Jamjoom Pharma Owners Seek up to $336 Million Saudi Arabia IPO - Bloomberg
The Riyadh initial public offering of generic drugmaker Jamjoom Pharmaceuticals Factory Co. got enough orders for all shares on offer within the first day of opening its books, a positive sign for what’s set to be the biggest listing in Saudi Arabia so far this year.
The owners of Jamjoom Pharma are seeking to raise as much as 1.26 billion riyals ($336 million) in the IPO, with the price range for 21 million shares set at 56 riyals to 60 riyals apiece, according to a statement on Monday.
The order books for the IPO are covered throughout the price range and demand exceeds the full deal size, according to terms seen by Bloomberg.
Jamjoom Pharma’s IPO will be the largest in the kingdom since Saudi Aramco Base Oil Co.’s $1.3 billion listing in December and will serve as a test of investor appetite for share sales. Its IPO market has been subdued so far this year, with just $72 million raised in the slowest start since 2014, a far cry from the $4 billion seen by this point last year, data compiled by Bloomberg show.
Monday 15 May 2023
Erdogan's strong showing signals "business as usual" for Mideast | Reuters
Erdogan's strong showing signals "business as usual" for Mideast | Reuters
The prospect of Tayyip Erdogan winning another presidential term in Turkey would once have rung alarms around the Middle East, but after taking a more conciliatory stance in recent years his strong election showing on Sunday has caused few flutters.
Erdogan secured just under half the votes and looks well placed for the May 28 runoff against opposition leader Kemal Kilicdaroglu, defying some predictions he might lose outright.
Over 20 years, Erdogan championed a muscular regional policy, sending troops to fight Kurds in Iraq, seize border enclaves in Syria and back government forces in Libya while challenging other Middle East powers.
But as Turkey's economy faltered, Erdogan changed his approach, reaching accommodations with rivals such as the United Arab Emirates, but without pulling back Turkish forces on the ground.
While some Kurdish groups still see Erdogan as an implacable foe, most Middle East governments have come to regard the Turkish leader as part of an acceptable status quo in a tumultuous region.
The prospect of Tayyip Erdogan winning another presidential term in Turkey would once have rung alarms around the Middle East, but after taking a more conciliatory stance in recent years his strong election showing on Sunday has caused few flutters.
Erdogan secured just under half the votes and looks well placed for the May 28 runoff against opposition leader Kemal Kilicdaroglu, defying some predictions he might lose outright.
Over 20 years, Erdogan championed a muscular regional policy, sending troops to fight Kurds in Iraq, seize border enclaves in Syria and back government forces in Libya while challenging other Middle East powers.
But as Turkey's economy faltered, Erdogan changed his approach, reaching accommodations with rivals such as the United Arab Emirates, but without pulling back Turkish forces on the ground.
While some Kurdish groups still see Erdogan as an implacable foe, most Middle East governments have come to regard the Turkish leader as part of an acceptable status quo in a tumultuous region.
Most Gulf markets turn south as risk appetite wanes | Reuters
Most Gulf markets turn south as risk appetite wanes | Reuters
Most stock markets in the Gulf ended lower on Monday as risk appetite among investors faded, while global issues and energy uncertainty continued to weigh on sentiment.
Prices of oil — which fuels the economy in the Gulf region — were steady as bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in the top global oil consumers, the United States and China.
Saudi Arabia's benchmark index (.TASI) dropped 1%, hit by a 1.8% fall in oil giant Saudi Aramco (2222.SE).
The kingdom's annual inflation rate was 2.7% in April, unchanged from the previous month, driven mostly by housing rental costs, according to government data released on Monday.
The Qatari benchmark (.QSI) closed 1.8% lower, its biggest fall since mid-March, as most of its constituents were in the negative territory.
The Qatari stock market followed other markets in the region to the downside. The main index saw traders securing their gains after the market's latest rebound, but could find some support as natural gas prices could begin to recover, said Daniel Takieddine, CEO MENA at BDSwiss.
Dubai's main share index (.DFMGI) retreated 1%, with top lender Emirates NBD (ENBD.DU) losing 2.5% and sharia-compliant bank Dubai Islamic Bank (DISB.DU) falling 1.9%.
