UAE economy grew 3.6 per cent last year, exceeding previous estimate
The UAE economy's growth in 2023 was stronger than the most recent estimate, driven by non-oil sector growth.
The Arab world’s second-largest economy expanded by 3.6 per cent last year, compared to the 3.1 per cent estimated by the Central Bank of the UAE (CBUAE) in the fourth quarter, the banking regulator said on Thursday.
Non-oil gross domestic product expanded by 6.2 per cent during the period, it said in its annual report.
It, however, downwardly revised its growth projections for 2024 to 3.9 per cent from the previous estimate of 4.2 per cent.
Growth is projected to accelerate to 6.2 per cent in 2025, as oil production is forecast to increase significantly due to the Opec+ decisions and continued expansion of the non-oil sector, according to the bank.
Thursday, 13 June 2024
IPOs Proving to Be June’s Blockbuster Attraction in #SaudiArabia - Bloomberg
IPOs Proving to Be June’s Blockbuster Attraction in Saudi Arabia - Bloomberg
Companies going public in Saudi Arabia in the lead up to summer are serving up lucrative returns, making investors keen to come back for more.
June’s newcomers have scored a full-house of gains on their first trading day. Miahona and Rasan Information Technology Co. both soared 30% — the maximum pop that the Tadawul exchange in Riyadh allows. Saudi Manpower Solutions Co. and Al Taiseer Group Talco Industrial Co. also notched double-digit jumps.
Saudi Arabia has encouraged companies to go public to grow its exchange and attract investors. These listings are typically met with massive demand, regardless of their size. But smaller share sales seem to be doing particularly well.
Saudi Manpower drew orders worth 115 billion riyals ($30.6 billion), or 128 times more than the shares available to fund managers. Rasan, one of the first fintech firms to go public in Riyadh, fielded 108.6 billion riyals of demand for its 841 million riyal initial public offering, while water treatment firm Miahona’s listing was covered 170 times by investors.
“Most of the IPOs were small and well priced, thereby attracting investor interest,” said Faisal Hasan, chief investment officer at Al Mal Capital. “We will see more activity post Eid,” he said, referring to the period following next week’s exchange shutdown for a holiday.
Being the biggest hasn’t always proved a guarantee of post-listing market success.
Dr. Soliman Abdul Kader Fakeeh Hospital Co., the largest Saudi IPO of the year, rose 10% on debut last week — the least spectacular first-day rally for a company raising at least $100 million in the past 12 months, data compiled by Bloomberg show. That’s a sharp contrast to when institutional investors flooded the 2.86 billion-riyal IPO with 341 billion riyals of orders.
The hospital operator’s shares have dropped every day since. Many of the positive aspects for Fakeeh were already priced in to the stock when it came to market at a high valuation, Aljazira Capital analyst Ibrahim Elaiwat wrote in a note.
Fakeeh ended its first session priced at 52 times forward earnings. That ratio is now pulling back closer to sector peers like Dr. Sulaiman Al Habib Medical Services Group Co. The multiple is still around 47 times, making Fakeeh more expensive than even AI-boom powered Nvidia Corp. by that metric.
Still, investors seeking fresh opportunities can look forward to a flurry of further market debuts in Saudi Arabia this year, big and small. Last month, the chief executive officer of the Tadawul stock exchange said upward of 50 firms have applied for listings across various sectors and sizes.
“There will always be a strong appetite for IPOs that are rightly priced and have solid underlying business models,” said Divye Arora, senior portfolio manager at Daman Investments Psc in Dubai.
June’s newcomers have scored a full-house of gains on their first trading day. Miahona and Rasan Information Technology Co. both soared 30% — the maximum pop that the Tadawul exchange in Riyadh allows. Saudi Manpower Solutions Co. and Al Taiseer Group Talco Industrial Co. also notched double-digit jumps.
Saudi Arabia has encouraged companies to go public to grow its exchange and attract investors. These listings are typically met with massive demand, regardless of their size. But smaller share sales seem to be doing particularly well.
