Adnoc Gas IPO proceeds constituted 71 per cent of total GCC IPO proceeds in the first quarter. Photo: ADX
Adnoc Gas IPO proceeds constituted 71 per cent of total GCC IPO proceeds in the first quarter. Photo: ADX
Adnoc Gas IPO proceeds constituted 71 per cent of total GCC IPO proceeds in the first quarter. Photo: ADX
Adnoc Gas IPO proceeds constituted 71 per cent of total GCC IPO proceeds in the first quarter. Photo: ADX

UAE leads GCC markets with IPO proceeds of $3.2 billion in first quarter


Deena Kamel
  • English
  • Arabic

Issuers in the UAE led the Gulf markets with proceeds of $3.2 billion from three initial public offerings in the first quarter of 2023, more than doubling in value year-on-year, reflecting the momentum of the country's booming capital market.

However, the six-member GCC bloc raised a combined total of $3.5 billion in proceeds through 12 IPOs during the first three months of 2023, a 25 per cent decline from $4.6 billion raised in 13 IPO deals during the same a year earlier, the Kuwait Financial Centre (Markaz) said in a report on Sunday.

The Abu Dhabi Securities Exchange recorded the highest proceeds with $3 billion from Adnoc's sale of a 5 per cent stake in its gas business and data analytics company Presight AI's listing of 24.24 per cent of its stock, the report showed.

Listings on the Dubai Financial Market raised a total of $210 million from the sale of a 10 per cent stake in Al Ansari Financial Services, the UAE foreign exchange and money transfer company.

"The UAE offerings constituted 91 per cent of total GCC IPO proceeds in the first quarter of 2023," the report said.

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

The IPO drive in the Middle East has continued to gather pace in 2023 after the region registered 48 listings last year that raised more than $23 billion, compared with $7.52 billion from 20 offerings in 2021.

That was the highest for the Gulf region after 2019, when Saudi Aramco went public in a $29 billion offering, the world’s largest.

The GCC's top five IPOs by the value during the first quarter were Adnoc Gas, Presight AI, Oman's Abraj Energy Services, Al Ansari Financial Services and Ghida Al-Sultan for Fast Food Company, according to Markaz.

Adnoc raised about $2.5 billion from the sale of a 5 per cent stake in its gas business, marking the year's largest listing globally. The Adnoc Gas listing was about 50 times oversubscribed and drew more than $124 billion in orders.

Adnoc Gas IPO proceeds constituted 71 per cent of total GCC IPO proceeds in the first quarter, Markaz said.

Presight AI, which made its debut on the ADX in March, sold more than 1.35 billion shares at Dh1.34 a share, equal to 24.24 per cent of the company’s stock upon listing, attracting Dh94.9 billion ($25.8 billion) in bids for its IPO.

Presight IPO constituted 14 per cent of total GCC IPO proceeds during the period, Markaz said.

Muscat Securities Market recorded one IPO during the first three months of the year, with total proceeds of $244 million.

The Saudi Exchange (Tadawul) registered 8 IPOs during the period, which generated total proceeds of $72 million, about 2 per cent of total GCC IPOs' value.

Prospects of the IPO market remains bright for the remainder of the year. The Tadawul received 100 listing applications until mid-February and 23 companies obtained final approval for their IPO, according to Markaz data

Saudi Arabia’s First Mills Company is planning to float 16.65 million shares, or 30 per cent of its share capital, in a deal that could value the company at as much as $1 billion, the report said.

Al Mawarid Manpower Company intends to offer 4.5 million shares, or 30 per cent of its capital, on Tadawul in May.

The UAE is also expecting 11 IPOs this year, with Adnoc planning to float its marine and logistics subsidiary in the coming months, Markaz said.

Oman’s OQ Gas Network is preparing for a public share sale that could take place as early as June and may raise more than $500 million, according to the report.

Qosty Byogaani

Starring: Hani Razmzi, Maya Nasir and Hassan Hosny

Four stars

At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Profile of RentSher

Started: October 2015 in India, November 2016 in UAE

Founders: Harsh Dhand; Vaibhav and Purvashi Doshi

Based: Bangalore, India and Dubai, UAE

Sector: Online rental marketplace

Size: 40 employees

Investment: $2 million

North Pole stats

Distance covered: 160km

Temperature: -40°C

Weight of equipment: 45kg

Altitude (metres above sea level): 0

Terrain: Ice rock

South Pole stats

Distance covered: 130km

Temperature: -50°C

Weight of equipment: 50kg

Altitude (metres above sea level): 3,300

Terrain: Flat ice
 

The specs

Engine: 2.0-litre 4-cyl, 48V hybrid

Transmission: eight-speed automatic

Power: 325bhp

Torque: 450Nm

Price: Dh289,000

Company profile

Company name: Dharma

Date started: 2018

Founders: Charaf El Mansouri, Nisma Benani, Leah Howe

Based: Abu Dhabi

Sector: TravelTech

Funding stage: Pre-series A 

Investors: Convivialite Ventures, BY Partners, Shorooq Partners, L& Ventures, Flat6Labs

