The GCC will continue to attract initial public offerings this year, despite the challenges facing the global economy, with the listing momentum in Dubai, in particular, set to continue.
Between announced and rumoured IPO plans, between 27 to 39 companies could float their shares in the region this year, Kamco Invest said in a report on Monday.
“While we expect the trajectory of interest rate hikes, geopolitics, secondary stock market volatility and oil price volatility to continue to remain risks in 2023, it is worth noting that the prevalence of these factors did not stop strong IPO activity in 2022,” the report said.
Looking specifically at Dubai, the pipeline of government and public sector companies looking to go public continues to rise amid strong economic growth in the emirate.
It is the right time for family offices and small and medium-sized enterprises to list and raise funds for growth and develop financial resilience amid a weakening global economic outlook, panellists told the inaugural Mena IPO Summit in Dubai.
“When you look at the role the government has played in shaping up the economy, it serves as a compass [for investors],” Shaikha Almarri, head of government corporates at HSBC Dubai told delegates on Monday.
“The momentum from 2022 is expected to continue in 2023”, with the continuation of the government’s privatisation programme, she added.
The UAE, the Arab world’s second-largest economy, and the wider GCC region has seen a flurry of IPOs amid strong investor demand as economies rebound at a quicker pace from the coronavirus-induced slowdown and liquidity has been shored up by high oil prices.
The total number of IPOs issued in the region jumped to 48 in 2022 from 20 in 2021, Kamco Invest said.
Proceeds for 2022 from GCC issuers went up by 3.1 times to $23.38 billion, from $7.52 billion in 2021, data from Bloomberg and stock exchanges showed.
Saudi Arabia, the Arab world's largest economy, maintained its leadership position for IPO issuances from the region in 2022, as 34 out of the 48 GCC IPOs debuted on either the Tadawul or the Nomu.
Overall, 12 companies in the UAE listed last year, raising $11 billion, in addition to the joint Abu Dhabi-Riyadh listing of Mena food franchisee Americana, which raised $1.8 billion in late 2022, according to EFG Hermes Research.
“The GCC is expected to continue to generate interest for its strong businesses and family office listings from international investors,” Kamco said.
Dubai, a commercial and tourism hub, has been the centre of capital markets activity last year after a lull in IPOs for a few years.
In November 2021, Dubai announced plans to bolster the size of its capital markets, with intentions to list 10 state-owned companies and boost the size of the emirate's financial market to about Dh3 trillion ($816 billion).
The emirate also announced a Dh2 billion market maker fund to encourage the listing of more private companies from sectors such as energy, logistics and retail.
Four of the announced 10 state-owned enterprises listed on the Dubai Financial Market last year.
The March listing of the Dubai Electricity and Water (Dewa) was the largest GCC IPO in 2022, raising $6.1 billion. The offering size was more than doubled to 8.5 billion shares amid strong investor demand. The utility is now the largest listed company by market capitalisation on the DFM.
State-owned Salik, Empower and Tecom, collectively raised $2.2 billion in June, September and November, respectively.
From the private sector, schools operator Taaleem also listed its shares in Dubai, after raising $205 million from its public offering in November.
“When the government announced it wanted to bring 10 [state-owned] assets to the market, it was a clear message,” Ms Almarri said.
With that announcement, the government made its intention clear to further develop the emirate’s equity market and accelerate its economic development, she said.
Approximately 50 per cent of DFM's investors come from within the region, Hamed Ali, chief executive of the DFM and Nasdaq Dubai, told reporters on the sidelines of the event.
In terms of the market capitalisation, about 20 per cent is held by foreign investors, he said.
“It is very important for us to be able to add value to the Dubai’s capital market … an efficient, functioning non-exclusive capital market that helps different segments of the economy.”
He said the Dubai market has the capacity to surpass its IPO performance of last year.
“The pipeline is looking phenomenally well. It is looking fantastic,” he said.
“The fact [is] that a lot of the regional businesses that in the past would end up looking at an international listing on international markets are now shifting their attention to look more at the region.”
Dubai’s economy, which grew 6.2 per cent in 2021, continued growth momentum in 2022. Gross domestic product expanded 4.6 per cent on annual basis in the first nine months of 2022, according to the Dubai Statistics Centre data.
Helal Almarri, director general of Dubai’s Department of Economy and Tourism (DET), on Monday said Dubai's GDP grew in mid single digits in 2022 and it is expected to continue growing at the same pace this year.
“We did very, very well,” he told the summit. “We are lucky to be where we are, and we have a very good base for 2023.”
Foreign direct investment and the rapid growth of the Dubai tourism and financial services sectors drove the economic growth last year and they will continue to support economic momentum this year.
With continuing jitters in the global equity market, “the time is right for UAE SMEs to go public” and draw on the strength of the emirate’s capital market, Mr Almarri said.
There is already interest not only from local businesses but also from companies from the across the region and beyond to list their shares in Dubai.
“There is a mindset shift in companies” that realise the need to develop resilience amid global economic headwinds and growing competition, he added.
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TRAP
Starring: Josh Hartnett, Saleka Shyamalan, Ariel Donaghue
Director: M Night Shyamalan
Rating: 3/5
Conflict, drought, famine
Estimates of the number of deaths caused by the famine range from 400,000 to 1 million, according to a document prepared for the UK House of Lords in 2024.
It has been claimed that the policies of the Ethiopian government, which took control after deposing Emperor Haile Selassie in a military-led revolution in 1974, contributed to the scale of the famine.
Dr Miriam Bradley, senior lecturer in humanitarian studies at the University of Manchester, has argued that, by the early 1980s, “several government policies combined to cause, rather than prevent, a famine which lasted from 1983 to 1985. Mengistu’s government imposed Stalinist-model agricultural policies involving forced collectivisation and villagisation [relocation of communities into planned villages].
