#SaudiArabia's Almoosa plans to raise up to $450 million through Riyadh IPO | Reuters

Saudi Arabia's Almoosa plans to raise up to $450 million through Riyadh IPO | Reuters

Saudi healthcare provider Almoosa Health plans to raise as much as 1.688 billion riyals ($449.3 million) from selling a 30% stake in the company via an initial public offering on the Riyadh bourse, it said on Wednesday.

In a statement the company said the price range for the offering had been set at 123-127 riyals per share, implying a market capitalization of between 5.45 billion riyals and 5.62 billion riyals.

Almoosa, whose services include primary, critical, and rehabilitative care, could be the Gulf country's second biggest IPO so far this year after Fakeeh Care Group (4017.SE), opens new tab raised$763.5 million with a listing in May.

Cornerstone investors Tawuniya and Alfozan Holding Company have committed to subscribe to a combined 22% of the shares on offer, Almoosa said.

The final offer price will be determined at the end of the institutional book-building period starting on Wednesday and running until Dec. 10.

Saudi Fransi Capital was appointed financial advisor and lead manager for the offer. It is also acting as underwriter and bookrunner together with EFG-Hermes.

#Oman’s OQ Raises $489 Million With Methanol Unit (OQBI) IPO - Bloomberg

Oman’s OQ Raises $489 Million With Methanol Unit (OQBI) IPO - Bloomberg

Oman’s state energy company raised $489 million with the initial public offering of its methanol and liquefied petroleum gas unit, amid continued demand for Middle East listings.

OQ SAOC sold a 49% stake in Oman Base Industries SAOG at the top end of the price range of 111 baisas ($0.29) per share, according to an announcement. At that price, the firm would be valued at $1 billion.

The deal got aggregate demand for 387 million riyals from institutional and retail investors. Falcon Investments LLC, Gulf Investment Corp., Saudi Omani Investment Co. and Social Protection Fund, had committed to subscribe for about 30% of the offer as anchor investors.

Shares are expected to start trading on the Muscat Stock Exchange around mid-December.

To attract investors, OQBI plans to pay about $85 million in dividends for 2024. For 2025 and 2026, the payout will be at least 5% higher than the previous year.

The firm reported revenue of $510 million and an adjusted EBITDA margin of 43.1% for the year ended December 2023.

OQ raised a record $2 billion from an IPO of its exploration and production unit in October. The deal comes at a time when the sultanate is in the midst of an ambitious privatization drive.

Morgan Stanley, Bank Dhofar and Bank Muscat have been named joint global coordinators on the OQ BI offering, while Kamco Investment Co. and BSF Capital have been appointed as joint bookrunners.

Most Gulf markets end higher ahead of US jobs data, Powell speech | Reuters

Most Gulf markets end higher ahead of US jobs data, Powell speech | Reuters

Most stock markets in the Gulf edged higher in choppy trade on Wednesday, ahead of U.S. jobs data and comments from Federal Reserve Chair Jerome Powell for clues on the U.S. central bank's policy outlook.

Traders await the U.S. ADP employment report due at 1315 GMT alongside Powell's speech. Friday's monthly U.S. payroll data and next week's CPI data are also on investors' radar.

Markets are now ascribing a 72% chance of a 25 basis point cut this month, with 80 bps of cuts expected by the end of next year.

The Fed's decisions significantly impact the Gulf region's monetary policy, as most currencies in the region are pegged to the U.S. dollar.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.6%, led by a 10% rise in Dr Soliman Abdel Kader Fakeeh Hospital (4017.SE), opens new tab

Separately, the kingdom's healthcare provider Almoosa Health plans to raise as much as 1.688 billion riyals ($449.15 million) from selling a 30% stake in the company via an initial public offering on the Riyadh bourse, it said on Wednesday.

Dubai's main share index (.DFMGI), opens new tab, which resumed trade after a two-session break, rose 0.1%, helped by a 5% jump in Parkin (PARKIN.DU), opens new tab after HSBC upgraded the stock to "buy" from "hold" and raised its price target to 5.5 dirhams from 3.3 dirhams.

Parkin, which oversees public parking operations in the Emirates, received notification from the Roads and Transport Authority last week approving a variable parking tariff policy in Dubai, effective March 2025.

The Abu Dhabi index (.FTFADGI), opens new tab - which also resumed trading following a two-day break - increased 0.3%.

In Qatar, the index (.QSI), opens new tab, however, fell 0.5%, hit by a 0.9% fall in Qatar Islamic Bank (QISB.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.7%, with Fawry for Banking Technology and Electronic Payment (FWRY.CA), opens new tab.

Major Gulf equities track higher oil prices; #Qatar flat | Reuters

Major Gulf equities track higher oil prices; Qatar flat | Reuters

Major Gulf stock markets ended higher on Tuesday, fueled by rising oil prices, as investors bet on OPEC+ extending its production cuts at Thursday's meeting, although Qatar's index bucked the trend with a flat close.

Oil prices, a major driver for Gulf economies, were trading at $73.01 a barrel, up 1.7% by 0114 GMT.

Saudi Arabia's benchmark stock index (.TASI), opens new tab advanced 0.7% on broad-based gains across nearly all sectors. The top gainers included Al Taiseer Group TALCO Industrial (4143.SE), opens new tab, which jumped 3.4%, while ACWA Power (2082.SE), opens new tab rose 1.5%.

Saudi National Bank (1180.SE), opens new tab, the kingdom's largest lender by assets, added 1.9%, while Saudi Arabian Mining (Ma'aden) (1211.SE), opens new tab climbed nearly 2%.

