Oman Wealth Fund Seeks Pitches for Logistics Firm Asyad Group's IPO - Bloomberg
The Oman Investment Authority is planning an initial public offering of Asyad Group, the sultanate’s logistics company, as the Gulf nation ramps up its divestment program.
The OIA has asked banks to pitch for the share sale, according to people familiar with the matter, who asked not to be identified as the information isn’t public.
Details on the valuation or timing of the IPO were not immediately available. Representatives for the OIA weren’t available for comment.
Asyad Group describes itself as a $4 billion enterprise backed by an initial $26 billion in government infrastructure spending. Its assets include deep ports, dry ports, free zones and a fleet of over 80 vessels. It also offers delivery services through Asyad Express.
The move is part of Oman’s efforts to deepen its capital markets and raise funds. Banks have been invited to pitch for another three IPOs in the Gulf nation since the start of 2024, including state energy company OQ SAOC’s exploration and production business and the power utility, Bloomberg News has reported.
Oman, the largest non-OPEC oil producer in the Middle East, is hoping an influx of capital from state asset sales will boost industries such as energy, transport and tourism. That’s part of a broader trend of divestments in the energy-rich region as larger neighbors Saudi Arabia and the United Arab Emirates also look to diversify their economies to prepare for a post-oil age.
The OIA has said that its divestment plan may include several dozen listings over the next five years as it chases an upgrade to emerging-market status. Together with Bahrain they are the only countries in the six-nation Gulf Cooperation Council not classified as emerging markets by MSCI Inc.
Last year OQ floated its gas pipelines business in a record $749 million IPO for the country, as well as its oil-drilling unit Abraj Energy Services SAOG. Shares in OQ Gas Networks SAOC have risen 4% from their IPO price while Abraj Energy is trading 27% higher.
Monday 18 March 2024
Mideast Stocks: Major Gulf bourses up on strong oil prices; Egypt extends slide
Mideast Stocks: Major Gulf bourses up on strong oil prices; Egypt extends slide
Major stock markets in the Gulf rose on Monday led by the Abu Dhabi benchmark on higher oil prices, while shares in Egypt continued to ease for a second straight session.
Oil prices - a catalyst for the Gulf's financial markets - gained, as attacks on Russian energy facilities intensified with Brent rising 0.8% to $86.02 a barrel by 1330 GMT.
In Abu Dhabi, the benchmark index rose 0.7%, ending its previous session of losses. The index encountered a technical glitch earlier in the day displaying inflated gains, before the issue got fixed towards the end of the trading session. First Abu Dhabi Bank, UAE's largest lender, gained 1.1% while Abu Dhabi National Oil's (ADNOC) units ADNOC Drilling and ADNOC Logistics climbed 1.8% and 1.3%, respectively. The state-owned energy major ADNOC signed a 15-year deal to supply 1 MMT a year of LNG to a unit of Germany's state-owned Securing Energy for Europe.
Dubai's benchmark index advanced 0.3%, with blue-chip developer Emaar Properties rising 2.2% and Dubai Electricity adding 1.2%.
Saudi Arabia's benchmark index edged up 0.1%, extending its rally to a fifth straight session with Saudi National Bank, the kingdom's largest lender, advancing 1.9% and Saudi Awwal Bank gaining 2.5%.
The Qatari benchmark index was up marginally, helped by a 2.9% gain in Qatar Gas Transport and 1.3% rise in Industries Qatar, while Doha Bank and Masraf Al Rayan slipped 4.7% and 1.9%, respectively.
Outside the Gulf, Egypt's blue-chip index extended its losses to a second consecutive session and ended 6.3% lower, the steepest fall since Jan.31 with almost all stocks in the red. E-Finance declined 14.3% and El Sewedy Electric dropped 13.6%.
Oil prices - a catalyst for the Gulf's financial markets - gained, as attacks on Russian energy facilities intensified with Brent rising 0.8% to $86.02 a barrel by 1330 GMT.
In Abu Dhabi, the benchmark index rose 0.7%, ending its previous session of losses. The index encountered a technical glitch earlier in the day displaying inflated gains, before the issue got fixed towards the end of the trading session. First Abu Dhabi Bank, UAE's largest lender, gained 1.1% while Abu Dhabi National Oil's (ADNOC) units ADNOC Drilling and ADNOC Logistics climbed 1.8% and 1.3%, respectively. The state-owned energy major ADNOC signed a 15-year deal to supply 1 MMT a year of LNG to a unit of Germany's state-owned Securing Energy for Europe.
Dubai's benchmark index advanced 0.3%, with blue-chip developer Emaar Properties rising 2.2% and Dubai Electricity adding 1.2%.
Saudi Arabia's benchmark index edged up 0.1%, extending its rally to a fifth straight session with Saudi National Bank, the kingdom's largest lender, advancing 1.9% and Saudi Awwal Bank gaining 2.5%.
The Qatari benchmark index was up marginally, helped by a 2.9% gain in Qatar Gas Transport and 1.3% rise in Industries Qatar, while Doha Bank and Masraf Al Rayan slipped 4.7% and 1.9%, respectively.
