Dubai Said to Seek Up to $500 Million From ALEC Engineering’s IPO - Bloomberg
Dubai will seek up to $500 million from the initial public offering of ALEC Engineering & Contracting LLC, according to people familiar with the matter, as the emirate seeks to revive its privatization drive.
State-backed Investment Corp. of Dubai is looking sell shares in the construction company as early as mid-2025, the people said, declining to be identified while discussing confidential information. No final decisions have been taken, with details like size and exact timeline still under discussion, according to the people.
Bloomberg News previously reported that ALEC had picked Emirates NBD Capital and JPMorgan Chase & Co. to work on the planned offering, with Moelis & Co. advising ICD.
The firm may add banks to the roster of arrangers, the people said.
Representatives for ALEC did not respond to requests for comment. ICD could not be reached for comment.
ALEC’s IPO would be Dubai’s first state-backed listing since Parkin Co.’s blowout debut last year, and comes as part of the emirate’s push to deepen its capital markets.
Dubai Holding, an investment vehicle controlled by the emirate’s ruler, is preparing to list the residential and commercial units of its property portfolio separately, Bloomberg News has reported.
The deliberations come amid a boom in Dubai’s property market driven by the influx of millionaires, financial professionals and business leaders flocking to the emirate, lured by its low taxes and friendly visa regime.
The government’s privatization program has raised around $9 billion since it was launched in 2021, and has included the IPOs of a utility company, a taxi operator and a district cooling firm.
In neighboring Abu Dhabi, wealth fund ADQ is preparing to sell shares in Etihad, which could become the first major airline to be listed in the Gulf. IT services firm Alpha Data is also working with banks on an IPO in Abu Dhabi.
Tuesday, 4 February 2025
Most Gulf markets gain despite trade war fears | Reuters
Most Gulf markets gain despite trade war fears | Reuters
Most stock markets in the Gulf ended higher on Tuesday as investors focused on upcoming corporate earnings, despite escalating trade tensions between the U.S. and China.
China slapped tariffs on U.S. imports in a swift response to new U.S. duties on Chinese goods, renewing a trade war between the world's top two economies even as President Donald Trump offered reprieves to Mexico and Canada.
An additional 10% tariff on all Chinese imports into the U.S. came into effect at 12:01 a.m. ET on Tuesday (0501 GMT) after Trump repeatedly warned Beijing it was not doing enough to halt the flow of illicit drugs into the United States.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.5%, led by a 1.6% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.4% increase in Saudi Telecom Company (7010.SE), opens new tab.
The kingdom's non-oil business sector expanded at its strongest pace in just over a decade in January, driven by a surge in new orders and robust business activity, a survey showed on Tuesday.
Dubai's main share index (.DFMGI), opens new tab rose 0.7%, with toll operator Salik Company (SALIK.DU), opens new tab jumping 3.5% and blue-chip developer Emaar Properties (EMAR.DU), opens new tab advancing 0.7%.
Dubai's market continued its recovery following a period of uncertainty. Investor optimism about upcoming fourth-quarter earnings drove positive performance across most sectors, particularly in financials and real estate, said Milad Azar, market analyst at XTB MENA.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged higher 0.1%, supported by a 0.4% gain in Borouge (BOROUGE.AD), opens new tab after it reported a sharp rise in fourth-quarter profit.
The petrochemical firm also proposed a second-half dividend of 7.9 fils per share.
Crude prices fell as U.S. tariffs on China took effect and Beijing retaliated with its own measures, heightening trade war fears.
The Qatari index (.QSI), opens new tab finished 0.3% higher, with Qatar Gas Transport Nakilat (QGTS.QA), opens new tab climbing 2.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.3%, hit by a 1.3% fall in Talaat Moustafa Group Holding (TMGH.CA), opens new tab.
Most stock markets in the Gulf ended higher on Tuesday as investors focused on upcoming corporate earnings, despite escalating trade tensions between the U.S. and China.
China slapped tariffs on U.S. imports in a swift response to new U.S. duties on Chinese goods, renewing a trade war between the world's top two economies even as President Donald Trump offered reprieves to Mexico and Canada.
An additional 10% tariff on all Chinese imports into the U.S. came into effect at 12:01 a.m. ET on Tuesday (0501 GMT) after Trump repeatedly warned Beijing it was not doing enough to halt the flow of illicit drugs into the United States.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.5%, led by a 1.6% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.4% increase in Saudi Telecom Company (7010.SE), opens new tab.
The kingdom's non-oil business sector expanded at its strongest pace in just over a decade in January, driven by a surge in new orders and robust business activity, a survey showed on Tuesday.
Dubai's main share index (.DFMGI), opens new tab rose 0.7%, with toll operator Salik Company (SALIK.DU), opens new tab jumping 3.5% and blue-chip developer Emaar Properties (EMAR.DU), opens new tab advancing 0.7%.
Dubai's market continued its recovery following a period of uncertainty. Investor optimism about upcoming fourth-quarter earnings drove positive performance across most sectors, particularly in financials and real estate, said Milad Azar, market analyst at XTB MENA.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged higher 0.1%, supported by a 0.4% gain in Borouge (BOROUGE.AD), opens new tab after it reported a sharp rise in fourth-quarter profit.
The petrochemical firm also proposed a second-half dividend of 7.9 fils per share.
Crude prices fell as U.S. tariffs on China took effect and Beijing retaliated with its own measures, heightening trade war fears.
The Qatari index (.QSI), opens new tab finished 0.3% higher, with Qatar Gas Transport Nakilat (QGTS.QA), opens new tab climbing 2.9%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.3%, hit by a 1.3% fall in Talaat Moustafa Group Holding (TMGH.CA), opens new tab.
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