Owner of Expat Go-to Websites Dubizzle, Bayut Considers UAE IPO - Bloomberg
Emerging Markets Property Group, which operates classifieds websites popular with expatriates in the United Arab Emirates, is considering an initial public offering, according to people familiar with the matter.
The company, which runs the Dubizzle and Bayut websites and is backed by tech investor Prosus NV, is set to hire Rothschild & Co. for the potential listing in Dubai or Abu Dhabi, the people said, asking not to be identified as the information isn’t public.
Details of the offering such as the size and timing are still preliminary and may change, the people said. Other banks may still be invited to pitch to work on the deal.
Representatives for EMPG weren’t immediately available for comment and Rothschild declined to comment.
Mideast Stocks: Most major Gulf bourses poised for weekly gain on firmer oil
Most major Gulf stock markets closed higher on Thursday, in line with global peers and firmer oil prices, amid improving investor sentiment underpinned by hopes the banking sector crisis is over.
Oil prices, a key catalyst for gulf's financial markets, rose on Thursday as a surprise drop in U.S. crude stockpiles and a halt in exports from Iraq's Kurdistan region offset a smaller-than-expected cut to Russian supplies. Brent crude futures were up 49 cents, or 0.63%, to $78.77 a barrel at 1145 GMT. Separately, in an effort to move to next generation leadership, UAE President Sheikh Mohammed bin Zayed Al Nahyan has appointed his eldest son Sheikh Khaled as crown prince of Abu Dhabi and named his brothers to top roles, state media said on Wednesday.
Saudi Arabia's benchmark stock index rose 0.8%, led by financials and healthcare stocks, with Al Rajhi Bank , Saudi Arabia's second-largest lender by assets, and the Kingdom's largest lender by assets Saudi National Bank gaining 1.7% and 2.2%, respectively, while Dr Sulaiman Al-Habib Medical Services was up 2.4%. The index logged a weekly gain of 1.4%, which led to a solid monthly gain of 4.8%.
Dubai's main share index advanced 0.7%, gaining for a third consecutive session, boosted by solid gains in real estate and utilities stocks. The blue-chip developer Emaar Properties jumped 2.3%, and Emirates Central Cooling Systems Corporation ended 1.2% higher.
In Abu Dhabi, the benchmark index added 0.2%, after closing flat on Wednesday, supported by a 0.8% gain in First Abu Dhabi Bank, the UAE's largest lender, and a 4.3% hike in Alpha Dhabi Holding. ADNOC Gas was up 1% after reporting a 32% increase in its 2022 core earnings on a pro forma basis. The benchmark stock index in Qatar closed almost flat, as financial and telecoms stocks moved sideways, with sharia-compliant lender Masraf Al Rayan increasing nearly 3%, while telecoms operator Ooredoo fell 2.9%. The benchmark registered a weekly gain of 2.1% but fell 3.4% on monthly basis.
Qatari stock market could see fewer gains as natural gas prices remain under pressure, said Daniel Takieddine, CEO MENA at BDSwiss.
Elsewhere, Qatar's state-owned energy firm QatarEnergy on Wednesday signed a deal to acquire stakes in two Canadian offshore explorations block from ExxonMobil.
Outside the Gulf, Egypt's blue-chip index, closed flat, with Commercial International Bank (CIB), Egypt's biggest private bank, climbing 2.2%, while electronic payments provider Fawry declining 2.6%. The Index recorded an impressive weekly rise of 5.1% but fell 3.4% on monthly basis.
Mubadala Eyes Bridgepoint’s $2.5 Billion Dialysis Firm Diaverum - Bloomberg
Mubadala Investment Co. is exploring an acquisition of Bridgepoint Group Plc’s European dialysis clinic chain Diaverum, in a deal that could value the business at about $2.5 billion, according to people familiar with the matter.
The Abu Dhabi sovereign wealth fund is among final bidders competing to acquire Sweden-based Diaverum, the people said, asking not to be identified as the matter is private.
Bridgepoint is making a fresh attempt to find a buyer for the business after an earlier process to list or sell it failed in 2020, the people said. Other bidders could also emerge, and there’s no certainty the deliberations will lead to a transaction, the people said.
A representative for Mubadala declined to comment. A spokesman for Bridgepoint confirmed it’s working with Citigroup Inc. to study strategic options for Diaverum and declined to comment further.
Mubadala, with $284 billion of assets under management, has been stepping up its investments in health care as it seeks to diversify its portfolio. The fund teamed up with buyout firm EQT AB to acquire Swedish medical freight company Envirotainer AB for an enterprise value of about €2.8 billion ($3 billion) last year.