Saudi Manpower drew orders worth 115 billion riyals ($30.6 billion), or 128 times more than the shares available to fund managers. Rasan, one of the first fintech firms to go public in Riyadh, fielded 108.6 billion riyals of demand for its 841 million riyal initial public offering, while water treatment firm Miahona’s listing was covered 170 times by investors.
“Most of the IPOs were small and well priced, thereby attracting investor interest,” said Faisal Hasan, chief investment officer at Al Mal Capital. “We will see more activity post Eid,” he said, referring to the period following next week’s exchange shutdown for a holiday.
Being the biggest hasn’t always proved a guarantee of post-listing market success.
Dr. Soliman Abdul Kader Fakeeh Hospital Co., the largest Saudi IPO of the year, rose 10% on debut last week — the least spectacular first-day rally for a company raising at least $100 million in the past 12 months, data compiled by Bloomberg show. That’s a sharp contrast to when institutional investors flooded the 2.86 billion-riyal IPO with 341 billion riyals of orders.
The hospital operator’s shares have dropped every day since. Many of the positive aspects for Fakeeh were already priced in to the stock when it came to market at a high valuation, Aljazira Capital analyst Ibrahim Elaiwat wrote in a note.
Fakeeh ended its first session priced at 52 times forward earnings. That ratio is now pulling back closer to sector peers like Dr. Sulaiman Al Habib Medical Services Group Co. The multiple is still around 47 times, making Fakeeh more expensive than even AI-boom powered Nvidia Corp. by that metric.
Still, investors seeking fresh opportunities can look forward to a flurry of further market debuts in Saudi Arabia this year, big and small. Last month, the chief executive officer of the Tadawul stock exchange said upward of 50 firms have applied for listings across various sectors and sizes.
“There will always be a strong appetite for IPOs that are rightly priced and have solid underlying business models,” said Divye Arora, senior portfolio manager at Daman Investments Psc in Dubai.
Edmond de Rothschild to open #Saudi office and launch debt platform | Reuters
Edmond de Rothschild to open Saudi office and launch debt platform | Reuters
Edmond de Rothschild Group, a specialist in asset management and private banking, is set to open an office in Saudi Arabia this year and launch a platform to provide debt finance for infrastructure projects there, the Swiss bank said on Thursday.
The platform could help Saudi Arabia with its vast Vision 2030 plan which aims to wean the economy off oil, but has so far attracted limited investment from outside the kingdom.
The plan, spearheaded by Crown Prince Mohammed Bin Salman, the kingdom's prime minister and de facto day-to-day ruler, includes building massive new urban developments and investing in various sectors to help create thousands of new jobs.
The plan, spearheaded by Crown Prince Mohammed Bin Salman, the kingdom's prime minister and de facto day-to-day ruler, includes building massive new urban developments and investing in various sectors to help create thousands of new jobs.
Edmond de Rothschild will work with SNB Capital (1180.SE), opens new tab to set up the platform to help fund infrastructure projects across the Gulf country, the two companies said in a joint statement.
The Swiss bank, which has over 5 billion euros ($5.4 billion) in assets under management in infrastructure debt, has also set up a joint venture with Watar Partners to provide infrastructure debt advisory services to Saudi family offices and institutional investors.
The Swiss bank, which has over 5 billion euros ($5.4 billion) in assets under management in infrastructure debt, has also set up a joint venture with Watar Partners to provide infrastructure debt advisory services to Saudi family offices and institutional investors.
The partnership is expected to go live in the second half of this year, together with the opening of a local office in Riyadh.
"This is a logical next step for our group, building on the long-standing business relationships we have with the country," the Geneva-based bank's CEO Ariane de Rothschild was quoted as saying in the statement.
Edmond de Rothschild last year also expanded its presence in Dubai, in the neighbouring United Arab Emirates, with an advisory office.
Edmond de Rothschild last year also expanded its presence in Dubai, in the neighbouring United Arab Emirates, with an advisory office.