In Abu Dhabi, the index (.FTFADGI) declined 1.7%, dragged down by a 4.8% slide in Fertiglobe (FERTIGLOBE.AD), while ADNOC Gas (ADNOCGAS.AD) tumbled 3.3%.
The energy firm, which made market debut in March, reported a 9% rise in its first-quarter net income on Thursday. Revenue, however, fell 15% year-on-year to $6.2 billion.
Outside the Gulf, Egypt's blue-chip index (.EGX30) slipped 1.3%, with almost all its constituents in the negative territory, including tobacco monopoly Eastern Company (EAST.CA) losing 3.7%.
The Egyptian bourse saw international investors putting pressure on prices as they continue to sell in high volumes, in particular as risk appetite could deteriorate further as global traders consider major risk factors in the U.S. as well as risks of the Egyptian pound depreciating in the near future, said Takieddine.
"At the same time, the government's efforts to privatize the economy could help limit the downside potential."
Most stock markets in the Gulf ended lower on Monday as risk appetite among investors faded, while global issues and energy uncertainty continued to weigh on sentiment.
Prices of oil — which fuels the economy in the Gulf region — were steady as bullish sentiment about tightening supplies from OPEC+ cuts and a resumption in U.S. buying for reserves outweighed concerns about fuel demand in the top global oil consumers, the United States and China.
Saudi Arabia's benchmark index (.TASI) dropped 1%, hit by a 1.8% fall in oil giant Saudi Aramco (2222.SE).
The kingdom's annual inflation rate was 2.7% in April, unchanged from the previous month, driven mostly by housing rental costs, according to government data released on Monday.
The Qatari benchmark (.QSI) closed 1.8% lower, its biggest fall since mid-March, as most of its constituents were in the negative territory.
The Qatari stock market followed other markets in the region to the downside. The main index saw traders securing their gains after the market's latest rebound, but could find some support as natural gas prices could begin to recover, said Daniel Takieddine, CEO MENA at BDSwiss.
Dubai's main share index (.DFMGI) retreated 1%, with top lender Emirates NBD (ENBD.DU) losing 2.5% and sharia-compliant bank Dubai Islamic Bank (DISB.DU) falling 1.9%.
In Abu Dhabi, the index (.FTFADGI) declined 1.7%, dragged down by a 4.8% slide in Fertiglobe (FERTIGLOBE.AD), while ADNOC Gas (ADNOCGAS.AD) tumbled 3.3%.
The energy firm, which made market debut in March, reported a 9% rise in its first-quarter net income on Thursday. Revenue, however, fell 15% year-on-year to $6.2 billion.
Outside the Gulf, Egypt's blue-chip index (.EGX30) slipped 1.3%, with almost all its constituents in the negative territory, including tobacco monopoly Eastern Company (EAST.CA) losing 3.7%.
The Egyptian bourse saw international investors putting pressure on prices as they continue to sell in high volumes, in particular as risk appetite could deteriorate further as global traders consider major risk factors in the U.S. as well as risks of the Egyptian pound depreciating in the near future, said Takieddine.
"At the same time, the government's efforts to privatize the economy could help limit the downside potential."
Goldman Sachs Moves Past #1MDB Scandal With New #AbuDhabi Office - Bloomberg
Goldman Sachs Moves Past 1MDB Scandal With New Abu Dhabi Office - Bloomberg
Goldman Sachs Group Inc. is set to open an office in Abu Dhabi, marking a significant step for the US lender that was snubbed by the emirate for its involvement in the 1MDB scandal.
Goldman Sachs’s new outpost will open in Abu Dhabi Global Market, pending final regulatory approval, according to an internal memo seen by Bloomberg News. The office will add to the bank’s hubs in Dubai, Doha and Riyadh and allow it to deepen relationships with clients, according to the memo.
A representative for the bank confirmed the contents of the memo.
Goldman Sachs had been the go-to bank for many of Abu Dhabi’s top dealmakers, but the fallout from the 1MDB corruption scandal marked its abrupt downfall in the emirate, once one of its most lucrative markets in the region.
The bank missed out on billions of dollars of deals after being sued by two of its investment funds, but has since been able to draw a line under the scandal. Goldman Sachs was a joint bookrunner on the listing of the state-owned oil firm’s drilling business, which was at the time Abu Dhabi’s largest-ever initial public offering.
