Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, is aiming to raise up to 3.78 billion Saudi riyals ($1bn) from its initial public offering.
The holding company has set the price range of its IPO between 95 riyals and 105 riyals per share, it said on Sunday in a statement to the Saudi Stock Exchange.
The company is selling 36 million shares, or 30 per cent, of its 120 million issued share capital to the public. The bidding and book-building period for investors will begin on November 21 and conclude on November 26.
“The final price per offer share will be determined after the completion of the book-building process, to be followed by the individual subscribers subscription process,” Tadawul said in the bourse filing.
The company, which received approval for the public float from Saudi Arabia's Capital Markets Authority on November 4, did not provide a date for the listing of its shares.
Saudi Tadawul Group's shares will be listed on the main index of the Saudi Exchange once offering and listing formalities are completed, the company said earlier this month. Citigroup, JP Morgan Chase and SNB Capital are financial advisers and global coordinators for the IPO.
The kingdom’s sovereign wealth fund, the Public Investment Fund, which is the sole owner of the company, is selling the shares that will be offered to both retail and institutional investors.
On November 9, the holding company increased the size of the offering for retail investors to 30 per cent, up from 10 per cent initially as it seeks to increase the participation of individual investors.
“Our aim is to provide an adequate opportunity to all types of investors in the Saudi equity market to participate in the offering," Khalid Al Hussan, chief executive of Saudi Tadawul Group, said.
"Individual investors’ demand has been high, as seen during recent IPOs in Saudi Arabia, and we wanted to seize this momentum to encourage diversity in our shareholding structure post-listing," he said at the time.
Tadawul, which is among the top 10 global stock markets with a market capitalisation of about $2.8 trillion, will become only the third publicly traded regional stock exchange, after the Dubai Financial Market and Boursa Kuwait, once it is listed.
Tadawul Group has four subsidiaries that include the Saudi Exchange, a dedicated arm running the kingdom's equity market previously known as the Saudi Stock Exchange Company; the Securities Clearing Centre Company (known as Muqassa); the Securities Depository Centre Company (Edaa); and a new subsidiary focused on applied technology services known as Wamid.
Tadawul’s benchmark equities index has risen about 35 per cent since the beginning of the year, driven by new listings and improved investor sentiment on the back of higher oil prices.
Energy company Acwa Power listed its shares on the Saudi Exchange last month after raising $1.2bn through its IPO. It was the kingdom's largest listing since state oil company Saudi Aramco went public in 2019.
The Saudi bourse is also home to Sabic, the biggest petrochemicals producer in the Middle East, and Saudi National Bank, the largest commercial lender in the kingdom, among others.
The specs
Engine: 4.0-litre, twin-turbocharged V8
Transmission: nine-speed automatic
Power: 630bhp
Torque: 900Nm
Price: Dh810,000
UAE%20ILT20