DIFC CEO predicts major economic surge in 2024 with new government IPOs
DIFC CEO predicts major economic surge in 2024 with new government IPOs
Arif Amiri, the Chief Executive Officer of the Dubai International Financial Centre (DIFC), has anticipated a major economic boost in 2024, supported by several upcoming government Initial Public Offerings (IPOs) both in the UAE and Saudi Arabia.
In a statement to the Emirates News Agency (WAM), Amiri said that despite raising US$22 billion from 51 IPOs in 2022, Dubai is moving forward with plans for 10 more government IPOs. The remarkable success of Parkin's IPO, which was oversubscribed 165 times and attracted $71 billion in demand, underscores this strategy's significance.
He noted that IPO fees in the Middle East and North Africa exceeded $1.2 billion, with equity and equity-related deals generating $13 billion in 2023.
Amiri explained that the influx of high-net-worth individuals to Dubai, totalling 109,900 in 2023—including 298 centi-millionaires (with a net worth over $100 million) and 20 billionaires—has driven DIFC’s over 370 asset management firms to strengthen their local presence in order to meet demand, a requirement further supported by the Centre’s growing ecosystem for family wealth which currently includes more than 440 registered foundations, and more than 600 active entities affiliated with top family businesses and individuals.
To further cater to this demand, DIFC also officially launched the first Family Wealth Centre of its kind in the world in March 2023, to support family businesses as they future-proof their growth ambitions and succession plans in Dubai and beyond.
Arif Amiri, the Chief Executive Officer of the Dubai International Financial Centre (DIFC), has anticipated a major economic boost in 2024, supported by several upcoming government Initial Public Offerings (IPOs) both in the UAE and Saudi Arabia.
In a statement to the Emirates News Agency (WAM), Amiri said that despite raising US$22 billion from 51 IPOs in 2022, Dubai is moving forward with plans for 10 more government IPOs. The remarkable success of Parkin's IPO, which was oversubscribed 165 times and attracted $71 billion in demand, underscores this strategy's significance.
He noted that IPO fees in the Middle East and North Africa exceeded $1.2 billion, with equity and equity-related deals generating $13 billion in 2023.
Amiri explained that the influx of high-net-worth individuals to Dubai, totalling 109,900 in 2023—including 298 centi-millionaires (with a net worth over $100 million) and 20 billionaires—has driven DIFC’s over 370 asset management firms to strengthen their local presence in order to meet demand, a requirement further supported by the Centre’s growing ecosystem for family wealth which currently includes more than 440 registered foundations, and more than 600 active entities affiliated with top family businesses and individuals.
To further cater to this demand, DIFC also officially launched the first Family Wealth Centre of its kind in the world in March 2023, to support family businesses as they future-proof their growth ambitions and succession plans in Dubai and beyond.
Mideast Stocks: Most Gulf shares end higher; #Saudi hits 6-month low
Mideast Stocks: Most Gulf shares end higher; Saudi hits 6-month low
Most stock markets in the Gulf gained on Thursday, as investors continued cheering a soft U.S. inflation report despite the Federal Reserve slashing its forecast to only one rate cut worth 25 basis points later this year.
Most Gulf currencies are pegged to the dollar and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
The Abu Dhabi benchmark index rose 0.6% with Alpha Dhabi rising 3.4% and conglomerate International Holding Co (IHC) climbing 1.2%. IHC is part of a business empire including climate fund Alterra, overseen by its chair Sheikh Tahnoon bin Zayed al-Nahyan. Meanwhile, Brookfield Asset Management said it opened fundraising for Catalytic Transition Fund with anchor commitment from UAE-backed Altérra, targeting to raise upto $5 billion.
The Qatari benchmark index rose 0.2%, extending its gain to a 10th session, the longest rally in nearly six months. Qatar National Bank, the region's largest lender, added 0.6% and Qatar Gas Transport advanced 3%.
