Stock markets in the UAE are expected to receive between six to eight initial public offering (IPO) this year, with companies raising up to $10 billion in proceeds amid strong investor appetite for new listings in the Emirates, the chief executive of Emirates NBD Capital has said.
The continued economic momentum in the country along with strong liquidity will drive capital market activity, Hitesh Asarpota told The National.
“There is a mix of companies that will be listed this year," he said. "They've already been slotted into the various quarters and so on ... what some of these companies do is add on to the pipeline that we see."
There has been a listings boom in the UAE in the past few years as the Arab world’s second-largest economy continues to grow amid diversification efforts. On Tuesday, technology company Alpha Data listed its shares on the Abu Dhabi Securities Exchange after raising Dh600 million ($163 million) from its IPO.
As part of the transaction, the company sold 400 million shares to retail and professional investors. Emirates NBD Capital acted as the joint global co-ordinator and joint bookrunner for the IPO.
Alpha Data’s shares were trading 12 per cent higher at Dh1.69 per share at 1.31pm UAE time on Tuesday, compared with the final offer price of Dh1.50 per share, giving it a market capitalisation of Dh1.6 billion.
There were seven IPOs across the UAE last year, including Talabat Holding, major retailer Lulu Group, ADNH Catering, NMDC Energy and Alef Education. IPOs in the UAE accounted for 47 per cent, or $6.2 billion, of total Gulf proceeds last year, PwC said in a report.
Overall, 2024 saw the highest Gulf IPO volumes on record, with 53 listings across the region and a total of $13.2 billion raised, the report said.
There are “quite a few factors” that support company listings in the UAE, as well as in Saudi Arabia and Oman, Mr Asarpota said.
As part of efforts by the three countries "to overhaul the equity capital market ecosystem through privatisation", there has been a stream of "marquee companies going and listing a percentage on the stock exchange”, he added.
In 2021, the Dubai Financial Market unveiled an incentives programme to encourage new IPOs from private sector companies in key economic sectors that contribute to the country's gross domestic product.
The incentives included financial support to the cost of listing on the bourse, post-listing support through participation in its international roadshows regionally and globally, and a three-year waiver on listing fees.
The same year, Dubai also revealed plans to list 10 government and state-owned companies on the DFM as part of a broader strategy to double the financial market's size to Dh3 trillion.
Meanwhile, the availability of strong liquidity in the UAE amid strong economic growth is also supporting listings, Mr Asarpota said. There has also been a strong interest from international investors for IPOs in the country, he added.
The UAE’s economy grew by 3.8 per cent during the first nine months of last year, driven by a strong expansion in non-oil sectors as the country continues to diversify its economy.
Real GDP for the period rose to Dh1.32 trillion, state news agency Wam reported this month. The country's non-oil economy grew by 4.5 per cent annually to Dh987 billion, accounting for nearly 75 per cent of the country's economic activity, while the oil sector made up the rest.
In Saudi Arabia, the Arab world’s largest economy, there are expected to be about 30 IPOs this year.
“Saudi Arabia continues to be very active. They have two exchanges and both are active," Mr Asarpota said. “One is the Nomu exchange, where the smaller stocks list. They tend to see 15 to 20 IPOs on that exchange and then between seven and 10 IPOs on the main exchange [Tadawul].”
Tech push
He also expects more technology companies to be listed on local bourses following the Alpha Data listing and the government's plans on boosting the digital economy to support technology infrastructure.
The UAE launched its Digital Economy Strategy in 2022, which it wants to use to double the contribution of the digital economy to the country's GDP from 9.7 per cent in 2022 to 19.4 per cent within 10 years. The country also launched an AI Strategy, aimed at making the Emirates "the first in the field of AI investments in various sectors".
Last year, Sheikh Hamdan bin Mohammed, Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence, also approved the new phase of the Dubai Metaverse Strategy, which aims to boost the digital economy and introduce measures to empower the use of the metaverse and future technology.
"The key kind of pillars of [those strategies are] to develop and support infrastructure that's essential for AI and the digital economy," Mr Asarpota said.
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Coffee: black death or elixir of life?
It is among the greatest health debates of our time; splashed across newspapers with contradicting headlines - is coffee good for you or not?
Depending on what you read, it is either a cancer-causing, sleep-depriving, stomach ulcer-inducing black death or the secret to long life, cutting the chance of stroke, diabetes and cancer.
