#Saudi Arabian healthcare group Fakeeh Care Group announces IPO | Reuters

Saudi Arabian healthcare group Fakeeh Care Group announces IPO | Reuters

Saudi Arabia's Fakeeh Care Group, one of the largest private hospital groups in the kingdom, said on Wednesday it planned to proceed with an initial public offering (IPO) through the sale of a 21.47% stake in existing and new shares.

The family-owned business, with hospitals in Jeddah and Riyadh, plans to offer 30 million new shares and 19.8 million existing shares to investors, it said in a statement.

It did not say how much it hoped to raise, nor give a potential valuation for the company.

Riyadh has been encouraging more family-owned companies to list in a bid to deepen its capital markets as part of reforms aimed at reducing the country's reliance on oil revenue.

The plan is the second announced in the kingdom on Wednesday as the IPO market picks up steam following a short hiatus earlier this month when markets closed for the Eid holiday.

Saudi Arabian water and waste water infrastructure company Miahona also announced share sale plans on Wednesday.

Saudi Exchange, the largest and most liquid stock market in the Arab world, has seen a surge in listings from the healthcare sector in the last three years, including hospitals group Dr Sulaiman Al Habib, pharmaceutical group Al Nahdi Medical Co, and generic drugmaker Jamjoom Pharmaceuticals Factory Co.

Most Gulf markets in red as Israel intensifies strikes on Gaza | Reuters

Most Gulf markets in red as Israel intensifies strikes on Gaza | Reuters

Most stock markets in the Gulf ended lower on Wednesday as Israel intensified strikes across Gaza and the army ordered fresh evacuations in the north of the enclave.

Israel has procured tens of thousands of tents for Palestinian civilians it intends to evacuate from Rafah in the coming weeks ahead of a promised assault on the city it sees as the last bastion of militant group Hamas in the Gaza Strip, Israeli sources said on Wednesday.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 1%, hit by a 3.4% fall in ACWA Power (2082.SE), opens new tab and a 1.2% decrease in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.

Saudi Arabia's economy will grow at a slower pace this year than previously predicted as oil prices drop from recent peaks, according to a Reuters poll which also showed the United Arab Emirates (UAE) expanding at the fastest clip in the region.

The Saudi stock market extended its decline for another trading session. Geopolitical tensions and declining oil prices continue to weigh on the market, said George Khoury Global Head of Education and Research at CFI.

Meanwhile, the kingdom's monarch Salman bin Abdulaziz has been admitted to a hospital in Jeddah for a routine check up for a few hours, state television reported on Wednesday.

In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%.

Oil prices were down slightly, with Brent at $88.02 on a surprise fall in U.S. crude stocks and a drop in business activity in the world's largest oil consumer.

The Qatari benchmark (.QSI), opens new tab dropped 0.5%, weighed down by a 1% decline in Qatar Islamic Bank (QISB.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab retreated 3.2%, as most of its constituents were in negative territory including top lender Commercial International Bank (COMI.CA), opens new tab.

Egypt's economy will grow slower than previously expected this year after it signed an $8 billion financial support package with the IMF that came with conditions, but growth will accelerate next year, a Reuters poll forecast on Tuesday.

#AbuDhabi Raises $5 Billion With First Eurobond in Three Years - Bloomberg

Abu Dhabi Raises $5 Billion With First Eurobond in Three Years - Bloomberg

Abu Dhabi sold its first eurobonds since 2021, raising $5 billion in one of the biggest deals from emerging markets this year.

The oil-rich sheikhdom, the capital of the United Arab Emirates, issued tranches five, 10 and 30 years. The final yields were significantly tighter than the guidance from when the sale started on Tuesday morning, suggesting there was plenty of demand from investors.

Emerging market governments have sold almost $100 billion of dollar- and euro-denominated bonds in 2024, setting it up to be one of the busiest years on record, according to data compiled by Bloomberg.

A recent shift in global interest-rate expectations — with traders now expecting fewer cuts from the US Federal Reserve this year as progress on slowing inflation stalls — has pushed borrowing costs higher for dollar issuers.

Still, Abu Dhabi is rated AA by S&P Global Ratings, the same as the UK, France and Qatar, allowing it to come to the market without much of an impact on its borrowing costs.

The five-year portion of $1.75 billion was priced 35 basis points over US Treasuries, giving it a yield of 4.97%. The initial guidance was 70 basis points. The longest tranche, also $1.75 billion, had a spread of 90 basis points and a yield of 5.62%.

Investcorp Sets Up $1 Billion Mideast Fund Backed by China’s CIC - Bloomberg

Investcorp Sets Up $1 Billion Mideast Fund Backed by China’s CIC - Bloomberg

The Middle East’s biggest alternative asset manager is setting up a $1 billion investment vehicle backed by Beijing’s sovereign wealth fund to invest in companies across the Persian Gulf and China.

Investcorp Holdings’ new Golden Horizon Fund will be anchored by China Investment Corp., as well as other investors from the Middle East, according to a statement Wednesday.

The new vehicle will also include Investcorp’s Pre-IPO Growth Fund, which was launched in 2021 and had targeted raising $500 million. It will invest in firms across sectors including consumer, health care and logistics.

