Dewa's listing on the DFM was the biggest equity markets transaction in the region in 2022. AP
Dewa's listing on the DFM was the biggest equity markets transaction in the region in 2022. AP
Dewa's listing on the DFM was the biggest equity markets transaction in the region in 2022. AP
Dewa's listing on the DFM was the biggest equity markets transaction in the region in 2022. AP

Dubai to host inaugural Mena IPO summit amid continuing listings momentum


Sarmad Khan
  • English
  • Arabic

Dubai is to host the inaugural Mena IPO Summit on Monday that will bring regional and international industry experts and issuers together, as initial public offerings pick up pace in UAE.

The three-day summit and workshops will be held from January 23 to 25 at the Museum of the Future in Dubai, the Dubai Media Office said on Sunday.

The event, jointly organised by the Dubai Financial Market (DFM) and the Dubai World Trade Centre (DWTC), will underpin the IPO growth in the emirate so far and prospects of Dubai driving further growth in public listings in the six-member economic bloc of GCC and the winder Mena region.

“Last year, Dubai accounted for 40 per cent of IPO activity in the Gulf region,” Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance, and Deputy Ruler of Dubai, said.

“Driven by the ambitious goals of the Dubai Economic Agenda (D33), Dubai will continue to accelerate its economic growth momentum and consolidate its position as a major international financial centre,” Sheikh Maktoum, who is also chairman of the Higher Committee for the Development of Financial Markets and Exchanges in Dubai, said.

The UAE and the wider region has seen a flurry of IPOs, amid strong investor demand as economies rebound at a quicker pace from the coronavirus-induced slowdown and liquidity has been shored up by high oil prices.

Overall, 12 companies in the UAE listed last year, raising $11 billion, in addition to the joint Abu Dhabi-Riyadh listing of Mena food franchisee Americana, which raised $1.8 billion in late 2022, according to EFG Hermes Research.

Dubai, the commercial and trading hub of the Middle East, was particularly active last year. The March listing of the Dubai Electricity and Water (Dewa) was the largest GCC IPO in 2022, raising $6.1 billion. The offering size was more than doubled to 8.5 billion shares. The utility is now the largest listed company by market capitalisation on the DFM.

State-controlled entities Salik, Empower and Tecom, collectively raised $2.2 billion in June, September and November, respectively.

Schools operator Taaleem also listed its shares in Dubai, after raising $205 million from its public offering in November.

Dubai plans to bolster the size of its capital markets, with plans to list 10 state-owned companies and boost the size of the emirate's financial market to about Dh3 trillion.

The emirate is also aiming to set up a Dh2 billion market maker fund to encourage the listing of more private companies from sectors such as energy, logistics and retail.

The Mena IPO Summit will provide a platform for industry-shaping discussions, allowing institutional investors, family businesses and start-ups to explore the latest regulations and market trends in the Dubai capital market.

The event will also provide delegates an opportunity to engage with key IPO issuers and thought leaders from the investment and capital market industry, the Media Office said.

The specs

Engine: 1.5-litre 4-cyl turbo

Power: 194hp at 5,600rpm

Torque: 275Nm from 2,000-4,000rpm

Transmission: 6-speed auto

Price: from Dh155,000

On sale: now

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Profile of Foodics

Founders: Ahmad AlZaini and Mosab AlOthmani

Based: Riyadh

Sector: Software

Employees: 150

Amount raised: $8m through seed and Series A - Series B raise ongoing

Funders: Raed Advanced Investment Co, Al-Riyadh Al Walid Investment Co, 500 Falcons, SWM Investment, AlShoaibah SPV, Faith Capital, Technology Investments Co, Savour Holding, Future Resources, Derayah Custody Co.

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
Jetour T1 specs

Engine: 2-litre turbocharged

Power: 254hp

Torque: 390Nm

Price: From Dh126,000

Available: Now

Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

The Sand Castle

Director: Matty Brown

Stars: Nadine Labaki, Ziad Bakri, Zain Al Rafeea, Riman Al Rafeea

Rating: 2.5/5

Which honey takes your fancy?

Al Ghaf Honey

The Al Ghaf tree is a local desert tree which bears the harsh summers with drought and high temperatures. From the rich flowers, bees that pollinate this tree can produce delicious red colour honey in June and July each year

Sidr Honey

The Sidr tree is an evergreen tree with long and strong forked branches. The blossom from this tree is called Yabyab, which provides rich food for bees to produce honey in October and November. This honey is the most expensive, but tastiest

Samar Honey

The Samar tree trunk, leaves and blossom contains Barm which is the secret of healing. You can enjoy the best types of honey from this tree every year in May and June. It is an historical witness to the life of the Emirati nation which represents the harsh desert and mountain environments

The specs

Engine: 3.8-litre twin-turbo flat-six

Power: 650hp at 6,750rpm

Torque: 800Nm from 2,500-4,000rpm

Transmission: 8-speed dual-clutch auto

Fuel consumption: 11.12L/100km

Price: From Dh796,600

On sale: now

Our legal consultant

Name: Dr Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

UAE currency: the story behind the money in your pockets
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FIGHT CARD

Bantamweight Hamza Bougamza (MAR) v Jalal Al Daaja (JOR)

Catchweight 67kg Mohamed El Mesbahi (MAR) v Fouad Mesdari (ALG)

Lighweight Abdullah Mohammed Ali (UAE) v Abdelhak Amhidra (MAR)

Catchweight 73kg Mostafa Ibrahim Radi (PAL) v Yazid Chouchane (ALG)

Middleweight Yousri Belgaroui (TUN) v Badreddine Diani (MAR)

Catchweight 78kg Rashed Dawood (UAE) v Adnan Bushashy (ALG)

Middleweight Sallaheddine Dekhissi (MAR) v Abdel Emam (EGY)

Catchweight 65kg Rachid Hazoume (MAR) v Yanis Ghemmouri (ALG)

Lighweight Mohammed Yahya (UAE) v Azouz Anwar (EGY)

Catchweight 79kg Omar Hussein (PAL) v Souhil Tahiri (ALG)

Middleweight Tarek Suleiman (SYR) v Laid Zerhouni (ALG)

ETFs explained

Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.

ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.

There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.

How to join and use Abu Dhabi’s public libraries

• There are six libraries in Abu Dhabi emirate run by the Department of Culture and Tourism, including one in Al Ain and Al Dhafra.

• Libraries are free to visit and visitors can consult books, use online resources and study there. Most are open from 8am to 8pm on weekdays, closed on Fridays and have variable hours on Saturdays, except for Qasr Al Watan which is open from 10am to 8pm every day.

• In order to borrow books, visitors must join the service by providing a passport photograph, Emirates ID and a refundable deposit of Dh400. Members can borrow five books for three weeks, all of which are renewable up to two times online.

• If users do not wish to pay the fee, they can still use the library’s electronic resources for free by simply registering on the website. Once registered, a username and password is provided, allowing remote access.

• For more information visit the library network's website.

The Matrix Resurrections

Director: Lana Wachowski

Stars:  Keanu Reeves, Carrie-Anne Moss, Jessica Henwick 

Rating:****

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Tuesday's fixtures
Group A
Kyrgyzstan v Qatar, 5.45pm
Iran v Uzbekistan, 8pm
N Korea v UAE, 10.15pm
Updated: January 22, 2023, 6:33 PM`