The firm said last year it plans to expand across the Middle East as growing foreign interest and positive economic factors prompt a boom in dealmaking and a flow of funds into the region.
Goldman Sachs Group Inc. is set to open an office in Abu Dhabi, marking a significant step for the US lender that was snubbed by the emirate for its involvement in the 1MDB scandal.
Goldman Sachs’s new outpost will open in Abu Dhabi Global Market, pending final regulatory approval, according to an internal memo seen by Bloomberg News. The office will add to the bank’s hubs in Dubai, Doha and Riyadh and allow it to deepen relationships with clients, according to the memo.
A representative for the bank confirmed the contents of the memo.
Goldman Sachs had been the go-to bank for many of Abu Dhabi’s top dealmakers, but the fallout from the 1MDB corruption scandal marked its abrupt downfall in the emirate, once one of its most lucrative markets in the region.
The bank missed out on billions of dollars of deals after being sued by two of its investment funds, but has since been able to draw a line under the scandal. Goldman Sachs was a joint bookrunner on the listing of the state-owned oil firm’s drilling business, which was at the time Abu Dhabi’s largest-ever initial public offering.
The firm said last year it plans to expand across the Middle East as growing foreign interest and positive economic factors prompt a boom in dealmaking and a flow of funds into the region.
Distressed credit investor SC Lowy eyes Mideast opportunities with #AbuDhabi office | Reuters
Distressed credit investor SC Lowy eyes Mideast opportunities with Abu Dhabi office | Reuters
Hong Kong headquartered SC Lowy, which invests in high yield and distressed credits, plans to open an office in the UAE capital Abu Dhabi amid growing opportunities in the Middle East region, its new regional head said on Monday.
"We are in the final stages, hopefully, of getting the final sign off from the regulatory bodies to open an office in Abu Dhabi Global Market (ADGM)," Berkay Oncel told Reuters in an interview, referring to the emirate's financial centre.
He added the firm decided to go with Abu Dhabi, although it was also considering Dubai's financial centre, because of Abu Dhabi's focus on alternative credit markets.
ADGM issued a regulatory framework to allow private credit funds earlier this month.
SC Lowy is also exploring setting up a private credit fund dedicated to the Middle East, North Africa and Turkey, with a possible target size of between $200 million and $500 million, Oncel said. He added talks were at an early stage.
Hong Kong headquartered SC Lowy, which invests in high yield and distressed credits, plans to open an office in the UAE capital Abu Dhabi amid growing opportunities in the Middle East region, its new regional head said on Monday.
"We are in the final stages, hopefully, of getting the final sign off from the regulatory bodies to open an office in Abu Dhabi Global Market (ADGM)," Berkay Oncel told Reuters in an interview, referring to the emirate's financial centre.
He added the firm decided to go with Abu Dhabi, although it was also considering Dubai's financial centre, because of Abu Dhabi's focus on alternative credit markets.
ADGM issued a regulatory framework to allow private credit funds earlier this month.
SC Lowy is also exploring setting up a private credit fund dedicated to the Middle East, North Africa and Turkey, with a possible target size of between $200 million and $500 million, Oncel said. He added talks were at an early stage.
#SaudiArabia Returns to Debt Markets With Islamic Dollar Bonds - Bloomberg
Saudi Arabia Returns to Debt Markets With Islamic Dollar Bonds - Bloomberg
Saudi Arabia is set to tap the dollar bond market for the second time this year, as weaker oil prices edge the kingdom’s budget into a deficit.
The Middle East’s largest economy plans to sell Islamic securities, known as sukuk, maturing in six and 10 years, according to a person familiar with the matter. The initial yield guidance is 110 basis points over US Treasures for the shorter notes and 135 basis points for the longer ones, the person said.
The International Monetary Fund has said Saudi Arabia, which slipped into a fiscal deficit for the first quarter as the economy slowed and spending increased, may post one for the full year too. The fund’s latest projections put the country’s breakeven oil price at almost $81 a barrel, above Brent’s current price of around $74.
Saudi Arabia is set to tap the dollar bond market for the second time this year, as weaker oil prices edge the kingdom’s budget into a deficit.
