UAE IT Services Company Alpha Data Lines Up Abu Dhabi IPO - Bloomberg
United Arab Emirates-based Alpha Data announced plans for an initial public offering, as listings across the Middle East gather pace.
The IT services company will sell a 40% stake, or up to 400 million shares, in Abu Dhabi, according to the terms of the deal seen by Bloomberg. The subscription period will start from Feb. 20 and the firm is expected to be listed around March 11.
EFG Hermes and Emirates NBD Capital are joint global coordinators on the share sale, and Abu Dhabi Commercial Bank is joint bookrunner. The company is aiming to raise at least $200 million from the deal, Bloomberg News reported last year.
Established in 1981 by Jordanian national Fayez Ibbini, Alpha Data’s technologies include artificial intelligence, security, big data and cloud services, according to its website.
The company plans to pay a dividend of 130 million dirhams ($35 million) for the financial year ending 31 December 2025, payable in two equal instalments, according to the deal terms.
Alpha Data’s compound annual revenue growth rate has been around 23% between 2021 and 2024, and this year has started positively, especially with the tailwind from agentic AI, Ibbini said in an interview with Bloomberg News.
The firm has been in talks with at least four regional investors who may anchor the transaction, he added.
Firms raised over $6 billion with new share sales in the UAE last year — boosted by jumbo listings from LuLu Retail Holdings Plc and Talabat Holding Plc — making it the busiest IPO venue in the Persian Gulf.
The momentum is set to continue, with Etihad Airways PJSC lining up a $1 billion IPO in Abu Dhabi that will make it the first major Gulf carrier to be listed. In neighboring Dubai, an investment vehicle controlled by the emirate’s ruler is preparing to list two separate real estate portfolios, and state-backed Investment Corp. of Dubai is looking sell shares in a construction company.
Neighboring Saudi Arabia has already seen a burst of IPO activity in the first few weeks of 2025. An online brokerage, a Mecca-based developer and a poultry producer have announced plans to sell shares to the public.
Alpha Data operates in the UAE, Qatar and Saudi Arabia and employs 1,500 people.
Thursday, 13 February 2025
Gulf bourses end mixed with US data in focus | Reuters
Gulf bourses end mixed with US data in focus | Reuters
Stock markets in the Gulf ended mixed on Thursday as investors monitored developments in U.S. tariff plans and the possible repercussions for global trade, ahead of key U.S. economic data due later in the day.
U.S. President Donald Trump has said he would impose reciprocal tariffs on every country that charges duties on U.S. imports, spurring concern over a widening global trade war and a possible acceleration of U.S. inflation.
Saudi Arabia's benchmark index (.TASI), opens new tab erased early losses to end flat.
Dubai's main share index (.DFMGI), opens new tab gained 0.3%, helped by a 3.9% rise in toll operator Salik Company (SALIK.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab closed flat, with food and drinks group Agthia (AGTHIA.AD), opens new tab plunging about 10%, the most on the index, despite reporting a bigger annual profit.
Oil prices, a catalyst for the Gulf's financial markets, fell 1% as a potential peace deal between Russia and Ukraine continued to exert downward pressure, along with rising U.S. crude inventories.
The Qatari index (.QSI), opens new tab gained 0.2%, with Qatar Islamic Bank (QISB.QA), opens new tab rising 0.9%.
Data on Wednesday showed the U.S. consumer price index increased more than expected in January, reinforcing the Federal Reserve's message that it was in no rush to resume rate cuts. Producer Price Index (PPI) data is due at 1330 GMT.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions, as most regional currencies are pegged to the dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 1.1%, led by a 5.4% advance in tobacco monopoly Eastern Company (EAST.CA), opens new tab.
Meanwhile, Egypt's President Abdel Fatah al-Sisi won't visit the White House if the agenda includes Trump's plan to relocate Palestinians from Gaza, according to Egyptian security sources.
Trump's plan to take over Gaza, displace 2 million Palestinians and create a "Riviera of the Middle East" has ignited Arab world outrage.
Stock markets in the Gulf ended mixed on Thursday as investors monitored developments in U.S. tariff plans and the possible repercussions for global trade, ahead of key U.S. economic data due later in the day.
U.S. President Donald Trump has said he would impose reciprocal tariffs on every country that charges duties on U.S. imports, spurring concern over a widening global trade war and a possible acceleration of U.S. inflation.
Saudi Arabia's benchmark index (.TASI), opens new tab erased early losses to end flat.
Dubai's main share index (.DFMGI), opens new tab gained 0.3%, helped by a 3.9% rise in toll operator Salik Company (SALIK.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab closed flat, with food and drinks group Agthia (AGTHIA.AD), opens new tab plunging about 10%, the most on the index, despite reporting a bigger annual profit.
Oil prices, a catalyst for the Gulf's financial markets, fell 1% as a potential peace deal between Russia and Ukraine continued to exert downward pressure, along with rising U.S. crude inventories.
The Qatari index (.QSI), opens new tab gained 0.2%, with Qatar Islamic Bank (QISB.QA), opens new tab rising 0.9%.
Data on Wednesday showed the U.S. consumer price index increased more than expected in January, reinforcing the Federal Reserve's message that it was in no rush to resume rate cuts. Producer Price Index (PPI) data is due at 1330 GMT.
Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the Fed's decisions, as most regional currencies are pegged to the dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 1.1%, led by a 5.4% advance in tobacco monopoly Eastern Company (EAST.CA), opens new tab.
Meanwhile, Egypt's President Abdel Fatah al-Sisi won't visit the White House if the agenda includes Trump's plan to relocate Palestinians from Gaza, according to Egyptian security sources.
Trump's plan to take over Gaza, displace 2 million Palestinians and create a "Riviera of the Middle East" has ignited Arab world outrage.
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