UAE cable maker Ducab may consider an initial public offering to support future expansion, its group chief executive has said.
“This is a viable strategy going forward in order to basically fuel our expansion plans … it’s an option that is available for us,” Mohammed Al Mutawa told The National in an interview.
The company, jointly owned by Abu Dhabi holding company ADQ and the Investment Corporation of Dubai, has no plans to sell shares in the company at the moment, he said.
There has been an IPO boom in the Middle East, with a number of companies listing their shares on the regional stock markets such as the Abu Dhabi Securities Exchange, the Dubai Financial Market and Saudi Arabia’s Tadawul as economies recover from the coronavirus-induced slowdown on the back of higher oil prices and government reforms.
The recent listings include Adnoc Gas, Adnoc Logistics and Services and Al Ansari Financial Services.
Middle East IPOs raised more than $23 billion in 2022 from 48 listings, compared with $7.52 billion from 20 offerings in the previous year.
That was the highest share for the Gulf region after 2019, when Saudi Aramco went public in a $29 billion offering, the world’s largest.
Ducab, founded in 1979, produces copper and aluminium cables, as well as metal rods that are used in a number of sectors such as power, oil and gas, construction, renewables and rail.
It has six manufacturing units in the UAE, including four in Abu Dhabi and two in Dubai, in Jebel Ali.
Ducab intends to focus on boosting its exports in international markets, to tap into the expanding global wires and cables market, Mr Al Mutawa said.
The size of the market was estimated at $202.05 billion in 2022 and is expected to expand by 4.2 per cent annually between 2023 and 2030 due to rising urbanisation and growing infrastructure worldwide, according to the Grand View Research report.
Ducab currently has the capacity to produce about 120,000 tonnes of copper cables, 180,000 tonnes of copper rods and 55,000 tonnes of aluminium rods.
It exports to 55 countries and territories, with Hong Kong, the UK, Australia and countries in the GCC and North Africa being its biggest markets.
The company aims to increase exports to other countries in Asia, North Africa and Europe.
“Overall, global demand, when it comes to cable is always there. There are opportunities and pockets all over the world because of new infrastructure projects and other developments,” Mr Al Mutawa said.
“European requirements, for example, for improving the existing grid – the demand is tremendous.”
Europe is building new renewable energy plants as it looks to wean itself off Russian fossil fuels amid the Ukraine conflict, leading to higher demand for cables.
Ducab also aims to aggressively expand its business in India after it opened its office in Bengaluru earlier this year.
“Our office in India has provided us access to the market and within the short period, we have seen a very high level of acceptance for Ducab within the market itself that's growing,” he said.
India, the world's fifth-largest economy, is investing heavily in developing infrastructure projects as its economy makes a strong rebound from Covid-19.
The country is building new roads, power projects, airports and ports.
Last year's signing of the comprehensive economic partnership agreement (Cepa) between the UAE and India is also expected to boost Ducab's exports to Asia's third-largest economy, he said.
Non-oil trade between the UAE and India stood at $50.5 billion, up 5.8 per cent annually, in the first 12 months of the signing of the Cepa between the two countries, the latest data shows.
“We see the opportunities in specialised sectors such as nuclear plants, airports, data centres and infrastructure,” Mr Al Mutawa said.
Ducab is bullish about the growth of the revenue this year.
In 2023, it aims to beat last year's revenue growth of 19 per cent amid new opportunities to increase exports globally.
It currently exports 70 per cent of its products to various international markets while the UAE accounts for 30 per cent of its sales.
“We are expecting a much better result this year and [expect to] surpass last year’s revenue growth,” he said.
The group reported total annual revenue of $1.8 billion in 2022.
The company is supporting the UAE’s “Operation 300bn” initiative that aims to boost the industrial sector's contribution to the country's gross domestic product to Dh300 billion ($81.68 billion) by 2031, from Dh133 billion in 2021.
The Emirates is putting “phenomenal effort … to support the 'Made in UAE' initiative and actually pushing it to the market and challenging us as a UAE manufacturer to represent and take the UAE brand into the world and be an ambassador for the UAE”.
When asked about raising money through the issuance of sukuk or bonds, Mr Al Mutawa said the company had an “ambitious plan to drive the business and take it forward and that would require finance and funding”.
“So, it is always a tool and an option for us to achieve our targets and objectives going forward,” he said, without providing further details.
Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
'Spies in Disguise'
Director: Nick Bruno and Troy Quane
Stars: Will Smith, Tom Holland, Karen Gillan and Roshida Jones
Rating: 4 out of 5 stars
RESULTS
5pm: Handicap (PA) Dh70,000 1,400m
Winner: AF Tathoor, Tadhg O’Shea (jockey), Ernst Oertel (trainer)
5.30pm: Handicap (TB) Dh70,000 1,000m
Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
6pm: Maiden (PA) Dh70,000 2,000m
Winner: Aiz Alawda, Fernando Jara, Ahmed Al Mehairbi
6.30pm: Handicap (PA) Dh70,000 2,000m
Winner: ES Nahawand, Fernando Jara, Mohammed Daggash
7pm: Maiden (PA) Dh70,000 1,600m
Winner: Winked, Connor Beasley, Abdallah Al Hammadi
7.30pm: Al Ain Mile Group 3 (PA) Dh350,000 1,600m
Winner: Somoud, Connor Beasley, Ahmed Al Mehairbi
8pm: Handicap (PA) Dh70,000 1,600m
Winner: Al Jazi, Fabrice Veron, Eric Lemartinel
MATCH INFO
Manchester United 2
(Martial 30', McTominay 90 6')
Manchester City 0
SCHEDULE
Thursday, December 6
08.00-15.00 Technical scrutineering
15.00-17.00 Extra free practice
Friday, December 7
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 1
15.30 BRM F1 qualifying
Saturday, December 8
09.10-09.30 F4 free practice
09.40-10.00 F4 time trials
10.15-11.15 F1 free practice
14.00 F4 race 2
15.30 Grand Prix of Abu Dhabi
Premier League results
Saturday
Tottenham Hotspur 1 Arsenal 1
Bournemouth 0 Manchester City 1
Brighton & Hove Albion 1 Huddersfield Town 0
Burnley 1 Crystal Palace 3
Manchester United 3 Southampton 2
Wolverhampton Wanderers 2 Cardiff City 0
West Ham United 2 Newcastle United 0
Sunday
Watford 2 Leicester City 1
Fulham 1 Chelsea 2
Everton 0 Liverpool 0
WHAT%20ARE%20THE%20PRODUCTS%20WITHIN%20THE%20THREE%20MAJOR%20CATEGORIES%3F
%3Cp%3E%3Cstrong%3EAdvanced%20materials%3A%3C%2Fstrong%3E%20specifically%20engineered%20to%20exhibit%20novel%20or%20enhanced%20properties%2C%20that%20confer%20superior%20performance%20relative%20to%20conventional%20materials%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAdvanced%20components%3A%3C%2Fstrong%3E%20includes%20semiconductor%20components%2C%20such%20as%20microprocessors%20and%20other%20computer%20chips%2C%20and%20computer%20vision%20components%20such%20as%20lenses%20and%20image%20sensors%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAdvanced%20products%3A%3C%2Fstrong%3E%20includes%20personal%20electronics%2C%20smart%20home%20devices%20and%20space%20technologies%2C%20along%20with%20industry-enabling%20products%20such%20as%20robots%2C%203D%20printing%20equipment%20and%20exoskeletons%3C%2Fp%3E%0A%3Cp%3E%3Cem%3ESource%3A%20Strategy%26amp%3B%3C%2Fem%3E%3C%2Fp%3E%0A
FIXTURES
All times UAE ( 4 GMT)
Friday
Saint-Etienne v Montpellier (10.45pm)
Saturday
Monaco v Caen (7pm)
Amiens v Bordeaux (10pm)
Angers v Toulouse (10pm)
Metz v Dijon (10pm)
Nantes v Guingamp (10pm)
Rennes v Lille (10pm)
Sunday
Nice v Strasbourg (5pm)
Troyes v Lyon (7pm)
Marseille v Paris Saint-Germain (11pm)
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Our family matters legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
UAE currency: the story behind the money in your pockets
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
if you go
The flights
Direct flights from the UAE to the Nepalese capital, Kathmandu, are available with Air Arabia, (www.airarabia.com) Fly Dubai (www.flydubai.com) or Etihad (www.etihad.com) from Dh1,200 return including taxes. The trek described here started from Jomson, but there are many other start and end point variations depending on how you tailor your trek. To get to Jomson from Kathmandu you must first fly to the lake-side resort town of Pokhara with either Buddha Air (www.buddhaair.com) or Yeti Airlines (www.yetiairlines.com). Both charge around US$240 (Dh880) return. From Pokhara there are early morning flights to Jomson with Yeti Airlines or Simrik Airlines (www.simrikairlines.com) for around US$220 (Dh800) return.
The trek
Restricted area permits (US$500 per person) are required for trekking in the Upper Mustang area. The challenging Meso Kanto pass between Tilcho Lake and Jomson should not be attempted by those without a lot of mountain experience and a good support team. An excellent trekking company with good knowledge of Upper Mustang, the Annaurpuna Circuit and Tilcho Lake area and who can help organise a version of the trek described here is the Nepal-UK run Snow Cat Travel (www.snowcattravel.com). Prices vary widely depending on accommodation types and the level of assistance required.
