NMDC Energy, a unit of Abu Dhabi contractor National Marine Dredging Company, has closed its initial public offering which was oversubscribed by more than 31 times, setting the stage for what is expected to be the UAE's biggest listing of 2024.
The IPO generated total gross demand of about Dh88 billion ($24 billion), met with "outstanding demand" and became oversubscribed within hours of its launch on August 30, NMDC Energy said in a statement on Thursday.
NMDC Energy is expected to raise Dh3.22 billion by offering 1.15 billion shares, which is equivalent to 23 per cent of its total share capital, to eligible investors, at Dh2.8 per share.
The company will make its debut on the Abu Dhabi Securities Exchange on September 11, after a constitutive general assembly meeting on September 9.
That would surpass the $515 million raised by Alef Education in June, but would be smaller than the healthcare operator Pure Health’s $986 million listing in December last year.
The listing represents the continuing momentum in the UAE's IPO market and "trust" in the company, said NMDC group chief executive Yasser Zaghloul.
“This IPO isn’t just a financial milestone ... we are building a legacy that goes beyond profits; it’s about sustainable growth, technological innovation and pushing the boundaries of what’s possible in the energy sector," he said.
For its future road map, NMDC Energy is looking at "pioneering solutions that power industries" to assist communities both regionally and globally, Mr Zaghloul said.
The UAE, as well as the other members of the six-member economic bloc of GCC, have seen a consistent rise in IPO activity over the past two years.
A growing number of companies have opted to list their shares on equity markets in the UAE this year amid continued economic momentum in the Arab world’s second-largest economy.
Companies in the UAE raised $890 million through IPOs in the second quarter of this year alone.
The list of potential IPOs is also growing. In June, the UAE-based hospital operator NMC Health appointed Rothschild as a financial adviser to help it explore strategic options for its shareholders, including an IPO.
Abu Dhabi’s LuLu Group International is also planning to launch its IPO this year and list its shares on the ADX, the region's second-largest bourse by market capitalisation.
Last week, Delivery Hero, the Germany-based food delivery platform, is preparing to list shares of its UAE subsidiary Talabat on the Dubai bourse.
Etihad Airways, the UAE's flag carrier, is also preparing for a potential listing, which would be a first for a major Gulf airline, as it pursues an ambitious growth strategy between now and 2030, its chief executive Antonoaldo Neves told The National in March.
Meanwhile, NMDC Group has “eyes on all active markets” as it charts its global expansion, Mr Zaghloul had previously told The National.
It is also open to taking up more projects globally if they fit with the company’s strategy as it banks on its "great infrastructure" to help it gear up for more expansion not limited to any market in the world.
“The immense investor interest in our IPO clearly demonstrates that the market understands the value and potential of NMDC Energy. Additionally, this IPO consolidates the UAE’s position as leader in supplying the world’s energy needs," said Ahmed Al Dhaheri, chief executive of NMDC Energy.
The company will use the ADX listing to build organic and inorganic growth, expand its geographical reach, "as well as creating synergies that drive transformation and innovation across the business”, he added.
First Abu Dhabi Bank acted as the lead receiving bank and lead manager for NMDC Energy's IPO, while Abu Dhabi Commercial Bank, Wio Bank and Al Maryah Community Bank were the receiving banks.
Company%20profile
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
MOUNTAINHEAD REVIEW
Starring: Ramy Youssef, Steve Carell, Jason Schwartzman
Director: Jesse Armstrong
Rating: 3.5/5
Abu Dhabi Sustainability Week
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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3. Roger Federer (SUI) 6,190
4. Daniil Medvedev (RUS) 5,705
5. Dominic Thiem (AUT) 5,025
6. Stefanos Tsitsipas (GRE) 4,000 ( 1)
7. Alexander Zverev (GER) 2,945 (-1)
8. Matteo Berrettini (ITA) 2,670 ( 1)
9. Roberto Bautista (ESP) 2,540 ( 1)
10. Gaël Monfils (FRA) 2,530 ( 3)
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COMPANY PROFILE
Name: HyperSpace
Started: 2020
Founders: Alexander Heller, Rama Allen and Desi Gonzalez
Based: Dubai, UAE
Sector: Entertainment
Number of staff: 210
Investment raised: $75 million from investors including Galaxy Interactive, Riyadh Season, Sega Ventures and Apis Venture Partners
Where to donate in the UAE
The Emirates Charity Portal
You can donate to several registered charities through a “donation catalogue”. The use of the donation is quite specific, such as buying a fan for a poor family in Niger for Dh130.