%3Cp%3E%3Cstrong%3EMarquee%20players%3A%3C%2Fstrong%3E%0D%3Cbr%3EMoeen%20Ali%2C%20Andre%20Russell%2C%20Dawid%20Malan%2C%20Wanindu%20Hasiranga%2C%20Sunil%20Narine%2C%20Evin%20Lewis%2C%20Colin%20Munro%2C%20Fabien%20Allen%2C%20Sam%20Billings%2C%20Tom%20Curran%2C%20Alex%20Hales%2C%20Dushmantha%20Chameera%2C%20Shimron%20Hetmyer%2C%20Akeal%20Hosein%2C%20Chris%20Jordan%2C%20Tom%20Banton%2C%20Sandeep%20Lamichhane%2C%20Chris%20Lynn%2C%20Rovman%20Powell%2C%20Bhanuka%20Rajapaksa%2C%20Mujeeb%20Ul%20Rahman%0D%3Cbr%3E%3Cstrong%3EInternational%20players%3A%3C%2Fstrong%3E%0D%3Cbr%3ELahiru%20Kumara%2C%20Seekugge%20Prassanna%2C%20Charith%20Asalanka%2C%20Colin%20Ingram%2C%20Paul%20Stirling%2C%20Kennar%20Lewis%2C%20Ali%20Khan%2C%20Brandon%20Glover%2C%20Ravi%20Rampaul%2C%20Raymon%20Reifer%2C%20Isuru%20Udana%2C%20Blessing%20Muzarabani%2C%20Niroshan%20Dickwella%2C%20Hazaratullah%20Zazai%2C%20Frederick%20Klassen%2C%20Sikandar%20Raja%2C%20George%20Munsey%2C%20Dan%20Lawrence%2C%20Dominic%20Drakes%2C%20Jamie%20Overton%2C%20Liam%20Dawson%2C%20David%20Wiese%2C%20Qais%20Ahmed%2C%20Richard%20Gleeson%2C%20James%20Vince%2C%20Noor%20Ahmed%2C%20Rahmanullah%20Gurbaz%2C%20Navin%20Ul%20Haq%2C%20Sherfane%20Rutherford%2C%20Saqib%20Mahmood%2C%20Ben%20Duckett%2C%20Benny%20Howell%2C%20Ruben%20Trumpelman%0D%3Cbr%3E%3C%2Fp%3E%0A
Killing of Qassem Suleimani
Killing of Qassem Suleimani
Global state-owned investor ranking by size
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China
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UAE
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Japan
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5
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Norway
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Canada
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Singapore
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UAE currency: the story behind the money in your pockets
More coverage from the Future Forum
FIXTURES
All games 6pm UAE on Sunday:
Arsenal v Watford
Burnley v Brighton
Chelsea v Wolves
Crystal Palace v Tottenham
Everton v Bournemouth
Leicester v Man United
Man City v Norwich
Newcastle v Liverpool
Southampton v Sheffield United
West Ham v Aston Villa
THE SPECS
Engine: 1.5-litre, four-cylinder turbo
Transmission: seven-speed dual clutch automatic
Power: 169bhp
Torque: 250Nm
Price: Dh54,500
On sale: now
COMPANY%20PROFILE
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COMPANY%20PROFILE%20
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Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Haemoglobin disorders explained
Thalassaemia is part of a family of genetic conditions affecting the blood known as haemoglobin disorders.
Haemoglobin is a substance in the red blood cells that carries oxygen and a lack of it triggers anemia, leaving patients very weak, short of breath and pale.
The most severe type of the condition is typically inherited when both parents are carriers. Those patients often require regular blood transfusions - about 450 of the UAE's 2,000 thalassaemia patients - though frequent transfusions can lead to too much iron in the body and heart and liver problems.
The condition mainly affects people of Mediterranean, South Asian, South-East Asian and Middle Eastern origin. Saudi Arabia recorded 45,892 cases of carriers between 2004 and 2014.
A World Health Organisation study estimated that globally there are at least 950,000 'new carrier couples' every year and annually there are 1.33 million at-risk pregnancies.