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
COMPANY PROFILE
Name: Qyubic
Started: October 2023
Founder: Namrata Raina
Based: Dubai
Sector: E-commerce
Current number of staff: 10
Investment stage: Pre-seed
Initial investment: Undisclosed
Titanium Escrow profile
Started: December 2016
Founder: Ibrahim Kamalmaz
Based: UAE
Sector: Finance / legal
Size: 3 employees, pre-revenue
Stage: Early stage
Investors: Founder's friends and Family
Dubai World Cup nominations
UAE: Thunder Snow/Saeed bin Suroor (trainer), North America/Satish Seemar, Drafted/Doug Watson, New Trails/Ahmad bin Harmash, Capezzano, Gronkowski, Axelrod, all trained by Salem bin Ghadayer
USA: Seeking The Soul/Dallas Stewart, Imperial Hunt/Luis Carvajal Jr, Audible/Todd Pletcher, Roy H/Peter Miller, Yoshida/William Mott, Promises Fulfilled/Dale Romans, Gunnevera/Antonio Sano, XY Jet/Jorge Navarro, Pavel/Doug O’Neill, Switzerland/Steve Asmussen.
Japan: Matera Sky/Hideyuki Mori, KT Brace/Haruki Sugiyama. Bahrain: Nine Below Zero/Fawzi Nass. Ireland: Tato Key/David Marnane. Hong Kong: Fight Hero/Me Tsui. South Korea: Dolkong/Simon Foster.
Brief scoreline:
Manchester United 0
Manchester City 2
Bernardo Silva 54', Sane 66'
Know your camel milk:
Flavour: Similar to goat’s milk, although less pungent. Vaguely sweet with a subtle, salty aftertaste.
Texture: Smooth and creamy, with a slightly thinner consistency than cow’s milk.
Use it: In your morning coffee, to add flavour to homemade ice cream and milk-heavy desserts, smoothies, spiced camel-milk hot chocolate.
Goes well with: chocolate and caramel, saffron, cardamom and cloves. Also works well with honey and dates.
In numbers: China in Dubai
The number of Chinese people living in Dubai: An estimated 200,000
Number of Chinese people in International City: Almost 50,000
Daily visitors to Dragon Mart in 2018/19: 120,000
Daily visitors to Dragon Mart in 2010: 20,000
Percentage increase in visitors in eight years: 500 per cent
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Alaan%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Parthi%20Duraisamy%20and%20Karun%20Kurien%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%3C%2Fstrong%3E%20%247%20million%20raised%20in%20total%20%E2%80%94%20%242.5%20million%20in%20a%20seed%20round%20and%20%244.5%20million%20in%20a%20pre-series%20A%20round%3Cbr%3E%3Cbr%3E%3C%2Fp%3E%0A
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
World Test Championship table
1 India 71 per cent
2 New Zealand 70 per cent
3 Australia 69.2 per cent
4 England 64.1 per cent
5 Pakistan 43.3 per cent
6 West Indies 33.3 per cent
7 South Africa 30 per cent
8 Sri Lanka 16.7 per cent
9 Bangladesh 0
RESULTS
6.30pm: Maiden Dh 165,000 1,600m
Winner: Superior, Connor Beasley (jockey), Ahmad bin Harmash (trainer)
7.05pm: Handicap Dh 185,000 2,000m
Winner: Tried And True, Pat Dobbs, Doug Watson
7.40pm: Maiden Dh 165,000 1,600m
Winner: Roy Orbison, Fernando Jara, Ali Rashid Al Raihe
8.15pm
Handicap Dh 190,000 1,400m
Winner: Taamol, Dane O’Neill, Ali Rashid Al Raihe
8.50pm
Handicap Dh 175,000 1,600m
Winner: Welford, Richard Mullen, Satish Seemar
9.25pm: Handicap Dh 175,000 1,200m
Winner: Lavaspin, Richard Mullen, Satish Seemar
10pm: Handicap Dh 165,000 1,600m
Winner: Untold Secret, Xavier Ziani, Sandeep Jadhav
UAE currency: the story behind the money in your pockets
Terminator: Dark Fate
Director: Tim Miller
Starring: Arnold Schwarzenegger, Linda Hamilton, Mackenzie Davis
Rating: 3/5
Three ways to boost your credit score
Marwan Lutfi says the core fundamentals that drive better payment behaviour and can improve your credit score are:
1. Make sure you make your payments on time;
2. Limit the number of products you borrow on: the more loans and credit cards you have, the more it will affect your credit score;
3. Don't max out all your debts: how much you maximise those credit facilities will have an impact. If you have five credit cards and utilise 90 per cent of that credit, it will negatively affect your score.