Dubai's benchmark stock index inched up marginally after the previous session of loss, with Emaar Properties rising 1.2% and Dubai Islamic Bank adding 1.3%, while tolls operator Salik Company slipped 1.2%.
Saudi Arabia's benchmark stock index dropped 1.3% to 11,499, its lowest level in six months with most of its constituents posting losses. ACWA Power declined 5.3% and Saudi Aramco dropped 2.1%. U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with oil major Aramco to supply 1.2 million tonnes per annum (MTPA) of LNG for 20 years.
However, shares of the fintech firm Rasan Information Technology and aluminum products maker Al Taiseer Group Talco Industrial jumped 30% and 14.4%, respectively, from their IPO prices in market debut. Rasan's stock traded at 48.10 riyals, well above IPO price of 37 riyals, while Talco' shares were at 49.20 riyals, higher than its IPO price of 43 riyals.
Outside the Gulf, Egypt's blue-chip index was up for a fourth consecutive session to end 1.1% higher, lifted by gains in most sectors. Abu Qir Fertilizers climbed 7.7% and Fawry for Banking Technology rose 1.1%.
Most stock markets in the Gulf gained on Thursday, as investors continued cheering a soft U.S. inflation report despite the Federal Reserve slashing its forecast to only one rate cut worth 25 basis points later this year.
Most Gulf currencies are pegged to the dollar and any U.S. monetary policy changes are usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
The Abu Dhabi benchmark index rose 0.6% with Alpha Dhabi rising 3.4% and conglomerate International Holding Co (IHC) climbing 1.2%. IHC is part of a business empire including climate fund Alterra, overseen by its chair Sheikh Tahnoon bin Zayed al-Nahyan. Meanwhile, Brookfield Asset Management said it opened fundraising for Catalytic Transition Fund with anchor commitment from UAE-backed Altérra, targeting to raise upto $5 billion.
The Qatari benchmark index rose 0.2%, extending its gain to a 10th session, the longest rally in nearly six months. Qatar National Bank, the region's largest lender, added 0.6% and Qatar Gas Transport advanced 3%.
Dubai's benchmark stock index inched up marginally after the previous session of loss, with Emaar Properties rising 1.2% and Dubai Islamic Bank adding 1.3%, while tolls operator Salik Company slipped 1.2%.
Saudi Arabia's benchmark stock index dropped 1.3% to 11,499, its lowest level in six months with most of its constituents posting losses. ACWA Power declined 5.3% and Saudi Aramco dropped 2.1%. U.S. liquefied natural gas (LNG) provider NextDecade has signed a non-binding agreement with oil major Aramco to supply 1.2 million tonnes per annum (MTPA) of LNG for 20 years.
However, shares of the fintech firm Rasan Information Technology and aluminum products maker Al Taiseer Group Talco Industrial jumped 30% and 14.4%, respectively, from their IPO prices in market debut. Rasan's stock traded at 48.10 riyals, well above IPO price of 37 riyals, while Talco' shares were at 49.20 riyals, higher than its IPO price of 43 riyals.
Outside the Gulf, Egypt's blue-chip index was up for a fourth consecutive session to end 1.1% higher, lifted by gains in most sectors. Abu Qir Fertilizers climbed 7.7% and Fawry for Banking Technology rose 1.1%.
#Saudi Fintech Rasan Jumps by 30% in Riyadh Trading Debut - Bloomberg
Saudi Fintech Rasan Jumps by 30% in Riyadh Trading Debut - Bloomberg
Saudi fintech Rasan Information Technology Co. advanced in its Riyadh debut after raising 841 million riyals ($224 million), amid a listing spree which has seen several companies start trading in the kingdom over the past month.
The shares rose to as high as 48.1 riyals, up 30% — the maximum allowed — from the offer price of 37 riyals apiece. That aligns with the strong demand for the stock when the offer was unveiled, with investors putting in orders worth $29 billion and the deal 129 times oversubscribed.