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
Paatal Lok season two

Directors: Avinash Arun, Prosit Roy 

Stars: Jaideep Ahlawat, Ishwak Singh, Lc Sekhose, Merenla Imsong

Rating: 4.5/5

Tearful appearance

Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday. 

Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow. 

She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.

A spokesman said her upset demeanour was due to a personal matter.

DIVINE%20INTERVENTOIN
%3Cp%3EStarring%3A%20Elia%20Suleiman%2C%20Manal%20Khader%2C%20Amer%20Daher%3C%2Fp%3E%0A%3Cp%3EDirector%3A%20Elia%20Suleiman%3C%2Fp%3E%0A%3Cp%3ERating%3A%204.5%2F5%3C%2Fp%3E%0A
Specs

Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Personalities on the Plate: The Lives and Minds of Animals We Eat

Barbara J King, University of Chicago Press 

Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A
The%C2%A0specs%20
%3Cp%3E%3Cstrong%3EEngine%3A%3C%2Fstrong%3E%20Dual%20synchronous%20electric%20motors%20%20%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E646hp%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E830Nm%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3ETwo-speed%20auto%20(rear%20axle)%3B%20single-speed%20auto%20(front)%20%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh552%2C311%3B%20Dh660%2C408%20(as%20tested)%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3Enow%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

How it works

A $10 hand-powered LED light and battery bank

Device is operated by hand cranking it at any time during the day or night 

The charge is stored inside a battery

The ratio is that for every minute you crank, it provides 10 minutes light on the brightest mode

A full hand wound charge is of 16.5minutes 

This gives 1.1 hours of light on high mode or 2.5 hours of light on low mode

When more light is needed, it can be recharged by winding again

The larger version costs between $18-20 and generates more than 15 hours of light with a 45-minute charge

No limit on how many times you can charge

 

Wonka
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%C2%A0Paul%20King%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%C2%A0%3C%2Fstrong%3ETimothee%20Chalamet%2C%20Olivia%20Colman%2C%20Hugh%20Grant%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
The Buckingham Murders

Starring: Kareena Kapoor Khan, Ash Tandon, Prabhleen Sandhu

Director: Hansal Mehta

Rating: 4 / 5

Results

2pm: Al Sahel Contracting Company – Maiden (PA) Dh50,000 (Dirt) 1,200m; Winner: AF Mutakafel, Tadhg O’Shea (jockey), Ernst Oertel (trainer)

2.30pm: Dubai Real Estate Centre – Maiden (TB) Dh60,000 (D) 1,200m; Winner: El Baareq, Antonio Fresu, Rashed Bouresly

3pm: Shadwell – Rated Conditions (TB) Dh100,000 (D) 1,950m; Winner: Lost Eden, Andrea Atzeni, Doug Watson

3.30pm: Keeneland – Handicap (TB) Dh84,000 (D) 1,000m; Winner: Alkaraama, Dane O’Neill, Musabah Al Muhairi

4pm: Keeneland – Handicap (TB) Dh76,000 (D) 1,800m; Winner: Lady Snazz, Saif Al Balushi, Bhupat Seemar

4.30pm: Hive – Conditions (TB) Dh100,000 (D) 1,600m; Winner: Down On Da Bayou, Royston Ffrench, Salem bin Ghadayer

5pm: Dubai Real Estate Centre – (TB) Handicap Dh64,000 (D) 1,600m; Winner: Lahmoom, Royston Ffrench, Salem bin Ghadayer

