Markets Brief: Egypt sells land, Lebanon’s black market, Aramco retail investors
Samba Capital, the lead manager of the Saudi Aramco initial public offering (IPO) has announced the depth of retail subscriptions thus far. Meanwhile, Lebanon’s black market exchange rate soars to new heights. Egypt also announced plans to sell state-owned land in a bit to help finance the restructuring of its public sector companies.
Al Arabiya English has provided a news brief on all of this and more from global markets to developments in the Middle East.
Saudi Aramco’s IPO retail subscriptions reached $7.21 billion
Retail subscriptions to Saudi Aramco’s IPO have so far reached $7.21 billion from 3.1 million investors, said Samba Capital, the lead manager of the IPO. The retail subscription period of the IPO is due to end November 28.
Lebanon’s black market rates is soaring to new levels
The black market exchange rates for the Lebanese pound has soared to over 2,000 pounds to the dollar with some money exchangers reporting rates as high as LBP 2,200 to $1 – a near 50 percent jump from the official pegged rate of LBP 1,501-1514 to the dollar.
Saudi Arabia will lend Sudan $130 million
Saudi Arabia’s Finance Ministry announced in a statement that it would lend Sudan 487 million riyals ($130 million). The Saudi Fund for Development said that half of the amount would go to education, and the other half will be focused on healthcare.
Egypt is planning to sell off state-owned land
Egypt will soon begin selling off state-owned land to help finance the restructuring of public sector companies, the public enterprises minister said. He added that that country would also sell shares in Heliopolis Company For Housing and Development on the Egyptian stock exchange in the first quarter of 2020.
In the United States, the FAA ruled it would be sole issuer of new 737 MAX airworthiness certificates
The Federal Aviation Administration said it notified Boeing that the agency would be the sole issuer of airworthiness certificates for new 737 MAX planes, a role it had shared with the aircraft maker in the past. The 737 MAX has been grounded since March following crashes in Indonesia and Ethiopia killing 346 people.
Fitch says Aramco’s IPO proceeds could ease Saudi austerity measures
The Saudi Aramco IPO could help ease the economic effect of austerity measures as the country’s sovereign wealth fund would be able to boost domestic investments, said Fitch Ratings.