Elm, a Saudi Arabian information security company, received regulatory approval from the kingdom's Capital Markets Authority for an initial public offering to sell 24 million shares, which represents 30 per cent of Elm's share capital.
The prospectus for the Riyadh-based company, which is owned by the kingdom's Public Investment Fund, will be published before the start of the subscription period, the company said in a filing to the Saudi stock exchange on Thursday.
Elm did not say when it plans to list its shares.
The CMA’s IPO approval will be valid for six months and the application will be cancelled if the offering and listing of the company's shares are not completed within that period, the statement said.
The number of listings on the Saudi Arabia’s bourse, the biggest in the Arab world by market value, has risen sharply this year as as companies seek to tap public markets for liquidity and expand operations as the kingdom continues to diversify its economy under the Vision 2030 programme.
In December, Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, listed on the stock exchange, raising $1 billion in what was one of the biggest exchange IPOs in the region. Riyadh utility developer Acwa Power also raised $1.2bn in a listing on Tadawul earlier this year.
Investcorp, the alternative asset manager whose biggest shareholder is Abu Dhabi's Mubadala Investment Company, last month launched a $500 million fund to invest in high-growth Saudi companies. The Pre-IPO Growth Vehicle is dedicated to investing in companies that are at the pre-initial public offering stage of development.
Elm offers a wide range of ready-made and customised digital solutions in several sectors. It was established in 1986 as a research company investing in localising technology, setting the stage for its introduction to the e-security sector in 2002, according to its website.
It was transformed into a joint-stock company owned by the PIF in 2007, which helped it to expand beyond technology in 2009 and globally in 2016.
In October, Elm joined a Series A funding round for tele-health start-up Cura, which raised $15m and also drew the participation of Saudi Aramco's entrepreneurship arm Wa'ed.
Start-ups in the kingdom posted their best quarter for fund-raising in the quarter ending September 30, attracting $205m across 34 deals, according to data platform Magnitt. Venture capital investments in start-ups in the kingdom more than quadrupled in the three-month period compared with the same period last year.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
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%3Cp%3E%3Cstrong%3EFirst%20match%3A%20%3C%2Fstrong%3ENovember%2020%0D%3Cbr%3E%3Cstrong%3EFinal%2016%20round%3A%20%3C%2Fstrong%3EDecember%203%20to%206%0D%3Cbr%3E%3Cstrong%3EQuarter-finals%3A%20%3C%2Fstrong%3EDecember%209%20and%2010%0D%3Cbr%3E%3Cstrong%3ESemi-finals%3A%20%3C%2Fstrong%3EDecember%2013%20and%2014%0D%3Cbr%3E%3Cstrong%3EFinal%3A%20%3C%2Fstrong%3EDecember%2018%3C%2Fp%3E%0A
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UAE currency: the story behind the money in your pockets
THE SPECS
Engine: 6.0-litre, twin-turbocharged W12
Transmission: eight-speed automatic
Power: 626bhp
Torque: 900Nm
Price: Dh1,050,000
On sale: now
Stamp%20duty%20timeline
%3Cp%3E%3Cstrong%3EDecember%202014%3A%3C%2Fstrong%3E%20%20Former%20UK%20chancellor%20of%20the%20Exchequer%20George%20Osborne%20reforms%20stamp%20duty%20land%20tax%20(SDLT)%2C%20replacing%20the%20slab%20system%20with%20a%20blended%20rate%20scheme%2C%20with%20the%20top%20rate%20increasing%20to%2012%20per%20cent%20from%2010%20per%20cent%3A%3C%2Fp%3E%0A%3Cp%3EUp%20to%20%C2%A3125%2C000%20%E2%80%93%200%25%3B%20%C2%A3125%2C000%20to%20%C2%A3250%2C000%20%E2%80%93%202%25%3B%20%C2%A3250%2C000%20to%20%C2%A3925%2C000%20%E2%80%93%205%25%3B%20%C2%A3925%2C000%20to%20%C2%A31.5m%3A%2010%25%3B%20More%20than%20%C2%A31.5m%20%E2%80%93%2012%25%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EApril%202016%3A%3C%2Fstrong%3E%20New%203%25%20surcharge%20applied%20to%20any%20buy-to-let%20properties%20or%20additional%20homes%20purchased.