WOMAN AND CHILD

Director: Saeed Roustaee

Starring: Parinaz Izadyar, Payman Maadi

Rating: 4/5

The specs: Lamborghini Aventador SVJ

Price, base: Dh1,731,672

Engine: 6.5-litre V12

Gearbox: Seven-speed automatic

Power: 770hp @ 8,500rpm

Torque: 720Nm @ 6,750rpm

Fuel economy: 19.6L / 100km

Ferrari
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Michael%20Mann%26nbsp%3B%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%3C%2Fstrong%3E%20Adam%20Driver%2C%20Penelope%20Cruz%2C%20Shailene%20Woodley%2C%20Patrick%20Dempsey%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
INDIA'S%20TOP%20INFLUENCERS
%3Cp%3E%3Cstrong%3EBhuvan%20Bam%3C%2Fstrong%3E%3Cbr%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.instagram.com%2Fbhuvan.bam22%2F%3Fhl%3Den%22%20target%3D%22_self%22%3EInstagram%3C%2Fa%3E%20followers%3A%2016.1%20million%3Cbr%3EBhuvan%20Bam%20is%20a%2029-year-old%20comedian%20and%20actor%20from%20Delhi%2C%20who%20started%20out%20with%20YouTube%20channel%2C%20%E2%80%9CBB%20Ki%20Vines%E2%80%9D%20in%202015%2C%20which%20propelled%20the%20social%20media%20star%20into%20the%20limelight%20and%20made%20him%20sought-after%20among%20brands.%3Cbr%3E%3Cstrong%3EKusha%20Kapila%3C%2Fstrong%3E%3Cbr%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.instagram.com%2Fkushakapila%2F%3Fhl%3Den%22%20target%3D%22_self%22%3EInstagram%3C%2Fa%3E%20followers%3A%203.1%20million%3Cbr%3EKusha%20Kapila%20is%20a%20fashion%20editor%20and%20actress%2C%20who%20has%20collaborated%20with%20brands%20including%20Google.%20She%20focuses%20on%20sharing%20light-hearted%20content%20and%20insights%20into%20her%20life%20as%20a%20rising%20celebrity.%3Cbr%3E%3Cstrong%3EDiipa%20Khosla%3C%2Fstrong%3E%3Cbr%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.instagram.com%2Fdiipakhosla%2F%3Fhl%3Den%22%20target%3D%22_self%22%3EInstagram%3C%2Fa%3E%20followers%3A%201.8%20million%3Cbr%3EDiipa%20Khosla%20started%20out%20as%20a%20social%20media%20manager%20before%20branching%20out%20to%20become%20one%20of%20India's%20biggest%20fashion%20influencers%2C%20with%20collaborations%20including%20MAC%20Cosmetics.%3Cbr%3E%3Cstrong%3EKomal%20Pandey%3Cbr%3E%3C%2Fstrong%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.instagram.com%2Fkomalpandeyofficial%2F%3Fhl%3Den%22%20target%3D%22_self%22%3EInstagram%3C%2Fa%3E%20followers%3A%201.8%20million%3Cbr%3EKomal%20Pandey%20is%20a%20fashion%20influencer%20who%20has%20partnered%20with%20more%20than%20100%20brands%2C%20including%20Olay%20and%20smartphone%20brand%20Vivo%20India.%3Cbr%3E%3Cstrong%3ENikhil%20Sharma%3C%2Fstrong%3E%3Cbr%3E%3Ca%20href%3D%22https%3A%2F%2Fwww.instagram.com%2Fnikkkhil%2F%3Fhl%3Den%22%20target%3D%22_self%22%3EInstagram%3C%2Fa%3E%20followers%3A%201.4%20million%3Cbr%3ENikhil%20Sharma%20from%20Mumbai%20began%20his%20online%20career%20through%20vlogs%20about%20his%20motorcycle%20trips.%20He%20has%20become%20a%20lifestyle%20influencer%20and%20has%20created%20his%20own%20clothing%20line.%3Cbr%3E%3Cem%3ESource%3A%20Hireinfluence%2C%20various%3C%2Fem%3E%3Cbr%3E%3C%2Fp%3E%0A
ELIO

Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett

Directors: Madeline Sharafian, Domee Shi, Adrian Molina

Rating: 4/5

Normcore explained

Something of a fashion anomaly, normcore is essentially a celebration of the unremarkable. The term was first popularised by an article in New York magazine in 2014 and has been dubbed “ugly”, “bland’ and "anti-style" by fashion writers. It’s hallmarks are comfort, a lack of pretentiousness and neutrality – it is a trend for those who would rather not stand out from the crowd. For the most part, the style is unisex, favouring loose silhouettes, thrift-shop threads, baseball caps and boyish trainers. It is important to note that normcore is not synonymous with cheapness or low quality; there are high-fashion brands, including Parisian label Vetements, that specialise in this style. Embraced by fashion-forward street-style stars around the globe, it’s uptake in the UAE has been relatively slow.

The specs
  • Engine: 3.9-litre twin-turbo V8
  • Power: 640hp
  • Torque: 760nm
  • On sale: 2026
  • Price: Not announced yet
MATCH INFO

Norwich City 1 (Cantwell 75') Manchester United 2 (Aghalo 51' 118') After extra time.

Man of the match Harry Maguire (Manchester United)

Updated: May 01, 2023, 6:47 AM`