The Middle East’s largest economy plans to sell Islamic securities, known as sukuk, maturing in six and 10 years, according to a person familiar with the matter. The initial yield guidance is 110 basis points over US Treasures for the shorter notes and 135 basis points for the longer ones, the person said.
The International Monetary Fund has said Saudi Arabia, which slipped into a fiscal deficit for the first quarter as the economy slowed and spending increased, may post one for the full year too. The fund’s latest projections put the country’s breakeven oil price at almost $81 a barrel, above Brent’s current price of around $74.
Jamjoom Pharma Owners Seek up to $336 Million #SaudiArabia IPO - Bloomberg
Jamjoom Pharma Owners Seek up to $336 Million Saudi Arabia IPO - Bloomberg
The owners of Jamjoom Pharmaceuticals Factory Co. are seeking to raise as much as 1.26 billion riyals ($336 million) in its Riyadh initial public offering, which is set to be the biggest listing in the kingdom so far this year.
The Jamjoom family are offering 21 million shares in the drugmaker at 56 riyals to 60 riyals apiece, according to a statement on Monday. The price range implies a valuation of as much as 4.2 billion riyals for Jamjoom Pharma.
Saudi Economic & Development Holding Co. and Al Faisaliah Group have agreed to subscribe for 24.6% of the offering as cornerstone investors.
Jamjoom Pharma’s IPO will be the largest in Saudi Arabia since Saudi Aramco Base Oil Co.’s $1.3 billion listing in December, data compiled by Bloomberg show.
The kingdom’s IPO market has been subdued so far this year, with just $72 million raised in the slowest start since 2014, a far cry from the $4 billion seen by this point last year.
The owners of Jamjoom Pharmaceuticals Factory Co. are seeking to raise as much as 1.26 billion riyals ($336 million) in its Riyadh initial public offering, which is set to be the biggest listing in the kingdom so far this year.
The Jamjoom family are offering 21 million shares in the drugmaker at 56 riyals to 60 riyals apiece, according to a statement on Monday. The price range implies a valuation of as much as 4.2 billion riyals for Jamjoom Pharma.
Saudi Economic & Development Holding Co. and Al Faisaliah Group have agreed to subscribe for 24.6% of the offering as cornerstone investors.
Jamjoom Pharma’s IPO will be the largest in Saudi Arabia since Saudi Aramco Base Oil Co.’s $1.3 billion listing in December, data compiled by Bloomberg show.
The kingdom’s IPO market has been subdued so far this year, with just $72 million raised in the slowest start since 2014, a far cry from the $4 billion seen by this point last year.
#Saudi inflation steady at 2.7% in April, driven by housing | Reuters
Saudi inflation steady at 2.7% in April, driven by housing | Reuters
Saudi Arabia's annual inflation rate was 2.7% in April, unchanged from the previous month, driven mostly by housing rental costs, government data released on Monday showed.
Housing, water, electricity, gas, and other fuels rose by 8.1% from a year earlier, while the food and beverage sector - the leading driver for inflation during much of 2022 - rose by 1.0%, the data from the General Authority for Statistics showed.
Overall rents for housing grew 9.6% in April 2023. Apartment rents gained 22.2% following a similar rise in March.
Within the food sector, milk, milk products and eggs rose by almost 11%.
Consumer prices were up 0.4% in April from March, the statistics authority said.
The inflation outlook for the Gulf countries is muted compared to that expected in many major economies, a Reuters poll found.
For the full year, it forecast the region's inflation would be between 2.1% and 3.3% and decrease further in 2024.
Saudi Arabia's annual inflation rate was 2.7% in April, unchanged from the previous month, driven mostly by housing rental costs, government data released on Monday showed.
Housing, water, electricity, gas, and other fuels rose by 8.1% from a year earlier, while the food and beverage sector - the leading driver for inflation during much of 2022 - rose by 1.0%, the data from the General Authority for Statistics showed.
Overall rents for housing grew 9.6% in April 2023. Apartment rents gained 22.2% following a similar rise in March.
Within the food sector, milk, milk products and eggs rose by almost 11%.
Consumer prices were up 0.4% in April from March, the statistics authority said.
The inflation outlook for the Gulf countries is muted compared to that expected in many major economies, a Reuters poll found.
For the full year, it forecast the region's inflation would be between 2.1% and 3.3% and decrease further in 2024.