Like some of its Gulf peers, Saudi Arabia is trying to diversify its stock exchange beyond banks and industrial companies that have typically dominated it. The kingdom’s technology sector, however, hasn’t seen too many listings. Food delivery firm Jahez’s heavily oversubscribed offering in late 2021 was an exception.
A string of companies have unveiled plans to list on the Riyadh bourse in recent weeks, and have been met with overwhelming investor demand. Some offer were more than 100 times subscribed, indicating the listings boom over the last few years still has legs.
Saudi Aramco’s mega stock offering this month raised $11.2 billion for Riyadh, the biggest such deal globally in about three years and one that will help fund a multitrillion-dollar push to transform the economy.
That has come hard on the heels of the country’s biggest listing of the year, health-care group Dr. Soliman Abdel Kader Fakeeh Hospital Co., which attracted $91 billion in orders, while Saudi Manpower Solutions Co. drew over $30 billion in orders.
Fakeeh jumped 10% in its debut last week but erased most gains since. Saudi Manpower gained 21% in its first trading session on Wednesday. Water treatment firm Miahona has doubled since starting to trade a week ago.
Rasan, which operates online insurance platforms such as Tameeni and Treza, will be among the first fintech firms to go public in the kingdom, which has only seen a few tech listings so far. Apart from Rasan, buy-now-pay-later company Tabby and online cosmetics retailer Nice One are among the technology firms eyeing IPOs, Bloomberg News has reported.
Saudi Fransi Capital and Morgan Stanley were acting as joint financial advisers, bookrunners and underwriters for the IPO.
Saudi fintech Rasan Information Technology Co. advanced in its Riyadh debut after raising 841 million riyals ($224 million), amid a listing spree which has seen several companies start trading in the kingdom over the past month.
The shares rose to as high as 48.1 riyals, up 30% — the maximum allowed — from the offer price of 37 riyals apiece. That aligns with the strong demand for the stock when the offer was unveiled, with investors putting in orders worth $29 billion and the deal 129 times oversubscribed.
Like some of its Gulf peers, Saudi Arabia is trying to diversify its stock exchange beyond banks and industrial companies that have typically dominated it. The kingdom’s technology sector, however, hasn’t seen too many listings. Food delivery firm Jahez’s heavily oversubscribed offering in late 2021 was an exception.
A string of companies have unveiled plans to list on the Riyadh bourse in recent weeks, and have been met with overwhelming investor demand. Some offer were more than 100 times subscribed, indicating the listings boom over the last few years still has legs.
Saudi Aramco’s mega stock offering this month raised $11.2 billion for Riyadh, the biggest such deal globally in about three years and one that will help fund a multitrillion-dollar push to transform the economy.
That has come hard on the heels of the country’s biggest listing of the year, health-care group Dr. Soliman Abdel Kader Fakeeh Hospital Co., which attracted $91 billion in orders, while Saudi Manpower Solutions Co. drew over $30 billion in orders.
Fakeeh jumped 10% in its debut last week but erased most gains since. Saudi Manpower gained 21% in its first trading session on Wednesday. Water treatment firm Miahona has doubled since starting to trade a week ago.
Rasan, which operates online insurance platforms such as Tameeni and Treza, will be among the first fintech firms to go public in the kingdom, which has only seen a few tech listings so far. Apart from Rasan, buy-now-pay-later company Tabby and online cosmetics retailer Nice One are among the technology firms eyeing IPOs, Bloomberg News has reported.
Saudi Fransi Capital and Morgan Stanley were acting as joint financial advisers, bookrunners and underwriters for the IPO.
#UAE's Wynn Casino Near Dubai Sparks Boom in Marjan Islands of RAK - Bloomberg
UAE's Wynn Casino Near Dubai Sparks Boom in Marjan Islands of RAK - Bloomberg
Barely a year after Las Vegas casino operator Wynn Resorts Ltd. announced plans for a $4 billion resort in the United Arab Emirates, the area is crawling with construction workers erecting five-star resorts, shops and $7 million villas in what developers expect will become a major tourist hotspot.
