Abu Dhabi Ports Buoyed by Surge in Cargo Volumes Ahead of IPO - Bloomberg
Abu Dhabi Ports Group, which is planning to list this year, reported a 22% increase in nine-month revenue helped by higher cargo volumes.
General cargo volumes surged 68% to 37 million metric tonnes in the nine months to September, “reflecting the wider global recovery from the impact of the COVID-19 pandemic, although some supply chain issues remain,” the company said. Revenue rose to 2.8 billion dirhams ($762.3 million) from 2.3 billion dirhams, while Ebitda was up 7% to 1.16 billion dirhams.
“We are well-positioned for sustained growth as the world economy recovers from the impact of the global pandemic and as we take an active role in helping to resolve global supply chain issues,” Group CEO Mohamed Juma Al Shamsi said in a statement.
Established in 2006, AD Ports is estimated to contribute 13.6% of Abu Dhabi’s non-oil economic growth, according to the company’s website. The ports operator is owned by sovereign wealth fund ADQ, which plans to list the company on the Abu Dhabi Securities Exchange.
The IPO would add to a flurry of deals in the region. Satellite operator Yahsat listed in Abu Dhabi earlier this year, followed by Adnoc Drilling and Fertiglobe Plc.
Saturday 13 November 2021
#Dubai #UAE to list 'Salik' road toll system on Dubai financial market | Reuters
UAE to list 'Salik' road toll system on Dubai financial market | Reuters
The United Arab Emirates plans to list Dubai's "Salik" road toll system on the Dubai financial market, its finance minister Maktoum Bin Mohammed said on Twitter on Saturday.
The UAE was taking the step in order to diversify the government companies which are listed on the market, he added.
The United Arab Emirates plans to list Dubai's "Salik" road toll system on the Dubai financial market, its finance minister Maktoum Bin Mohammed said on Twitter on Saturday.
The UAE was taking the step in order to diversify the government companies which are listed on the market, he added.
Four #Saudi firms added to MSCI Small-Cap-Index | ZAWYA MENA Edition
Four Saudi firms added to MSCI Small-Cap-Index | ZAWYA MENA Edition
US analytics firm MSCI added four Saudi firms to the Small Cap Index in its semi-annual Index Review, raising the number of constituents from the Kingdom to 52, Argaam reported.
The New York-based company added Alkhorayef Water and Power Technologies Co. (AWPT), Astra Industrial Group, Ataa Educational. Co. and National Company for Learning and Education (NCLE).
No company was included in the Leading Companies Index. The total number of Saudi-listed companies under this classification remained unchanged at 34.
All updates will be implemented by the close of trading on Nov. 30, 2021, Argaam said.
US analytics firm MSCI added four Saudi firms to the Small Cap Index in its semi-annual Index Review, raising the number of constituents from the Kingdom to 52, Argaam reported.
The New York-based company added Alkhorayef Water and Power Technologies Co. (AWPT), Astra Industrial Group, Ataa Educational. Co. and National Company for Learning and Education (NCLE).
No company was included in the Leading Companies Index. The total number of Saudi-listed companies under this classification remained unchanged at 34.
All updates will be implemented by the close of trading on Nov. 30, 2021, Argaam said.
#Saudi stock market larger than country's economy, says Capital Market Authority chief
Saudi stock market larger than country's economy, says Capital Market Authority chief
The Saudi stock market is now larger than the Kingdom's entire economy — even without taking Aramco into consideration, the Capital Market Authority (CMA) chairman has said.
Speaking during a session organized by the Saudi Economic Association (SEA), Mohammed El-Kuwaiz revealed there are a further 54 listing applications pending — 31 of which are direct listings — as he highlighted the strength of the Tadawul.
With Aramco added, Tadawul's size is four times that of the economy, El-Kuwaiz said.
He argued the great momentum of a large number of companies for direct listing is because the Kingdom was the first to apply the direct listing mechanism in the GCC region.
He pointed out that CMA is currently evaluating the direct listing mechanism for the possibility of introducing improvements that are needed before applying the experience to the main market.
The Saudi stock market is now larger than the Kingdom's entire economy — even without taking Aramco into consideration, the Capital Market Authority (CMA) chairman has said.
Speaking during a session organized by the Saudi Economic Association (SEA), Mohammed El-Kuwaiz revealed there are a further 54 listing applications pending — 31 of which are direct listings — as he highlighted the strength of the Tadawul.
With Aramco added, Tadawul's size is four times that of the economy, El-Kuwaiz said.
He argued the great momentum of a large number of companies for direct listing is because the Kingdom was the first to apply the direct listing mechanism in the GCC region.
He pointed out that CMA is currently evaluating the direct listing mechanism for the possibility of introducing improvements that are needed before applying the experience to the main market.
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