The latest research - a study of 8,412 people across the UK who each underwent an MRI heart scan - is intended to put to bed (caffeine allowing) conflicting reports of the pros and cons of consumption.
The study, funded by the British Heart Foundation, contradicted previous findings that it stiffens arteries, putting pressure on the heart and increasing the likelihood of a heart attack or stroke, leading to warnings to cut down.
Numerous studies have recognised the benefits of coffee in cutting oral and esophageal cancer, the risk of a stroke and cirrhosis of the liver.
The benefits are often linked to biologically active compounds including caffeine, flavonoids, lignans, and other polyphenols, which benefit the body. These and othetr coffee compounds regulate genes involved in DNA repair, have anti-inflammatory properties and are associated with lower risk of insulin resistance, which is linked to type-2 diabetes.
But as doctors warn, too much of anything is inadvisable. The British Heart Foundation found the heaviest coffee drinkers in the study were most likely to be men who smoked and drank alcohol regularly.
Excessive amounts of coffee also unsettle the stomach causing or contributing to stomach ulcers. It also stains the teeth over time, hampers absorption of minerals and vitamins like zinc and iron.
It also raises blood pressure, which is largely problematic for people with existing conditions.
So the heaviest drinkers of the black stuff - some in the study had up to 25 cups per day - may want to rein it in.
Rory Reynolds
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Power: 819hp
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UAE currency: the story behind the money in your pockets
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Director: Daniel Espinosa
Stars: Jared Leto, Matt Smith, Adria Arjona
Rating: 2/5
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Director: Lana Wachowski
Stars: Keanu Reeves, Carrie-Anne Moss, Jessica Henwick
Rating:****
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Engine: 2.0-litre 4cyl turbo
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Coach of the Century, 2001-2020: Pep Guardiola (Manchester City), Jose Mourinho (Tottenham Hotspur), Zinedine Zidane (Real Madrid), Sir Alex Ferguson
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Player of the Year: Cristiano Ronaldo, Lionel Messi, Robert Lewandowski (Bayern Munich)
Club of the Year: Bayern Munich, Liverpool, Real Madrid
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Shubh Mangal Saavdhan
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Esha Oza (captain), Al Maseera Jahangir, Emily Thomas, Heena Hotchandani, Indhuja Nandakumar, Katie Thompson, Lavanya Keny, Mehak Thakur, Michelle Botha, Rinitha Rajith, Samaira Dharnidharka, Siya Gokhale, Sashikala Silva, Suraksha Kotte, Theertha Satish (wicketkeeper) Udeni Kuruppuarachchige, Vaishnave Mahesh.
UAE tour of Zimbabwe
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Friday, Sept 26 – First ODI
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Tuesday, Sept 30 – Third ODI
Thursday, Oct 2 – Fourth ODI
Sunday, Oct 5 – First T20I
Monday, Oct 6 – Second T20I
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
Our family matters legal consultant
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SRI LANKA SQUAD
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
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Fuel consumption: 10.6L/100km
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How to turn your property into a holiday home
- Ensure decoration and styling – and portal photography – quality is high to achieve maximum rates.
- Research equivalent Airbnb homes in your location to ensure competitiveness.
- Post on all relevant platforms to reach the widest audience; whether you let personally or via an agency know your potential guest profile – aiming for the wrong demographic may leave your property empty.
- Factor in costs when working out if holiday letting is beneficial. The annual DCTM fee runs from Dh370 for a one-bedroom flat to Dh1,200. Tourism tax is Dh10-15 per bedroom, per night.
- Check your management company has a physical office, a valid DTCM licence and is licencing your property and paying tourism taxes. For transparency, regularly view your booking calendar.
STAGE 4 RESULTS
1 Sam Bennett (IRL) Deceuninck-QuickStep - 4:51:51
2 David Dekker (NED) Team Jumbo-Visma
3 Caleb Ewan (AUS) Lotto Soudal
4 Elia Viviani (ITA) Cofidis
5 Matteo Moschetti (ITA) Trek-Segafredo
General Classification
1 Tadej Pogacar (SLO) UAE Team Emirates - 12:50:21
2 Adam Yates (GBR) Teamn Ineos Grenadiers - 0:00:43
3 Joao Almeida (POR) Deceuninck-QuickStep - 0:01:03
4 Chris Harper (AUS) Jumbo-Visma - 0:01:43
5 Neilson Powless (USA) EF Education-Nippo - 0:01:45
David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
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.
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