The West became aware of the catastrophe through a series of BBC News reports by journalist Michael Buerk in October 1984 describing a “biblical famine” and containing graphic images of thousands of people, including children, facing starvation.
Band Aid
Bob Geldof, singer with the Irish rock group The Boomtown Rats, formed Band Aid in response to the horrific images shown in the news broadcasts.
With Midge Ure of the band Ultravox, he wrote the hit charity single Do They Know it’s Christmas in December 1984, featuring a string of high-profile musicians.
Following the single’s success, the idea to stage a rock concert evolved.
Live Aid was a series of simultaneous concerts that took place at Wembley Stadium in London, John F Kennedy Stadium in Philadelphia, the US, and at various other venues across the world.
The combined event was broadcast to an estimated worldwide audience of 1.5 billion.
UAE currency: the story behind the money in your pockets
Profile
Company name: Jaib
Started: January 2018
Co-founders: Fouad Jeryes and Sinan Taifour
Based: Jordan
Sector: FinTech
Total transactions: over $800,000 since January, 2018
Investors in Jaib's mother company Alpha Apps: Aramex and 500 Startups
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
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Teams in the EHL
White Bears, Al Ain Theebs, Dubai Mighty Camels, Abu Dhabi Storms, Abu Dhabi Scorpions and Vipers
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
MATCH INFO
Euro 2020 qualifier
Ukraine 2 (Yaremchuk 06', Yarmolenko 27')
Portugal 1 (Ronaldo 72' pen)
GROUP RESULTS
Group A
Results
Ireland beat UAE by 226 runs
West Indies beat Netherlands by 54 runs
Group B
Results
Zimbabwe tied with Scotland
Nepal beat Hong Kong by five wickets
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The line up
Friday: Giggs, Sho Madjozi and Masego
Saturday: Nas, Lion Bbae, Roxanne Shante and DaniLeigh
Sole DXB runs from December 6 to 8 at Dubai Design District. Weekend pass is Dh295 while a one day pass is Dh195. Tickets are available from www.soledxb.com
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
TWISTERS
Director: Lee Isaac Chung
Starring: Glen Powell, Daisy Edgar-Jones, Anthony Ramos
Rating: 2.5/5
The specs
Engine: 2.0-litre 4cyl turbo
Power: 261hp at 5,500rpm
Torque: 405Nm at 1,750-3,500rpm
Transmission: 9-speed auto
Fuel consumption: 6.9L/100km
On sale: Now
Price: From Dh117,059
Killing of Qassem Suleimani
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UAE currency: the story behind the money in your pockets
Killing of Qassem Suleimani
Why does a queen bee feast only on royal jelly?
Some facts about bees:
The queen bee eats only royal jelly, an extraordinary food created by worker bees so she lives much longer
The life cycle of a worker bee is from 40-60 days
A queen bee lives for 3-5 years
This allows her to lay millions of eggs and allows the continuity of the bee colony
About 20,000 honey bees and one queen populate each hive
Honey is packed with vital vitamins, minerals, enzymes, water and anti-oxidants.
Apart from honey, five other products are royal jelly, the special food bees feed their queen
Pollen is their protein source, a super food that is nutritious, rich in amino acids
Beewax is used to construct the combs. Due to its anti-fungal, anti-bacterial elements, it is used in skin treatments
Propolis, a resin-like material produced by bees is used to make hives. It has natural antibiotic qualities so works to sterilize hive, protects from disease, keeps their home free from germs. Also used to treat sores, infection, warts
Bee venom is used by bees to protect themselves. Has anti-inflammatory properties, sometimes used to relieve conditions such as rheumatoid arthritis, nerve and muscle pain
Honey, royal jelly, pollen have health enhancing qualities
The other three products are used for therapeutic purposes
Is beekeeping dangerous?
As long as you deal with bees gently, you will be safe, says Mohammed Al Najeh, who has worked with bees since he was a boy.
“The biggest mistake people make is they panic when they see a bee. They are small but smart creatures. If you move your hand quickly to hit the bees, this is an aggressive action and bees will defend themselves. They can sense the adrenalin in our body. But if we are calm, they are move away.”
The team
Photographer: Mateusz Stefanowski at Art Factory
Videographer: Jear Valasquez
Fashion director: Sarah Maisey
Make-up: Gulum Erzincan at Art Factory
Model: Randa at Art Factory Videographer’s assistant: Zanong Magat
Photographer’s assistant: Sophia Shlykova
With thanks to Jubail Mangrove Park, Jubail Island, Abu Dhabi
Naga
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Company profile
Company name: Suraasa
Started: 2018
Founders: Rishabh Khanna, Ankit Khanna and Sahil Makker
Based: India, UAE and the UK
Industry: EdTech
Initial investment: More than $200,000 in seed funding
BRAZIL SQUAD
Alisson (Liverpool), Daniel Fuzato (Roma), Ederson (Man City); Alex Sandro (Juventus), Danilo (Juventus), Eder Militao (Real Madrid), Emerson (Real Betis), Felipe (Atletico Madrid), Marquinhos (PSG), Renan Lodi (Atletico Madrid), Thiago Silva (PSG); Arthur (Barcelona), Casemiro (Real Madrid), Douglas Luiz (Aston Villa), Fabinho (Liverpool), Lucas Paqueta (AC Milan), Philippe Coutinho (Bayern Munich); David Neres (Ajax), Gabriel Jesus (Man City), Richarlison (Everton), Roberto Firmino (Liverpool), Rodrygo (Real Madrid), Willian (Chelsea).