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3ENadeera%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%2C%20UAE%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ERabih%20El%20Chaar%20and%20Reem%20Khattar%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3ECleanTech%3Cbr%3E%3Cstrong%3ETotal%20funding%3A%3C%2Fstrong%3E%20About%20%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EHope%20Ventures%2C%20Rasameel%20Investments%20and%20support%20from%20accelerator%20programmes%20%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%2012%3C%2Fp%3E%0A
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
MADAME%20WEB
%3Cp%3EDirector%3A%20S.J.%20Clarkson%3C%2Fp%3E%0A%3Cp%3EStarring%3A%20Dakota%20Johnson%2C%20Tahar%20Rahim%2C%20Sydney%20Sweeney%3C%2Fp%3E%0A%3Cp%3ERating%3A%203.5%2F5%3C%2Fp%3E%0A
Results
5.30pm: Maiden (TB) Dh82,500 (Dirt) 1,600m, Winner: Panadol, Mickael Barzalona (jockey), Salem bin Ghadayer (trainer)
6.05pm: Maiden (TB) Dh82,500 (Turf) 1,400m, Winner: Mayehaab, Adrie de Vries, Fawzi Nass
6.40pm: Handicap (TB) Dh85,000 (D) 1,600m, Winner: Monoski, Mickael Barzalona, Salem bin Ghadayer
7.15pm: Handicap (TB) Dh102,500 (T) 1,800m, Winner: Eastern World, Royston Ffrench, Charlie Appleby
7.50pm: Handicap (TB) Dh92,500 (D) 1,200m, Winner: Madkal, Adrie de Vries, Fawzi Nass
8.25pm: Handicap (TB) Dh92,500 (T) 1,200m, Winner: Taneen, Dane O’Neill, Musabah Al Muhairi
Ahmed Raza
UAE cricket captain
Age: 31
Born: Sharjah
Role: Left-arm spinner
One-day internationals: 31 matches, 35 wickets, average 31.4, economy rate 3.95
T20 internationals: 41 matches, 29 wickets, average 30.3, economy rate 6.28
UAE currency: the story behind the money in your pockets
The nine articles of the 50-Year Charter
1. Dubai silk road
2. A geo-economic map for Dubai
3. First virtual commercial city
4. A central education file for every citizen
5. A doctor to every citizen
6. Free economic and creative zones in universities
7. Self-sufficiency in Dubai homes
8. Co-operative companies in various sectors
9: Annual growth in philanthropy
The Cairo Statement
1: Commit to countering all types of terrorism and extremism in all their manifestations
2: Denounce violence and the rhetoric of hatred
3: Adhere to the full compliance with the Riyadh accord of 2014 and the subsequent meeting and executive procedures approved in 2014 by the GCC
4: Comply with all recommendations of the Summit between the US and Muslim countries held in May 2017 in Saudi Arabia.
5: Refrain from interfering in the internal affairs of countries and of supporting rogue entities.
6: Carry out the responsibility of all the countries with the international community to counter all manifestations of extremism and terrorism that threaten international peace and security
Killing of Qassem Suleimani
Ferrari 12Cilindri specs
Engine: naturally aspirated 6.5-liter V12
Power: 819hp
Torque: 678Nm at 7,250rpm
Price: From Dh1,700,000
Available: Now
UAE currency: the story behind the money in your pockets
The Africa Institute 101
Housed on the same site as the original Africa Hall, which first hosted an Arab-African Symposium in 1976, the newly renovated building will be home to a think tank and postgraduate studies hub (it will offer master’s and PhD programmes). The centre will focus on both the historical and contemporary links between Africa and the Gulf, and will serve as a meeting place for conferences, symposia, lectures, film screenings, plays, musical performances and more. In fact, today it is hosting a symposium – 5-plus-1: Rethinking Abstraction that will look at the six decades of Frank Bowling’s career, as well as those of his contemporaries that invested social, cultural and personal meaning into abstraction.