Meanwhile, United International Holding Company (4083.SE), opens new tab surged 30% in market debut to 171.6 riyals compared to IPO price of 132 riyals.

Separately, Saudi Arabia's non-oil business sector experienced its fastest expansion in four months during November, driven by a surge in demand.

Qatar's benchmark index (.QSI), opens new tab closed flat, its third consecutive session in the red. Industrial and telecom stocks weighed heavily on the market, with Industries Qatar (IQCD.QA), opens new tab and Ooredoo (ORDS.QA), opens new tab dropping over 1%.

QatarEnergy, the state-owned petroleum giant, signed a long-term liquefied natural gas (LNG) sales and purchase agreement with Shell on Monday to supply LNG to China.

Outside the Gulf, Egypt's benchmark index (.EGX30), opens new tab extended its winning streak to four consecutive days, rising 0.2%. Commercial International Bank (CIB) (COMI.CA), opens new tab, the country's largest private bank, added 0.7%, and Ezz Steel (ESRS.CA), opens new tab advanced 2.2%.

Among other stocks, Acrowmisr for Metallic Scaffoldings and Frameworks (ACRO.CA), opens new tab gained nearly 2% following a more than 80% jump in third-quarter profit.

Markets in the United Arab Emirates were closed for a public holiday.

Most Gulf markets end flat on regional tensions | Reuters

Most Gulf markets end flat on regional tensions | Reuters

Most stock markets in the Gulf finished flat on Monday amid tensions in the Middle East as Israel resumed attacks on Lebanon despite a ceasefire agreement.

A truce between Israel and Lebanon took effect on Wednesday, but each side accused the other of breaching the ceasefire.

Several people had been wounded in two Israeli strikes in south Lebanon, the Lebanese health ministry said in a statement. Air strikes also intensified in Syria as President Bashar al-Assad vowed to crush insurgents who had swept into the city of Aleppo.

Saudi Arabia's benchmark index (.TASI), opens new tab reversed early losses to close flat.

Geopolitical tensions in the region had resurfaced, partially impacting sentiment, said Ahmed Negm, head of market research MENA, at XS.com.

The market needs support for a potential sustained recovery, where the OPEC+ meeting this week may influence market direction, according to Negm. The market could find support in the positive growth projections for 2025, he said.

The Qatari index (.QSI), opens new tab concluded flat.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab edged 0.1% higher, helped by a 5.6% rise in tobacco monopoly Eastern Company (EAST.CA), opens new tab.

** Markets in the United Arab Emirates were closed for a public holiday.

#SaudiArabia’s US Treasury Holdings Hit Highest Since 2020 - Bloomberg

Saudi Arabia’s US Treasury Holdings Hit Highest Since 2020 - Bloomberg

Saudi Arabia’s holdings of US Treasuries as a portion of foreign assets held by its central bank rose in October to the most in four years.

US Treasuries as a portion of total foreign assets held by SAMA, as the Saudi Central Bank is known, rose to almost 35% last month, according to data compiled by Bloomberg. That puts them at the highest level since February 2020 at the onset of the coronavirus pandemic.

The country’s investments in the US government bonds has been rising this year and SAMA now holds $144 billion in US Treasuries even as its total foreign assets has fallen to the lowest since February.

Although the latest increase came before the US election in November, larger Saudi holdings of US government bonds may help the kingdom’s relationship with the incoming administration of President Donald Trump.

Saudi Arabia’s de facto ruler Crown Prince Mohammed Bin Salman enjoyed a close relationship with Trump during his first term, something that is expected to continue once the US billionaire returns to the White House. In a sign of how Saudi Arabia has already been positioning itself to get close to the new US administration, Yasir Al Rumayyan, the head of Saudi Arabia’s sovereign wealth fund and a close ally of Prince Mohammed, sat next to the president-elect at a UFC match in New York earlier this month.

SAMA declined to respond to a Bloomberg request for comment.

In February 2020, SAMA’s US T-bill holdings had peaked at over 37% of foreign assets, before falling rapidly as the Saudi government tapped its reserves to fund a $40 billion transfer to its sovereign wealth fund to buy up stocks hit by investors panicking about the impact of coronavirus.

Saudi Arabia’s foreign assets have fallen from almost $500 billion at the start of 2020 to around $411 billion at the end of October, partly because of the transfer to the PIF, but also as it dips into reserves to help fund government spending.

#Saudi bourse extends rebound from 4-month low; #Qatar falls | Reuters

Saudi bourse extends rebound from 4-month low; Qatar falls | Reuters

Saudi Arabia's stock market ended higher on Sunday, building on the previous session's rebound from a near four-month low.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.9%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab rising 0.7% and Al Rajhi Bank (1120.SE), opens new tab increasing 1.9%.

Among other gainers, oil giant Saudi Aramco (2222.SE), opens new tab added 0.4%, ahead of a meeting of OPEC+.

OPEC+ is discussing postponing its oil output hike due to start in January for the first quarter of 2025, Reuters reported on Thursday, citing OPEC+ sources, and will hold further talks on this and other options ahead of its delayed policy meeting on Dec. 5.

In Qatar, the index (.QSI), opens new tab eased 0.2%, hit by a 1% fall in petrochemical maker Industries Qatar (IQCD.QA), opens new tab and a 0.8% decrease in Qatar Islamic Bank (QISB.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.7%, led by a 2.9% rise in tobacco monopoly Eastern Company (EAST.CA), opens new tab.

Egypt's M2 money supply rose by 29.54% year-on-year in October, central bank data showed.

Money supply stood at 11.24 trillion Egyptian pounds ($226.84 billion), up from 8.68 trillion pounds in the same month last year.