The wealth fund is also among parties looking to back CBC Group as it sets up a new fund targeting health care assets in the Middle East, Bloomberg News has reported.
Diaverum, headquartered in southern Swedish coastal city of Malmo, is one of Europe’s largest independent dialysis clinic operators with more than 400 locations in 23 countries, according to its website. The company also has a significant presence in the Middle East.
Bridgepoint acquired Diaverum from Gambro Holding AB in 2007.
Mideast Stocks: Gulf markets gain on steady oil, receding bank fears
Gulf stock markets opened slightly up on Thursday, tracking Asian peers and oil prices higher, helped by improving investor sentiment as concerns over a recent banking sector crisis eased.
Oil prices — a key catalyst for the gulf's financial markets — was nearly steady, as a surprise drop in U.S. crude stockpiles offset a smaller-than-expected cut to Russian supplies, while investors closely watched developments on Iraqi Kurdistan oil exports.
Brent crude futures fell 5 cents, or 0.1%, to $78.23 a barrel at 0630 GMT.
Saudi Arabia's benchmark stock index rose 0.7%, with luxury real estate developer Retal Urban Development Company adding 0.7% and Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, edging up 0.8%.
Al Rajhi Bank is set to raise $1 billion with five-year sustainable Islamic bonds, a document from one of the banks arranging the deal showed on Wednesday.
Al Kathiri Holding Company surged nearly 10%, after it completed 100 million riyals ($26.64 million) worth of domestic sukuk offering.
Dubai's main share index advanced 0.4%, gaining for a third consecutive session, led by real estate and utilities stocks. The blue-chip developer Emaar Properties climbed 1.4%, and Emirates Central Cooling Systems Corporation inched up 0.5%.
In Abu Dhabi, the benchmark index also added 0.4%, after closing flat on Wednesday.
First Abu Dhabi Bank, the UAE's largest lender, climbed 2.6% on Thursday, its biggest gain in more than 2 months, while medical manpower staffing firm Response Plus Holding inching up 1.4% after it announced an annual dividend of 0.07 dirham a share.
The benchmark stock index in Qatar was also up 0.4%, boosted by financials, with Sharia-compliant lender Masraf Al Rayan jumping more than 3% and chemical maker Industries Qatar rising 0.7%.
Gupta Extradition: South Africa Urges UAE to Provide Update on Request - Bloomberg
South Africa’s government expressed concern that the United Arab Emirates has yet to provide an update on a request to extradite Atul and Rajesh Gupta, who are wanted on charges of money laundering and fraud.
While the South African authorities have sought to ensure that the application for the return of the two men to South Africa meets UAE requirements, there has been no update, Justice and Correctional Services Minister Ronald Lamola said in a statement on Thursday. South Africa’s Central Authority has made various inquiries with the UAE, he said.
“The latest request is an urgent meeting between the two central authorities and the minister of justice and correctional services and his counterpart in the UAE,” Lamola said. “The ministry is pursuing this matter via the diplomatic channels pursuant to the extradition treaty between the two countries.”
A South African judicial inquiry into state graft detailed close links between the Guptas and former President Jacob Zuma, with numerous witnesses alleging they worked hand-in-hand to siphon money out of state transport, power and arms companies and jointly decided who was appointed to the cabinet. The Gupta brothers and Zuma have always denied the allegations.
Abu Dhabi's ADNOC Gas posts 2022 net profit of $4.9bln on higher prices
ADNOC Gas, a subsidiary of the state energy company Abu Dhabi National Oil Company, said it made a pro forma net profit of $4.9 billion for the full year 2022 supported by higher sales and prices.
The company, which raised $2.5 billion in a record IPO last year and listed on the Abu Dhabi Securities Exchange, said it will focus on upstream capacity expansion and product mix optimization.
Pro forma adjusted revenue for 2022 was approximately $24.7 billion, a 27% increase versus $19.5 billion for FY 2021, the company said in a regulatory filing. For 2021, the company had an adjusted net profit of $3.6 billion.
Ahmed Alebri, Chief Executive Officer of ADNOC Gas, said: “Looking ahead, we remain focused on executing the growth strategy communicated during our IPO, underpinned by anticipated upstream capacity expansion and product mix optimization." He added the company is well positioned to benefit from the long-term demand for global gas whilst playing a critical role in the energy transition.
The company reiterated its expectation to pay an annualized dividend of $3.25 billion for FY 2023, and grow annual dividend per share by 5% over the period 2024-2027