Outside the Gulf, Egypt's blue-chip index extended its losses to a second consecutive session and ended 6.3% lower, the steepest fall since Jan.31 with almost all stocks in the red. E-Finance declined 14.3% and El Sewedy Electric dropped 13.6%.
ADNOC signs 15-year supply deal with unit of Germany's SEFE | Reuters
ADNOC signs 15-year supply deal with unit of Germany's SEFE | Reuters
Abu Dhabi National Oil Company (ADNOC) said on Monday it signed a 15-year agreement to supply 1 million metric tons a year of liquefied natural gas (LNG) to a subsidiary of Germany's state-owned Securing Energy for Europe (SEFE).
The LNG will come from ADNOC's Ruwais LNG project and deliveries are expected to begin in 2028, ADNOC said in a statement.
ADNOC has sharpened its focus on natural gas, seeing it as a transition fuel as the world tries to curb planet-warming emissions, and as competition for LNG has ramped up since Russia's invasion of Ukraine in February 2022.
Abu Dhabi National Oil Company (ADNOC) said on Monday it signed a 15-year agreement to supply 1 million metric tons a year of liquefied natural gas (LNG) to a subsidiary of Germany's state-owned Securing Energy for Europe (SEFE).
The LNG will come from ADNOC's Ruwais LNG project and deliveries are expected to begin in 2028, ADNOC said in a statement.
ADNOC has sharpened its focus on natural gas, seeing it as a transition fuel as the world tries to curb planet-warming emissions, and as competition for LNG has ramped up since Russia's invasion of Ukraine in February 2022.
#AbuDhabi outperforms Gulf bourses in early trade | Reuters
Abu Dhabi outperforms Gulf bourses in early trade | Reuters
Abu Dhabi outshone Gulf stock markets in early trade on Monday, as a rise in oil prices and stronger-than-expected Chinese economic data lifted investor sentiment.
"We think that the markets’ behaviour reflects the ongoing trust in Abu Dhabi's ambitious plan to lure more wealthy people and permanent-residence investors".
The Qatari benchmark index (.QSI), opens new tab was up 0.3%, with Qatar Gas Transport (QGTS.QA), opens new tab rising 2% and Industries Qatar (IQCD.QA), opens new tab gaining 0.5%.
Oil prices - a catalyst for the Gulf's financial markets- climbed with Brent up 0.5% at $85.8 a barrel by 0740 GMT. O/R
Saudi Arabia's benchmark stock index (.TASI), opens new tab eased 0.2%, weighed down by a 1.5% drop in Saudi Arabian Mining (1211.SE), opens new tab and a 1.6% decline in Riyad Bank (1010.SE), opens new tab.
Dubai's benchmark stock index (.DFMGI), opens new tab dropped 0.4% with toll operator Salik Company (SALIK.DU), opens new tab falling 3.2% and Emirates NBD (ENBD.DU), opens new tab, the Emirate's largest lender, losing 0.6%.
Abu Dhabi outshone Gulf stock markets in early trade on Monday, as a rise in oil prices and stronger-than-expected Chinese economic data lifted investor sentiment.
China's factory output and retail sales in the January-February period beat expectations, data showed on Monday, marking a solid start to 2024 and offering some relief to policymakers.
Abu Dhabi's benchmark stock index (.FTFADGI), opens new tab jumped 6.2%, the highest intraday upsurge in nearly four years, lifted by a rise of 1.4% in the UAE's largest lender First Abu Dhabi Bank(FAB.AD), opens new tab while E7 (E7.AD), opens new tab and National Marine Dredging (NMDC.AD), opens new tab gained 4.6% and 1.5% respectively.
"ADX was driven by gains in commodities that gained momentum for G7 Group and NMDC that relies on energy & construction," said Mazen Salhab, chief market strategist MENA at BDSwiss.
"ADX was driven by gains in commodities that gained momentum for G7 Group and NMDC that relies on energy & construction," said Mazen Salhab, chief market strategist MENA at BDSwiss.
"We think that the markets’ behaviour reflects the ongoing trust in Abu Dhabi's ambitious plan to lure more wealthy people and permanent-residence investors".
The Qatari benchmark index (.QSI), opens new tab was up 0.3%, with Qatar Gas Transport (QGTS.QA), opens new tab rising 2% and Industries Qatar (IQCD.QA), opens new tab gaining 0.5%.
Oil prices - a catalyst for the Gulf's financial markets- climbed with Brent up 0.5% at $85.8 a barrel by 0740 GMT. O/R
Saudi Arabia's benchmark stock index (.TASI), opens new tab eased 0.2%, weighed down by a 1.5% drop in Saudi Arabian Mining (1211.SE), opens new tab and a 1.6% decline in Riyad Bank (1010.SE), opens new tab.
Dubai's benchmark stock index (.DFMGI), opens new tab dropped 0.4% with toll operator Salik Company (SALIK.DU), opens new tab falling 3.2% and Emirates NBD (ENBD.DU), opens new tab, the Emirate's largest lender, losing 0.6%.