CIC is among the world’s largest sovereign investors and manages about $1.3 trillion in assets. The fund’s partnership with Investcorp will enable it to look for opportunities in the Middle East, Bloomberg has previously reported, and is the latest sign of growing trade ties between Gulf oil exporters and the world’s second biggest economy.

“Investcorp is perfectly placed to facilitate cross border cooperation and investments,” Investcorp’s Co-Chief Executive Officer Hazem Ben-Gacem said.

Investcorp has assets under management of about $50 billion, according to its website. It is expanding in Asia and reportedly partnered with the private equity arm of the Fung brothers’ family office in 2022 to set up a $500 million fund to invest in mid-cap companies across China’s Greater Bay Area.

Gulf States Learn the Power and Limits of Petrodollar Persuasion - Bloomberg

Gulf States Learn the Power and Limits of Petrodollar Persuasion - Bloomberg

To understand the scale of Gulf nations’ wealth, just consider this: If the United Arab Emirates sold its stash of foreign holdings, it could make every one of its roughly 1 million citizens a millionaire. Qataris would enjoy the same windfall. Saudi Arabia, with its larger population, wouldn’t hit a million dollars per citizen, but the share allotted to each one would still be close to the average annual income in the US—a hefty sum.

Of course, that leaves out the large share of those countries’ populations who aren’t citizens—not to mention that these states have no intention of simply dividing up and distributing their hoards. That’s not what the money is for: It’s for securing the future. The Gulf is awash in oil revenue. The value of daily crude exports in 2022 and 2023 topped $1 billion, leaving enough after paying for imports to fuel massive savings. But the world is transitioning away from oil and gas, and these nations need to diversify.

So they’re building up portfolios that have made them major forces on the global investment scene, with holdings that include American tech companies, English football clubs, Egyptian real estate, African mines and Turkish bank deposits. Four of the world’s top 10 sovereign wealth funds are from the region, those belonging to Kuwait, Qatar, Saudi Arabia and the UAE. The Gulf is close to becoming the only region with three separate wealth funds exceeding $1 trillion each. Asset managers, private equity partners and venture capitalists from New York, Silicon Valley and London pack the business-class cabins of Emirates and Etihad Airways A380s to pitch their services and ideas.

Money isn’t just an economic tool; it’s also a political weapon. The Gulf nations are using their petrodollar wealth to wield influence on the world stage—placing investments to further strategic goals. Turning hydrocarbons into geopolitical muscle isn’t new: The oil embargo in 1973, when Arab states stopped selling oil to countries supporting Israel, leading to a fourfold increase in the price of crude, is only the most famous example.

#Saudi water infrastructure company Miahona plans to list 30% stake in local IPO | Reuters

Saudi water infrastructure company Miahona plans to list 30% stake in local IPO | Reuters

Saudi Arabian water and waste water infrastructure company Miahona plans to offer a 30% stake in an initial public offering (IPO) on the Riyadh bourse, it said on Wednesday.

Miahona is fully owned by development and investment holding company Vision Invest and says it has operations covering the whole water sector cycle from extraction and supply to collection and recycling.

The firm's decision to list adds to an IPO boom in Gulf markets over the last two years driven by high oil prices and foreign institutional investor interest, bucking a global dealmaking slump caused in part by high interest rates.

The public-private partnership (PPP) intends to offering 48,277,663 ordinary shares currently held by Vision Invest, Miahona said in a stock exchange filing.

The bookbuilding process is expected to run from April 28 to May 2, after which the final offer price will be set. Saudi Fransi Capital is lead manager and joint financial adviser, joint bookrunner and co-underwriter along with EFG Hermes Saudi Arabia (KSA).

Major Gulf markets subdued on geopolitical worries | Reuters

Major Gulf markets subdued on geopolitical worries | Reuters

Major stock markets in the Gulf were subdued in early trade on Wednesday as Israel intensified strikes across Gaza and the army ordered fresh evacuations in the north of the enclave.

Strikes by air and shelling from tanks on the ground were also reported in central and southern areas of the Gaza Strip in what residents said late on Tuesday were almost 24 hours of non-stop bombardments.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.2%, hit by a 0.5% fall in AL Rajhi Bank (1120.SE), opens new tab and a 1.4% decrease in Riyad Bank (1010.SE), opens new tab.

The kingdom's economy will grow this year at a slower pace than predicted as oil prices drop from recent peaks, according to a Reuters poll that also showed the United Arab Emirates (UAE) expanding at the fastest clip in the region.

Dubai's main share index (.DFMGI), opens new tab eased 0.1%, with toll operator Salik Company (SALIK.DU), opens new tab losing 2%, while blue-chip developer Emaar Properties (EMAR.DU), opens new tab was down 0.8%.

Separately, supermarket chain Spinneys' franchisee in the United Arab Emirates and Oman is seeking to raise as much as $375 million from the sale of a 25% stake in an initial public offering, it disclosed on Tuesday.

In Abu Dhabi, the index (.FTFADGI), opens new tab was flat.

Oil prices extended gains after industry data showed a surprise drop in U.S. crude stocks last week, a positive sign for demand, though markets were also keeping a close eye on hostilities in the Middle East.

The Qatari benchmark (.QSI), opens new tab edged 0.1% higher.