in white collar jobs which pay better," said Ted Raffoul, career products leader, Mena at Mercer. "I am yet to see a company in the UAE – particularly when you are looking at a blue chip multinationals or some of the bigger local companies – that actively discriminates when it comes to gender on pay."
Mr Raffoul said most gender issues are actually due to the cultural class, as the population is dominated by Asian and Arab cultures where men are generally expected to work and earn whereas women are meant to start a family.
"For that reason, we see a different gender gap. There are less women in senior roles because women tend to focus less on this but that’s not due to any companies having a policy penalising women for any reasons – it’s a cultural thing," he said.
As a result, Mr Raffoul said many companies in the UAE are coming up with benefit package programmes to help working mothers and the career development of women in general.
The Matrix Resurrections
Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
TUESDAY'S ORDER OF PLAY
Centre Court
Starting at 2pm:
Elina Svitolina (UKR) [3] v Jennifer Brady (USA)
Anastasia Pavlyuchenkova (RUS) v Belinda Bencic (SUI [4]
Not before 7pm:
Sofia Kenin (USA) [5] v Elena Rybakina (KAZ)
Maria Sakkari (GRE) v Aryna Sabalenka (BLR) [7]
Court One
Starting at midday:
Karolina Muchova (CZE) v Katerina Siniakova (CZE)
Kristina Mladenovic (FRA) v Aliaksandra Sasnovich (BLR)
Veronika Kudermetova (RUS) v Dayana Yastermska (UKR)
Petra Martic (CRO) [8] v Su-Wei Hsieh (TPE)
Sorana Cirstea (ROU) v Anett Kontaveit (EST)
Race card for Super Saturday
4pm: Al Bastakiya Listed US$250,000 (Dh918,125) (Dirt) 1,900m.
4.35pm: Mahab Al Shimaal Group 3 $200,000 (D) 1,200m.
5.10pm: Nad Al Sheba Conditions $200,000 (Turf) 1,200m.
5.45pm: Burj Nahaar Group 3 $200,000 (D) 1,600m.
6.20pm: Jebel Hatta Group 1 $300,000 (T) 1,800m.
6.55pm: Al Maktoum Challenge Round 3 Group 1 $400,000 (D) 2,000m.
7.30pm: Dubai City of Gold Group 2 $250,000 (T) 2,410m.
The years Ramadan fell in May
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
UAE currency: the story behind the money in your pockets
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Range: Up to 610km
Power: 905hp
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Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
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Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
strategies
- The total annual economic cost of cancer is $1.16 trillion
Libya's Gold
UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
A second stash was said to have been held in Accra, Ghana, inside boxes at the local offices of an international human rights organisation based in France.
SPEC SHEET
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Processor: 4nm Snapdragon 8 Gen 1/Exynos 2200, 8-core
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Storage: 128/256/512GB/1TB
Platform: Android 12
Main camera: quad 12MP ultra-wide f/2.2, 108MP wide f/1.8, 10MP telephoto f/4.9, 10MP telephoto 2.4; Space Zoom up to 100x, auto HDR, expert RAW
Video: 8K@24fps, 4K@60fps, full-HD@60fps, HD@30fps, super slo-mo@960fps
Front camera: 40MP f/2.2
Battery: 5000mAh, fast wireless charging 2.0 Wireless PowerShare
Connectivity: 5G, Wi-Fi, Bluetooth 5.2, NFC
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SIM: single nano, or nano and SIM, nano and nano, eSIM/nano and nano
Colours: burgundy, green, phantom black, phantom white, graphite, sky blue, red
Price: Dh4,699 for 128GB, Dh5,099 for 256GB, Dh5,499 for 512GB; 1TB unavailable in the UAE
Iftar programme at the Sheikh Mohammed Centre for Cultural Understanding
Established in 1998, the Sheikh Mohammed Centre for Cultural Understanding was created with a vision to teach residents about the traditions and customs of the UAE. Its motto is ‘open doors, open minds’. All year-round, visitors can sign up for a traditional Emirati breakfast, lunch or dinner meal, as well as a range of walking tours, including ones to sites such as the Jumeirah Mosque or Al Fahidi Historical Neighbourhood.
Every year during Ramadan, an iftar programme is rolled out. This allows guests to break their fast with the centre’s presenters, visit a nearby mosque and observe their guides while they pray. These events last for about two hours and are open to the public, or can be booked for a private event.
Until the end of Ramadan, the iftar events take place from 7pm until 9pm, from Saturday to Thursday. Advanced booking is required.
For more details, email openminds@cultures.ae or visit www.cultures.ae
COMPANY PROFILE
Name: Rain Management
Year started: 2017
Based: Bahrain
Employees: 100-120
Amount raised: $2.5m from BitMex Ventures and Blockwater. Another $6m raised from MEVP, Coinbase, Vision Ventures, CMT, Jimco and DIFC Fintech Fund
More on animal trafficking