Major Gulf markets fall on lower oil prices | Reuters
Major Gulf markets fall on lower oil prices | Reuters
Major Gulf indexes dropped in early trade on Monday, tracking oil prices lower, with the Dubai bourse leading losses.
Crude prices - a key catalyst for the region's financial markets - fell as concerns about fuel demand in top global oil consumers, the U.S. and China, offset bullish sentiment about tightening supplies due to OPEC+ cuts and a resumption in U.S. buying for reserves.
Saudi Arabia's benchmark index (.TASI) declined 0.3%, with Riyad Bank SJSC (1010.SE) losing 1.8% and Al Rajhi Banking and Investment Corporation (1120.SE) easing 0.3%.
The kingdom's annual inflation rate was 2.7% in April, unchanged from the previous month, driven mostly by housing rental costs, according to government data released on Monday.
The inflation outlook for the Gulf countries is muted in comparison to many major economies, a Reuters poll found.
Dubai's main share index (.DFMGI) retreated 1.1%, with Sharia-compliant lender Dubai Islamic Bank PJSC (DISB.DU) losing 1.9% and blue-chip developer Emaar Properties PJSC (EMAR.DU) declining 1.3%.
In Abu Dhabi, the index (.FTFADGI) lost 0.6%, with Alpha Dhabi Holding PJSC (ALPHADHABI.AD) retreating 0.9%, while ADNOC Gas Plc (ADNOCGAS.AD) slid about 4%, falling for a third consecutive session.
The energy firm, which debuted in a March IPO, reported a 9% rise in net income. Revenue, however, fell 15% year-on-year to $6.2 billion.
Meanwhile, Abu Dhabi National Energy Company PJSC (TAQA.AD) gained 1% after reporting quarterly net income of 11.6 billion dirhams ($3.16 billion), an increase of 9.6 billion dirhams, and proposed a dividend of 0.65 fils.
The Qatari benchmark (.QSI) slipped 0.8%, as most of the index traded in negative territory, including the region's biggest lender Qatar National Bank QPSC (QNBK.QA), which declined 1.7%.
Bucking the trend, however, Qatar Navigation QPSC (QNNC.QA) rose 3.8%.
Major Gulf indexes dropped in early trade on Monday, tracking oil prices lower, with the Dubai bourse leading losses.
Crude prices - a key catalyst for the region's financial markets - fell as concerns about fuel demand in top global oil consumers, the U.S. and China, offset bullish sentiment about tightening supplies due to OPEC+ cuts and a resumption in U.S. buying for reserves.
Saudi Arabia's benchmark index (.TASI) declined 0.3%, with Riyad Bank SJSC (1010.SE) losing 1.8% and Al Rajhi Banking and Investment Corporation (1120.SE) easing 0.3%.
The kingdom's annual inflation rate was 2.7% in April, unchanged from the previous month, driven mostly by housing rental costs, according to government data released on Monday.
The inflation outlook for the Gulf countries is muted in comparison to many major economies, a Reuters poll found.
Dubai's main share index (.DFMGI) retreated 1.1%, with Sharia-compliant lender Dubai Islamic Bank PJSC (DISB.DU) losing 1.9% and blue-chip developer Emaar Properties PJSC (EMAR.DU) declining 1.3%.
In Abu Dhabi, the index (.FTFADGI) lost 0.6%, with Alpha Dhabi Holding PJSC (ALPHADHABI.AD) retreating 0.9%, while ADNOC Gas Plc (ADNOCGAS.AD) slid about 4%, falling for a third consecutive session.
The energy firm, which debuted in a March IPO, reported a 9% rise in net income. Revenue, however, fell 15% year-on-year to $6.2 billion.
Meanwhile, Abu Dhabi National Energy Company PJSC (TAQA.AD) gained 1% after reporting quarterly net income of 11.6 billion dirhams ($3.16 billion), an increase of 9.6 billion dirhams, and proposed a dividend of 0.65 fils.
The Qatari benchmark (.QSI) slipped 0.8%, as most of the index traded in negative territory, including the region's biggest lender Qatar National Bank QPSC (QNBK.QA), which declined 1.7%.
Bucking the trend, however, Qatar Navigation QPSC (QNNC.QA) rose 3.8%.
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