Before that deal, the artificial Marjan islands off the emirate of Ras Al Khaimah, or RAK, had spent most of the past decade as a lost opportunity, a 2.7 square-kilometer (1 square mile) white elephant largely unused after a $1 billion football-themed resort and related Real Madrid academy was scrapped for the site.
These days, every lot is sold and cranes are rising faster than the morning desert heat. Hoardings around construction sites are plastered with signs advertising the coming homes. At least 20 developers have projects in various stages of design and construction on the islands, said Abdulla Al Abdouli, chief executive officer of the state entity that developed them. He expects most projects to be completed within just six years.
The new construction will cost billions of dollars, he says. But even he’s not sure exactly how many.
Anticipating the rush of new visitors, the emirate’s small international airport is planning to build a new terminal to boost capacity to 2 million passengers a year by 2027, almost triple the some 700,000 travelers anticipated this year. About one-third of the world’s population lives within a four-hour flight.
Ras Al Khaimah, which means the head of the tent in Arabic, has a 40 mile coastline on the Persian Gulf and until now has largely catered to Russian tourists looking for a cheaper alternative to Dubai. The Marjan islands, roughly half the size of Dubai’s famous Palm Jumeirah, were completed in 2013.
Barely a year after Las Vegas casino operator Wynn Resorts Ltd. announced plans for a $4 billion resort in the United Arab Emirates, the area is crawling with construction workers erecting five-star resorts, shops and $7 million villas in what developers expect will become a major tourist hotspot.
Before that deal, the artificial Marjan islands off the emirate of Ras Al Khaimah, or RAK, had spent most of the past decade as a lost opportunity, a 2.7 square-kilometer (1 square mile) white elephant largely unused after a $1 billion football-themed resort and related Real Madrid academy was scrapped for the site.
These days, every lot is sold and cranes are rising faster than the morning desert heat. Hoardings around construction sites are plastered with signs advertising the coming homes. At least 20 developers have projects in various stages of design and construction on the islands, said Abdulla Al Abdouli, chief executive officer of the state entity that developed them. He expects most projects to be completed within just six years.
The new construction will cost billions of dollars, he says. But even he’s not sure exactly how many.
Anticipating the rush of new visitors, the emirate’s small international airport is planning to build a new terminal to boost capacity to 2 million passengers a year by 2027, almost triple the some 700,000 travelers anticipated this year. About one-third of the world’s population lives within a four-hour flight.
Ras Al Khaimah, which means the head of the tent in Arabic, has a 40 mile coastline on the Persian Gulf and until now has largely catered to Russian tourists looking for a cheaper alternative to Dubai. The Marjan islands, roughly half the size of Dubai’s famous Palm Jumeirah, were completed in 2013.
#UAE EGA's acquisition of Leichtmetall fully funded by green loan
UAE EGA's acquisition of Leichtmetall fully funded by green loan
Emirates Global Aluminium (EGA), the UAE’s largest industrial company outside the oil and gas sector, entirely funded its recent acquisition of European specialty foundry Leichtmetall with its first green loan facility.
EGA, which exports more than 600,000 tonnes of primary aluminium to Europe annually, completed the acquisition of Leichtmetall in May. However, no financial details of the deal have been disclosed.
Leichtmetall uses renewable energy to produce up to 30,000 tonnes per year of aluminium billets at its plant in Germany, with secondary aluminium comprising some 80% of the input material.
Aluminium demand is expected to grow worldwide by between 50% and 80% by 2050. Recycled and low-carbon primary aluminium are expected to account for around 60% of supply growth between now and 2030, and around 70% of supply growth between 2030 and 2040.
Emirates Global Aluminium (EGA), the UAE’s largest industrial company outside the oil and gas sector, entirely funded its recent acquisition of European specialty foundry Leichtmetall with its first green loan facility.
EGA, which exports more than 600,000 tonnes of primary aluminium to Europe annually, completed the acquisition of Leichtmetall in May. However, no financial details of the deal have been disclosed.
