Delivery Hero plans IPO of Middle East unit, shares rise
Delivery Hero is preparing an initial public offering (IPO) of its lucrative Emirati subsidiary Talabat on the Dubai stock exchange, the German food delivery company said, boosting its shares on Thursday.
Delivery Hero's shares opened 7% higher, but pared gains to trade up 3% at 0839 GMT. The shares have fallen around 85% from their January 2021 highs as investors shunned food delivery stocks after a pandemic frenzy.
"We think it's a good time for us to be having regional investors participate in this business," interim finance chief Marie-Anne Popp told Reuters, without providing details on how the company intends to use proceeds from the IPO.
The Berlin-based firm could use the cash to reduce its 4 billion euro ($4.4 billion) debt, Barclays analysts said.
Delivery Hero plans to list its fastest-growing unit on the Dubai Financial Market in the fourth quarter by selling existing shares in Talabat while retaining a majority stake.
"We see news of the IPO of Talabat as being the main driver of a positive response," Jefferies analysts said in a note.
If the IPO is successful, it would help to improve Delivery Hero's balance sheet after the sale of its Asian subsidiary foodpanda, they said, adding it would also shine a light on a quality asset that is now somewhat lost in the group's corporate structure.
Delivery Hero's sales in the Middle East and North Africa (MENA) region jumped 31% to 874 million euros in the second quarter, growing faster than other regions, according to a statement that came shortly after the IPO announcement.
Last year, Talabat's gross merchandise value (GMV), a metric for delivery firms measuring the total value of all goods sold, hit 5 billion euros.
Talabat serves customers across the Middle East region in countries such as Bahrain, Egypt, Iraq, Jordan, Kuwait, Oman, Qatar, Saudi Arabia and United Arab Emirates.
Thursday, 29 August 2024
Shenzhen and #Dubai pledge to increase cross-border ETF investing
Shenzhen and Dubai pledge to increase cross-border ETF investing
The Shenzhen Stock Exchange and Dubai Financial Market have signed a memorandum of understanding to promote cross-border investing in China and the United Arab Emirates, including in the area of exchange traded funds.
The Shenzhen Stock Exchange and Dubai Financial Market have signed a memorandum of understanding to promote cross-border investing in China and the United Arab Emirates, including in the area of exchange traded funds.
The cities’ exchanges will also collaborate on dual-listings, shared displays of indices and fixed-income offerings, and helping investors tap the secondary markets of both nations, according to their announcement.
The bourses will jointly host roadshows and seminars, and conduct research and training to bolster their respective capital markets and enhance trading opportunities for listed companies. They will also work jointly on market and product development and regulation, and environmental, social and governance practices.
Hamed Ali, chief executive of DFM and Nasdaq Dubai, said the MOU was “a pivotal step in strengthening our cross-border ties, driving global investment opportunities and enhancing market accessibility”.
Most Gulf markets gain on US rate cut hopes | Reuters
Most Gulf markets gain on US rate cut hopes | Reuters
Most stock markets in the Gulf ended higher on Thursday supported by expectations for the U.S. central bank to start cutting interest rates next month, although rising geopolitical tensions weighed on sentiment.
Data on Thursday showed the world's largest economy grew a little faster than expected in the second quarter, adding to growing expectations that the United States could avoid recession, or go through just a mild one.
Separately, a Labor Department report showed initial claims for unemployment benefits for the week ending Aug. 24 stood at 231,000, marginally lower than estimates of 232,000 as per economists polled by Reuters.
Monetary policy in the six-member Gulf Cooperation Council (GCC), including the UAE, is usually guided by the Federal Reserve's decisions, as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.2%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab rising 1% and Al Rajhi Bank (1120.SE), opens new tab increasing 1.6%.
Dubai's main share index (.DFMGI), opens new tab added 0.2%, with toll operator Salik (SALIK.DU), opens new tab advancing 5.2%.
In Qatar, the benchmark (.QSI), opens new tab closed 0.7% higher, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab rising 1.2%.
The Abu Dhabi index (.FTFADGI), opens new tab retreated 0.6%, weighed down by a 0.3% fall in top lender First Abu Dhabi Bank (FAB.AD), opens new tab.
In the Middle East, fighting continued in the Gaza Strip between Israel and Hamas militants, with no signs yet of a concrete breakthrough in ceasefire talks in Cairo.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.2%, helped by a 3.9% rise in Talaat Mostafa Holding (TMGH.CA), opens new tab.
Meanwhile, lending to the government by Egypt's central bank continued to climb in the last fiscal year, according to the central bank's newly released annual budget, even as inflation has slid from an all-time peak in September.
Most stock markets in the Gulf ended higher on Thursday supported by expectations for the U.S. central bank to start cutting interest rates next month, although rising geopolitical tensions weighed on sentiment.
Data on Thursday showed the world's largest economy grew a little faster than expected in the second quarter, adding to growing expectations that the United States could avoid recession, or go through just a mild one.
Separately, a Labor Department report showed initial claims for unemployment benefits for the week ending Aug. 24 stood at 231,000, marginally lower than estimates of 232,000 as per economists polled by Reuters.
Monetary policy in the six-member Gulf Cooperation Council (GCC), including the UAE, is usually guided by the Federal Reserve's decisions, as most regional currencies are pegged to the U.S. dollar.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.2%, with aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab rising 1% and Al Rajhi Bank (1120.SE), opens new tab increasing 1.6%.
