Sunday, 13 October 2024
#SaudiArabia: Human Resource Firm Tamkeen’s IPO Fully Covered in First Hour - Bloomberg
Saudi Arabia: Human Resource Firm Tamkeen’s IPO Fully Covered in First Hour - Bloomberg
Saudi Arabia-based manpower provider Tamkeen Human Resources Co. got enough bids from investors to fully cover its initial public offering in the first hour after books opened Sunday, according to people familiar with the matter.
Tamkeen is seeking to raise up to 398 million riyals ($106 million) by selling a 30% stake, or 7.95 million shares, on the local stock exchange, the company said in a statement earlier. Institutional investors covered the order book across the price range of 46 riyals to 50 riyals a share, people familiar said, asking not to be identified.
Representatives for the firm didn’t immediately respond to requests for comment.
The offer period and book building for institutional investors will end Oct. 17. The retail subscription period will run from Nov. 5 to Nov. 6.
Tamkeen’s IPO is the latest in a series of stock offerings to be rapidly covered by investors, indicating that activity in the kingdom’s equity market will stay brisk throughout the end of 2024.
So far this year equity offerings in the country have raised over $15 billion, largely driven by Saudi Aramco’s secondary share sale, one of the biggest deals of its kind of the year. The Aramco offer was also sold out within hours, as was the $763 million IPO of local hospital group Dr. Soliman Abdul Kader Fakeeh Hospital earlier this year.
Saudi Arabia-based manpower provider Tamkeen Human Resources Co. got enough bids from investors to fully cover its initial public offering in the first hour after books opened Sunday, according to people familiar with the matter.
Tamkeen is seeking to raise up to 398 million riyals ($106 million) by selling a 30% stake, or 7.95 million shares, on the local stock exchange, the company said in a statement earlier. Institutional investors covered the order book across the price range of 46 riyals to 50 riyals a share, people familiar said, asking not to be identified.
Representatives for the firm didn’t immediately respond to requests for comment.
The offer period and book building for institutional investors will end Oct. 17. The retail subscription period will run from Nov. 5 to Nov. 6.
Tamkeen’s IPO is the latest in a series of stock offerings to be rapidly covered by investors, indicating that activity in the kingdom’s equity market will stay brisk throughout the end of 2024.
So far this year equity offerings in the country have raised over $15 billion, largely driven by Saudi Aramco’s secondary share sale, one of the biggest deals of its kind of the year. The Aramco offer was also sold out within hours, as was the $763 million IPO of local hospital group Dr. Soliman Abdul Kader Fakeeh Hospital earlier this year.
#UAE: #Dubai Jobs Boom Boosts Expat Population, Strains Infrastructure - Bloomberg
UAE: Dubai Jobs Boom Boosts Expat Population, Strains Infrastructure - Bloomberg
The extent of Dubai’s post-pandemic rebound was on display late last month. On the same day that Africa’s richest man unveiled plans to set up his family office, Santander Group became the latest firm to bolster its wealth offering in the emirate.
But while an influx of expatriates chasing high-paying jobs is boosting the Middle Eastern business hub’s nearly $115 billion economy, it’s also exposing the limitations of Dubai’s infrastructure. The city is home to 3.8 million now, and that’s expected to surge to 5.8 million by 2040.
That would bring Dubai’s population closer to Singapore’s and mark a turnaround from the pandemic years. Since 2020, about 400,000 people have arrived, drawn by low taxes, safety and proximity to major markets.
The growth has stoked the economy, and that’s helped propel Dubai’s benchmark index into the ranks of the best global performers this year, led by state-backed Emirates NBD Bank PJSC, toll operator Salik and Dubai Electricity & Water Authority.
But it’s come at a cost.
The glut of traders, lawyers and bankers willing to fork out premium prices is pushing up property values and rents, while intensifying competition for school admissions. Public transport is limited and roads are routinely jammed — though Dubai still fares better than London, New York and Riyadh on time lost per year in rush hour traffic, according to data from TomTom.
Monica Malik, chief economist at Abu Dhabi Commercial Bank PJSC, sees the pace of growth continuing through this decade. “The lifestyle, ease of doing business and the personal income tax environment are all factors supporting this ongoing expansion,” she said. “We expect to see significant investment to support the livability.”
Dubai has ambitions to be a top three city globally by standard of living, according to a spokesperson for the Dubai Media Office. Its 2040 urban master plan aims to make the city more sustainable, while Social Agenda 33, launched in this year, focuses on enhancing education, healthcare, and social services. Among the emirate’s projects are a $5 billion expansion of the metro and an $8.2 billion drainage network, after extreme rains in April flooded highways, homes and businesses.
The extent of Dubai’s post-pandemic rebound was on display late last month. On the same day that Africa’s richest man unveiled plans to set up his family office, Santander Group became the latest firm to bolster its wealth offering in the emirate.
But while an influx of expatriates chasing high-paying jobs is boosting the Middle Eastern business hub’s nearly $115 billion economy, it’s also exposing the limitations of Dubai’s infrastructure. The city is home to 3.8 million now, and that’s expected to surge to 5.8 million by 2040.
That would bring Dubai’s population closer to Singapore’s and mark a turnaround from the pandemic years. Since 2020, about 400,000 people have arrived, drawn by low taxes, safety and proximity to major markets.
The growth has stoked the economy, and that’s helped propel Dubai’s benchmark index into the ranks of the best global performers this year, led by state-backed Emirates NBD Bank PJSC, toll operator Salik and Dubai Electricity & Water Authority.
But it’s come at a cost.
The glut of traders, lawyers and bankers willing to fork out premium prices is pushing up property values and rents, while intensifying competition for school admissions. Public transport is limited and roads are routinely jammed — though Dubai still fares better than London, New York and Riyadh on time lost per year in rush hour traffic, according to data from TomTom.
Monica Malik, chief economist at Abu Dhabi Commercial Bank PJSC, sees the pace of growth continuing through this decade. “The lifestyle, ease of doing business and the personal income tax environment are all factors supporting this ongoing expansion,” she said. “We expect to see significant investment to support the livability.”
Dubai has ambitions to be a top three city globally by standard of living, according to a spokesperson for the Dubai Media Office. Its 2040 urban master plan aims to make the city more sustainable, while Social Agenda 33, launched in this year, focuses on enhancing education, healthcare, and social services. Among the emirate’s projects are a $5 billion expansion of the metro and an $8.2 billion drainage network, after extreme rains in April flooded highways, homes and businesses.
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