The General Authority of Islamic Affairs & Endowments
The site has an e-donation service accepting debit card, credit card or e-Dirham, an electronic payment tool developed by the Ministry of Finance and First Abu Dhabi Bank.
Al Noor Special Needs Centre
You can donate online or order Smiles n’ Stuff products handcrafted by Al Noor students. The centre publishes a wish list of extras needed, starting at Dh500.
Beit Al Khair Society
Beit Al Khair Society has the motto “From – and to – the UAE,” with donations going towards the neediest in the country. Its website has a list of physical donation sites, but people can also contribute money by SMS, bank transfer and through the hotline 800-22554.
Dar Al Ber Society
Dar Al Ber Society, which has charity projects in 39 countries, accept cash payments, money transfers or SMS donations. Its donation hotline is 800-79.
Dubai Cares
Dubai Cares provides several options for individuals and companies to donate, including online, through banks, at retail outlets, via phone and by purchasing Dubai Cares branded merchandise. It is currently running a campaign called Bookings 2030, which allows people to help change the future of six underprivileged children and young people.
Emirates Airline Foundation
Those who travel on Emirates have undoubtedly seen the little donation envelopes in the seat pockets. But the foundation also accepts donations online and in the form of Skywards Miles. Donated miles are used to sponsor travel for doctors, surgeons, engineers and other professionals volunteering on humanitarian missions around the world.
Emirates Red Crescent
On the Emirates Red Crescent website you can choose between 35 different purposes for your donation, such as providing food for fasters, supporting debtors and contributing to a refugee women fund. It also has a list of bank accounts for each donation type.
Gulf for Good
Gulf for Good raises funds for partner charity projects through challenges, like climbing Kilimanjaro and cycling through Thailand. This year’s projects are in partnership with Street Child Nepal, Larchfield Kids, the Foundation for African Empowerment and SOS Children's Villages. Since 2001, the organisation has raised more than $3.5 million (Dh12.8m) in support of over 50 children’s charities.
Noor Dubai Foundation
Sheikh Mohammed bin Rashid Al Maktoum launched the Noor Dubai Foundation a decade ago with the aim of eliminating all forms of preventable blindness globally. You can donate Dh50 to support mobile eye camps by texting the word “Noor” to 4565 (Etisalat) or 4849 (du).
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On sale: Later in 2025 or early 2026, depending on region
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Killing of Qassem Suleimani
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Rating: 5/5
Company%20profile
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UFC%20FIGHT%20NIGHT%3A%20SAUDI%20ARABIA%20RESULTS
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4.35pm: Tilal Al Khalediah
5.10pm: Continous
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7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
UAE currency: the story behind the money in your pockets
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
UK-EU trade at a glance
EU fishing vessels guaranteed access to UK waters for 12 years
Co-operation on security initiatives and procurement of defence products
Youth experience scheme to work, study or volunteer in UK and EU countries
Smoother border management with use of e-gates
Cutting red tape on import and export of food
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
ONCE UPON A TIME IN GAZA
Starring: Nader Abd Alhay, Majd Eid, Ramzi Maqdisi
Directors: Tarzan and Arab Nasser
Rating: 4.5/5
Series result
1st ODI Zimbabwe won by 6 wickets
2nd ODI Sri Lanka won by 7 wickets
3rd ODI Sri Lanka won by 8 wickets
4th ODI Zimbabwe won by 4 wickets
5th ODI Zimbabwe won by 3 wickets
Defence review at a glance
• Increase defence spending to 2.5% of GDP by 2027 but given “turbulent times it may be necessary to go faster”
• Prioritise a shift towards working with AI and autonomous systems
• Invest in the resilience of military space systems.
• Number of active reserves should be increased by 20%
• More F-35 fighter jets required in the next decade
• New “hybrid Navy” with AUKUS submarines and autonomous vessels
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
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- Full hormone production regained within 4-6 months
Company Profile
Company name: Yeepeey
Started: Soft launch in November, 2020
Founders: Sagar Chandiramani, Jatin Sharma and Monish Chandiramani
Based: Dubai
Industry: E-grocery
Initial investment: $150,000
Future plan: Raise $1.5m and enter Saudi Arabia next year
UAE currency: the story behind the money in your pockets
The specs: 2019 BMW i8 Roadster
Price, base: Dh708,750
Engine: 1.5L three-cylinder petrol, plus 11.6 kWh lithium-ion battery
Transmission: Six-speed automatic
Power: 374hp (total)
Torque: 570Nm (total)
Fuel economy, combined: 2.0L / 100km