Dubai's main share index (.DFMGI), opens new tab added 0.2%, with toll operator Salik (SALIK.DU), opens new tab advancing 5.2%.
In Qatar, the benchmark (.QSI), opens new tab closed 0.7% higher, with the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab rising 1.2%.
The Abu Dhabi index (.FTFADGI), opens new tab retreated 0.6%, weighed down by a 0.3% fall in top lender First Abu Dhabi Bank (FAB.AD), opens new tab.
In the Middle East, fighting continued in the Gaza Strip between Israel and Hamas militants, with no signs yet of a concrete breakthrough in ceasefire talks in Cairo.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.2%, helped by a 3.9% rise in Talaat Mostafa Holding (TMGH.CA), opens new tab.
Meanwhile, lending to the government by Egypt's central bank continued to climb in the last fiscal year, according to the central bank's newly released annual budget, even as inflation has slid from an all-time peak in September.
#Dubai Real Estate: Binghatti Says Rich Turks, Egyptians Fueling Property Boom - Bloomberg
Dubai Real Estate: Binghatti Says Rich Turks, Egyptians Fueling Property Boom - Bloomberg
The Dubai developer building what’s set to be the world’s tallest residential tower is betting on an influx of rich buyers fleeing currency instability in Turkey and Egypt to help drive demand.
Binghatti Properties is planning around 12,000 homes across the city over the next two years, Muhammad Binghatti, the chairman of the privately-owned developer said in an interview. That’s over and above the 9,000 homes it’s already building, and the $1 billion it’s set to spend on construction in the next 18 months.
“Many of our investors want to put some of their wealth outside their countries to protect themselves against currency fluctuations,” Binghatti said. “They’ve stood by and watched the capital gains in Dubai over the past few years, which they missed out on.”
The firm has seen a 20% increase in the number of Turkish and Egyptian buyers from last year, making them among the top international buyers of Binghatti properties, he said.
The Turkish lira has surrendered 95% of its value since 2012 driven by unorthodox monetary policies. The Egyptian pound has plunged 68% since early 2022 as policymakers resorted to four devaluations to combat an economic crisis.
The Dubai developer building what’s set to be the world’s tallest residential tower is betting on an influx of rich buyers fleeing currency instability in Turkey and Egypt to help drive demand.
Binghatti Properties is planning around 12,000 homes across the city over the next two years, Muhammad Binghatti, the chairman of the privately-owned developer said in an interview. That’s over and above the 9,000 homes it’s already building, and the $1 billion it’s set to spend on construction in the next 18 months.
“Many of our investors want to put some of their wealth outside their countries to protect themselves against currency fluctuations,” Binghatti said. “They’ve stood by and watched the capital gains in Dubai over the past few years, which they missed out on.”
The firm has seen a 20% increase in the number of Turkish and Egyptian buyers from last year, making them among the top international buyers of Binghatti properties, he said.
The Turkish lira has surrendered 95% of its value since 2012 driven by unorthodox monetary policies. The Egyptian pound has plunged 68% since early 2022 as policymakers resorted to four devaluations to combat an economic crisis.
NMDC Group unit's $877mln IPO opens in #AbuDhabi on Friday
NMDC Group unit's $877mln IPO opens in Abu Dhabi on Friday
UAE construction and dredging services firm NMDC Group, which is backed by International Holding Company’s Alpha Dhabi Holding, has secured approvals to proceed with its subsidiary’s $877 million initial public offering (IPO).
The Abu Dhabi Securities Exchange (ADX) and the Securities and Commodities Authority (SCA) have given the go-ahead for the offering of 1.150 billion shares in NMDC Energy at AED 2.8 ($0.76) per share, the group confirmed on Wednesday.
The shares will be up for subscription from Friday, August 30 for individual investors in the UAE. The subscription will remain open until September 4 for qualified and professional investors.
The new share sale is expected to outpace the proceeds raised by Alef Education Holding. The EdTech's $515 million IPO is so far the biggest in the UAE this year.
NMDC Energy is a key subsidiary of NMDC Group, which is backed by IHC unit Alpha Dhabi Holding.
The NMDC subsidiary’s portfolio includes manufacturing facilities in Abu Dhabi, covering 1.3 million square metres. It has a backlog valued at around AED 54 billion, spanning various sectors and regions, as of June this year.
It provides integrated solutions in the energy sector, including engineering, procurement and construction services.
UAE construction and dredging services firm NMDC Group, which is backed by International Holding Company’s Alpha Dhabi Holding, has secured approvals to proceed with its subsidiary’s $877 million initial public offering (IPO).
The Abu Dhabi Securities Exchange (ADX) and the Securities and Commodities Authority (SCA) have given the go-ahead for the offering of 1.150 billion shares in NMDC Energy at AED 2.8 ($0.76) per share, the group confirmed on Wednesday.
The shares will be up for subscription from Friday, August 30 for individual investors in the UAE. The subscription will remain open until September 4 for qualified and professional investors.
The new share sale is expected to outpace the proceeds raised by Alef Education Holding. The EdTech's $515 million IPO is so far the biggest in the UAE this year.
NMDC Energy is a key subsidiary of NMDC Group, which is backed by IHC unit Alpha Dhabi Holding.
The NMDC subsidiary’s portfolio includes manufacturing facilities in Abu Dhabi, covering 1.3 million square metres. It has a backlog valued at around AED 54 billion, spanning various sectors and regions, as of June this year.
It provides integrated solutions in the energy sector, including engineering, procurement and construction services.