Dubai-based investment bank Shuaa Capital is in talks with different stock exchanges to list the shares of its subsidiaries through initial public offerings.
These talks are at “very early stages” and Shuaa may list “one or more” of its subsidiaries, it said on Wednesday in a regulatory filing to the Dubai Financial Market, where its shares are listed.
The company did not say which exchanges it is in discussions with or the subsidiaries it intends to lists.
Shuaa's statement comes after a Bloomberg report that said the investment bank is in discussions with the DFM to launch IPOs for two of its subsidiaries – Stanford Marine Group and NCM Investment – amid Dubai’s efforts to encourage more public and private sector companies to list their shares on the emirate’s bourse.
Shuaa plans to sell shares in both companies early next year and is engaged in discussions to hire investment banks as bookrunners. Combined, the two assets have a value of about Dh2 billion ($545 million), according to the report.
Dubai, the commercial and tourism centre of the Middle East, is looking to broaden and deepen its stock market.
Earlier this month, the emirate announced plans to list 10 state-owned companies as part of its wider strategy to double the size of the financial market to Dh3 trillion.
The Dubai Electricity and Water Authority will be the first state entity to list on the DFM, it was announced earlier this month. Dubai authorities also set up a Dh2bn market-maker fund to encourage listings from private and family owned businesses from the energy, logistics and retail sectors.
The government is also encouraging private and family owned businesses to follow suit. Information technology company StarLink already pledged to go public early next year.
Dubai, which has also formed the Securities and Exchange Higher Committee, is setting up a Dh1bn fund to attract more technology companies to list, Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, tweeted at the time.
Earlier this month, Shuaa, which manages $14bn in assets, reported a 39 per cent increase in its nine-month profit to Dh89m on a boost in recurring income, the company said in a statement at the time.
Income for the third quarter climbed 19 per cent to Dh35m.
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Evacuations to France hit by controversy
- Over 500 Gazans have been evacuated to France since November 2023
- Evacuations were paused after a student already in France posted anti-Semitic content and was subsequently expelled to Qatar
- The Foreign Ministry launched a review to determine how authorities failed to detect the posts before her entry
- Artists and researchers fall under a programme called Pause that began in 2017
- It has benefited more than 700 people from 44 countries, including Syria, Turkey, Iran, and Sudan
- Since the start of the Gaza war, it has also included 45 Gazan beneficiaries
- Unlike students, they are allowed to bring their families to France
Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
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