Saudi Finance Minister: Aramco IPO in 2018 or 2019 depending on market

Tuesday, 10 April 2018

The hotly-awaited stock market debut of Saudi energy giant Aramco will be launched in 2018 if market conditions permit, otherwise in 2019, Saudi Arabia’s finance minister told AFP on Tuesday.“If the market is ready in 2018, we will go in 2018. If not, we will wait until 2019,” Mohammed al-Jadaan told AFP in an interview at a French-Saudi forum in Paris, referring to the planned initial public offering (IPO) of Aramco, tipped to be the world's biggest.“We are not desperate ...

Mideast Uber rival Careem in talks to raise new funds, say sources

Thursday, 29 March 2018

Middle East ride-hailing app Careem is in early talks to raise as much as $500 million in new funds from investors, sources told Reuters. Careem, Uber’s rival in the region, is testing the appetite of potential investors and hopes to secure its targeted $500 million in a new funding series, three sources said, speaking on condition of anonymity as the matter is not public. Careem declined to comment when contacted by Reuters on Wednesday. Some of the ...

The Saudi Aramco IPO: Back to basics

Sunday, 25 March 2018

Despite some intense lobbying by international stock markets like London and also New York, there now seems to be a new realism setting on when and where the planned Aramco IPO might take place.The message from Saudi Energy Minister and Aramco Chairman Khaled al-Falih is that the Kingdom has not yet decided on a final venue for its dual Saudi-international listing, with not only London, and New York, but also Singapore and Hong Kong vying for this prestigious listing.Once again, the delay in ...

Dr. Mohamed A. Ramady

Saudi energy minister says Aramco IPO could still happen in 2018

Friday, 23 March 2018

Saudi Arabia may still move forward with an initial public offering (IPO) for state oil company Saudi Aramco on an international exchange such as London or New York in the second half of 2018, despite previously raising doubts it could be delayed to next year, Saudi Energy Minister Khalid al-Falih said on Thursday. Falih told Reuters in an interview in Washington the oil giant could be floated either domestically or internationally late this year. New York is still in the running for the IPO ...

Banque Du Caire among 23 Egyptian state companies set to float stakes

Sunday, 18 March 2018

Egypt announced on Sunday the names of 23 state companies it will offer stakes in beginning this year, part of a plan to raise about 80 billion Egyptian pounds ($4.6 billion) through minority share offerings on the Cairo bourse. They included Banque Du Caire, one of the country’s largest banks, major oil companies Middle East Oil Refining (MIDOR) and Engineering for Petroleum and Process Industries (ENPPI), as well as Misr Insurance Company. The government had said that it intended to ...

Listing Aramco on Saudi Tadawul remains an option

Wednesday, 3 January 2018

While all eyes were firmly glued on speakers and the bold new mega project initiatives rolled out at the recent Future Investment Initiative organized by the Public Investment Fund (PIF) in Riyadh last year, Saudi Stock Exchange Tadawul’s CEO Khalid al-Hassan asserted that Tadawul aspired to be the main exchange in the region and to be the exclusive venue for the planned Aramco IPO listing. The Kingdom has not yet decided on a final venue for its dual Saudi-international listing, with ...

Dr. Mohamed A. Ramady

Saudi budget 2018: Worthy of Vision 2030

Monday, 1 January 2018

Saudi Arabia has announced a SR 978 billion budget for 2018, describing it as the largest budget in its history in terms of spending. Perhaps the most significant contribution to the budget this year was its adoption of an advanced method of financial engineering to expand the “tools” in the hands of the state in an unprecedented manner. The budget, which in the past has been 90 percent dependent on oil revenues, is this year not more than 50 percent based on revenue from oil. The ...

Hussein Shobokshi

EFG Hermes expects to start factoring services in Q1 2018

Sunday, 24 December 2017

Egyptian investment bank EFG Hermes expects to begin offering factoring services in the first quarter of 2018 as part of a push into non-banking services, the group’s CEO Karim Awad told reporters on Sunday. Factoring is a financial transaction in which a company sells its debt to a third party at a discount for immediate financing so that it can begin operations. EFG Hermes, one of the largest investment banks in the Middle East, said it expected non-financial ...

Abu Dhabi’s ADNOC Distribution fuel firm IPO raises $851 mln

Friday, 8 December 2017

The fuel distribution unit of Abu Dhabi National Oil Company priced its initial public offering (IPO) at the mid-point of a revised indicative range, valuing the deal at $851 million (3.1 billion dirhams), the company said on Friday. ADNOC Distribution priced each share at 2.50 dirhams, it said in a statement, compared with a revised indicative range of 2.35-2.65 dirhams set last week. The company sold 1.25 billion shares, or 10 percent of its share capital. The stock ...

Emaar Development, Dubai’s first big IPO since 2014, falls on debut

Wednesday, 22 November 2017

Shares in Dubai real estate firm Emaar Development fell on their debut on Wednesday in the emirate’s first major listing since 2014. Emaar Development had an initial public offer price of 6.03 dirhams, equal to its net asset value according to an estimate by consultants JLL, which performed an independent valuation before the IPO. But the stock opened lower at 5.61 dirhams and closed at 5.77, down 4.3 percent. Over 48 million shares changed hands. ...

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