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJuly%202020%3A%3C%2Fstrong%3E%20Chancellor%20Rishi%20Sunak%20unveils%20SDLT%20holiday%2C%20with%20no%20tax%20to%20pay%20on%20the%20first%20%C2%A3500%2C000%2C%20with%20buyers%20saving%20up%20to%20%C2%A315%2C000.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMarch%202021%3A%3C%2Fstrong%3E%20Mr%20Sunak%20extends%20the%20SDLT%20holiday%20at%20his%20March%203%20budget%20until%20the%20end%20of%20June.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EApril%202021%3A%3C%2Fstrong%3E%202%25%20SDLT%20surcharge%20added%20to%20property%20transactions%20made%20by%20overseas%20buyers.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJune%202021%3A%3C%2Fstrong%3E%20SDLT%20holiday%20on%20transactions%20up%20to%20%C2%A3500%2C000%20expires%20on%20June%2030.%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EJuly%202021%3A%3C%2Fstrong%3E%20Tax%20break%20on%20transactions%20between%20%C2%A3125%2C000%20to%20%C2%A3250%2C000%20starts%20on%20July%201%20and%20runs%20until%20September%2030.%3C%2Fp%3E%0A
J%20Street%20Polling%20Results
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How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
UAE currency: the story behind the money in your pockets
25%20Days%20to%20Aden
%3Cp%3EAuthor%3A%20Michael%20Knights%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20January%2026%3C%2Fp%3E%0A
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
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How to help
Call the hotline on 0502955999 or send "thenational" to the following numbers:
2289 - Dh10
2252 - Dh50
6025 - Dh20
6027 - Dh100
6026 - Dh200
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
If%20you%20go
%3Cp%3EThere%20are%20regular%20flights%20from%20Dubai%20to%20Kathmandu.%20Fares%20with%20Air%20Arabia%20and%20flydubai%20start%20at%20Dh1%2C265.%3Cbr%3EIn%20Kathmandu%2C%20rooms%20at%20the%20Oasis%20Kathmandu%20Hotel%20start%20at%20Dh195%20and%20Dh120%20at%20Hotel%20Ganesh%20Himal.%3Cbr%3EThird%20Rock%20Adventures%20offers%20professionally%20run%20group%20and%20individual%20treks%20and%20tours%20using%20highly%20experienced%20guides%20throughout%20Nepal%2C%20Bhutan%20and%20other%20parts%20of%20the%20Himalayas.%3C%2Fp%3E%0A
The BIO
Favourite piece of music: Verdi’s Requiem. It’s awe-inspiring.
Biggest inspiration: My father, as I grew up in a house where music was constantly played on a wind-up gramophone. I had amazing music teachers in primary and secondary school who inspired me to take my music further. They encouraged me to take up music as a profession and I follow in their footsteps, encouraging others to do the same.
Favourite book: Ian McEwan’s Atonement – the ending alone knocked me for six.
Favourite holiday destination: Italy - music and opera is so much part of the life there. I love it.
Zayed Sustainability Prize
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
What drives subscription retailing?
Once the domain of newspaper home deliveries, subscription model retailing has combined with e-commerce to permeate myriad products and services.
The concept has grown tremendously around the world and is forecast to thrive further, according to UnivDatos Market Insights’ report on recent and predicted trends in the sector.
The global subscription e-commerce market was valued at $13.2 billion (Dh48.5bn) in 2018. It is forecast to touch $478.2bn in 2025, and include the entertainment, fitness, food, cosmetics, baby care and fashion sectors.
The report says subscription-based services currently constitute “a small trend within e-commerce”. The US hosts almost 70 per cent of recurring plan firms, including leaders Dollar Shave Club, Hello Fresh and Netflix. Walmart and Sephora are among longer established retailers entering the space.
UnivDatos cites younger and affluent urbanites as prime subscription targets, with women currently the largest share of end-users.
That’s expected to remain unchanged until 2025, when women will represent a $246.6bn market share, owing to increasing numbers of start-ups targeting women.
Personal care and beauty occupy the largest chunk of the worldwide subscription e-commerce market, with changing lifestyles, work schedules, customisation and convenience among the chief future drivers.