Seemar’s top six for the Dubai World Cup Carnival:
1. Reynaldothewizard
2. North America
3. Raven’s Corner
4. Hawkesbury
5. New Maharajah
6. Secret Ambition
The%C2%A0specs%20
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COMPANY%20PROFILE
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Company Profile
Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million
KEY%20DATES%20IN%20AMAZON'S%20HISTORY
%3Cp%3E%3Cstrong%3EJuly%205%2C%201994%3A%3C%2Fstrong%3E%20Jeff%20Bezos%20founds%20Cadabra%20Inc%2C%20which%20would%20later%20be%20renamed%20to%20Amazon.com%2C%20because%20his%20lawyer%20misheard%20the%20name%20as%20'cadaver'.%20In%20its%20earliest%20days%2C%20the%20bookstore%20operated%20out%20of%20a%20rented%20garage%20in%20Bellevue%2C%20Washington%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJuly%2016%2C%201995%3A%3C%2Fstrong%3E%20Amazon%20formally%20opens%20as%20an%20online%20bookseller.%20%3Cem%3EFluid%20Concepts%20and%20Creative%20Analogies%3A%20Computer%20Models%20of%20the%20Fundamental%20Mechanisms%20of%20Thought%3C%2Fem%3E%20becomes%20the%20first%20item%20sold%20on%20Amazon%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E1997%3A%3C%2Fstrong%3E%20Amazon%20goes%20public%20at%20%2418%20a%20share%2C%20which%20has%20grown%20about%201%2C000%20per%20cent%20at%20present.%20Its%20highest%20closing%20price%20was%20%24197.85%20on%20June%2027%2C%202024%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E1998%3A%3C%2Fstrong%3E%20Amazon%20acquires%20IMDb%2C%20its%20first%20major%20acquisition.%20It%20also%20starts%20selling%20CDs%20and%20DVDs%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2000%3A%3C%2Fstrong%3E%20Amazon%20Marketplace%20opens%2C%20allowing%20people%20to%20sell%20items%20on%20the%20website%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2002%3A%3C%2Fstrong%3E%20Amazon%20forms%20what%20would%20become%20Amazon%20Web%20Services%2C%20opening%20the%20Amazon.com%20platform%20to%20all%20developers.%20The%20cloud%20unit%20would%20follow%20in%202006%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2003%3A%3C%2Fstrong%3E%20Amazon%20turns%20in%20an%20annual%20profit%20of%20%2475%20million%2C%20the%20first%20time%20it%20ended%20a%20year%20in%20the%20black%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2005%3A%3C%2Fstrong%3E%20Amazon%20Prime%20is%20introduced%2C%20its%20first-ever%20subscription%20service%20that%20offered%20US%20customers%20free%20two-day%20shipping%20for%20%2479%20a%20year%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2006%3A%3C%2Fstrong%3E%20Amazon%20Unbox%20is%20unveiled%2C%20the%20company's%20video%20service%20that%20would%20later%20morph%20into%20Amazon%20Instant%20Video%20and%2C%20ultimately%2C%20Amazon%20Video%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2007%3A%3C%2Fstrong%3E%20Amazon's%20first%20hardware%20product%2C%20the%20Kindle%20e-reader%2C%20is%20introduced%3B%20the%20Fire%20TV%20and%20Fire%20Phone%20would%20come%20in%202014.%20Grocery%20service%20Amazon%20Fresh%20is%20also%20started%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2009%3A%3C%2Fstrong%3E%20Amazon%20introduces%20Amazon%20Basics%2C%20its%20in-house%20label%20for%20a%20variety%20of%20products%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2010%3A%3C%2Fstrong%3E%20The%20foundations%20for%20Amazon%20Studios%20were%20laid.%20Its%20first%20original%20streaming%20content%20debuted%20in%202013%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2011%3A%3C%2Fstrong%3E%20The%20Amazon%20Appstore%20for%20Google's%20Android%20is%20launched.%20It%20is%20still%20unavailable%20on%20Apple's%20iOS%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2014%3A%3C%2Fstrong%3E%20The%20Amazon%20Echo%20is%20launched%2C%20a%20speaker%20that%20acts%20as%20a%20personal%20digital%20assistant%20powered%20by%20Alexa%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2017%3A%3C%2Fstrong%3E%20Amazon%20acquires%20Whole%20Foods%20for%20%2413.7%20billion%2C%20its%20biggest%20acquisition%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3E2018%3A%3C%2Fstrong%3E%20Amazon's%20market%20cap%20briefly%20crosses%20the%20%241%20trillion%20mark%2C%20making%20it%2C%20at%20the%20time%2C%20only%20the%20third%20company%20to%20achieve%20that%20milestone%3C%2Fp%3E%0A