Leichtmetall uses renewable energy to produce up to 30,000 tonnes per year of aluminium billets at its plant in Germany, with secondary aluminium comprising some 80% of the input material.
Aluminium demand is expected to grow worldwide by between 50% and 80% by 2050. Recycled and low-carbon primary aluminium are expected to account for around 60% of supply growth between now and 2030, and around 70% of supply growth between 2030 and 2040.
Gulf bourses dip in early trade on Fed's hawkish tone | Reuters
Gulf bourses dip in early trade on Fed's hawkish tone | Reuters
Saudi Arabia's benchmark stock index (.TASI), opens new tab slipped 0.3%, weighed down by losses in most sectors. ACWA Power (2082.SE), opens new tab declined 3.5% and Middle East Pharmaceutical (4016.SE), opens new tab dropped 1.4%.
The Qatari benchmark index (.QSI), opens new tab was up 0.1%, helped by a 0.4% gain in Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, and a 0.9% increase in Gulf International Services (GISS.QA), opens new tab.
Most stock markets in the Gulf were subdued in early trading on Thursday, as investors weighed cooling U.S. inflation against a more hawkish posture by the Federal Reserve.
On Wednesday, data showed U.S. consumer prices were unexpectedly flat in May, while the Fed held its rate and delayed the start of policy easing until possibly December.
Most Gulf currencies are pegged to the dollar, and any U.S. monetary policy change is usually followed by Saudi Arabia, the United Arab Emirates and Qatar.
Dubai's benchmark stock index (.DFMGI), opens new tab was down 0.3%, pressured by a 5.2% drop in Commercial Bank of Dubai (CBD.DU), opens new tab and a 2.6% fall in Taaleem Holdings (TAALEEM.DU), opens new tab. However, the blue-chip developer Emaar Properties (EMAR.DU), opens new tab gained 1.2%.
Dubai's benchmark stock index (.DFMGI), opens new tab was down 0.3%, pressured by a 5.2% drop in Commercial Bank of Dubai (CBD.DU), opens new tab and a 2.6% fall in Taaleem Holdings (TAALEEM.DU), opens new tab. However, the blue-chip developer Emaar Properties (EMAR.DU), opens new tab gained 1.2%.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab fell 0.4%, with conglomerate International Holding Co (IHC.AD), opens new tab slipping 0.7% and ADNOC Logistics (ADNOCLS.AD), opens new tab dropping 1.2%.
Alef Education (ALEFEDT.AD), opens new tab was up 3.4% to 1.20 dirham in early trade. Alef, an edu-tech firm, ended 12.6% lower than its initial public offering price of 1.35 dirham per share in its market debut on Wednesday.
Alef Education (ALEFEDT.AD), opens new tab was up 3.4% to 1.20 dirham in early trade. Alef, an edu-tech firm, ended 12.6% lower than its initial public offering price of 1.35 dirham per share in its market debut on Wednesday.
Saudi Arabia's benchmark stock index (.TASI), opens new tab slipped 0.3%, weighed down by losses in most sectors. ACWA Power (2082.SE), opens new tab declined 3.5% and Middle East Pharmaceutical (4016.SE), opens new tab dropped 1.4%.
However, shares of the fintech firm Rasan Information Technology (8313.SE), opens new tab and aluminum products maker Al Taiseer Group Talco Industrial (4143.SE), opens new tab jumped 30% and 13.26% respectively compared to their IPO prices in market debut.
Rasan's stock traded at 48.10 riyals, well above its IPO price of 37 riyals, while Talco' shares were at 48.70 riyals, higher than its IPO price of 43 riyals.
Rasan's stock traded at 48.10 riyals, well above its IPO price of 37 riyals, while Talco' shares were at 48.70 riyals, higher than its IPO price of 43 riyals.
The Qatari benchmark index (.QSI), opens new tab was up 0.1%, helped by a 0.4% gain in Qatar National Bank(QNBK.QA), opens new tab, the region's largest lender, and a 0.9% increase in Gulf International Services (GISS.QA), opens new tab.