Saudi Firms Continue With IPO Plans Unfazed by Market Volatility - Bloomberg
Saudi Arabia is set to see a slew of companies test investor appetite for initial public offerings over the coming weeks, a sign that the kingdom’s deal pipeline is holding up so far despite the global market volatility fueled by US President Donald Trump’s tariffs.
Companies including Flynas, an airline backed by billionaire Prince Alwaleed bin Talal, and Ejada Systems, a fintech company owned by the one of the country’s biggest banks, are considering launching new share sales as early as this month, according to people familiar with the matter.
Hospital operator Specialized Medical Co. has also held discussions about potentially unveiling an IPO in coming weeks, some of the people said, declining to be named while discussing confidential information. The firm has spoken to investors over the past some days, the people said.
No final decisions have been made on the timing of any of these offerings, and plans could still change. Any new deals would follow Paper manufacturer United Carton Industries Co., which kicked off a listing on the local stock market Tuesday and is looking to raise up to $200 million, people familiar with the matter said.
Representatives for Flynas, Ejada, SMC and United Carton declined to comment.
Gym chain operator Sports Club Co., Al Majed Real Estate Co. and Marketing Home Group Co. also have regulatory approval to list in Saudi Arabia. Coffee chain Barn’s has, meanwhile, started work on an IPO in Riyadh as it seeks to expand its footprint in the Middle East.
The region has been a hub for listings over the past few years while volumes dropped globally. Bankers in the Gulf have said their deal pipelines for the quarter haven’t yet been impacted by market turbulence, adding that the region is relatively insulated from tariffs and linked to fast-growing economies.
While there was a brief consolidation in stocks after last week’s turmoil, traders are once again grappling with a slew of tariff headlines, including Trump launching a probe into the need for levies on critical minerals.
The flip flops have roiled global markets this month as investors struggle to take long-term positions due to the unpredictability of policy announcements from Washington.
The energy-exporting region — particularly Saudi Arabia — also faces a threat from lower oil prices.
Saudi companies have raised just under $2 billion so far this year with new listings, on the back of a $4 billion haul in 2024. Fifteen companies listed on the main bourse last year, the most since 2022, according to exchange operator Saudi Tadawul Group.
Wednesday, 16 April 2025
Industry groups in #Oman, Netherlands, Germany strike green hydrogen deal | Reuters
Industry groups in Oman, Netherlands, Germany strike green hydrogen deal | Reuters
Major industrial groups from Oman, the Netherlands and Germany have signed an agreement for the development of the world’s first liquid hydrogen import corridor, Tata Steel Nederland said on Wednesday.
The corridor will link the port of Duqm in Oman, the port of Amsterdam in the Netherlands, and key logistics hubs in Germany, including the port of Duisburg, the Dutch arm of the Indian steel maker said in a statement.
It aims to enable the import of green hydrogen - produced using renewable energy - to Europe, it added.
“This partnership reflects Oman’s commitment to playing a leading role in the global green hydrogen economy, while strengthening ties with Europe to support its sustainable clean energy transition,” Oman’s Minister of Energy and Minerals Salim Nasser Al Aufi said.
Oman has been investing to support its decarbonization targets, with the aim of producing at least 1 million tons of renewable hydrogen a year by 2030, according to a report published by the IEA in 2023.
The sultanate “is on track to become the sixth-largest exporter of hydrogen globally, and the largest in the Middle East, by 2030,” the report states.
The agreement was signed by 11 parties during a visit by the Sultan of Oman to the Netherlands. It includes several infrastructure projects along the corridor, notably export and import facilities in the ports of Duqm, Amsterdam and Duisburg, as well as pipe and rail networks for the transport of gaseous and liquid hydrogen.
Tata Steel has been in talks with the Dutch government for more than a year about subsidies for its plans to cut pollution at its large plant in IJmuiden, on the coast west of Amsterdam. Tata has promised to convert the steel mill, one of the largest polluters in the Netherlands, to a cleaner one powered by natural gas or hydrogen.
"In our role as a large potential buyer, we can contribute to the development of a sustainable economy based on green hydrogen in our region," said Hans van den Berg, CEO of Tata Steel Nederland.
Major industrial groups from Oman, the Netherlands and Germany have signed an agreement for the development of the world’s first liquid hydrogen import corridor, Tata Steel Nederland said on Wednesday.
The corridor will link the port of Duqm in Oman, the port of Amsterdam in the Netherlands, and key logistics hubs in Germany, including the port of Duisburg, the Dutch arm of the Indian steel maker said in a statement.
It aims to enable the import of green hydrogen - produced using renewable energy - to Europe, it added.
“This partnership reflects Oman’s commitment to playing a leading role in the global green hydrogen economy, while strengthening ties with Europe to support its sustainable clean energy transition,” Oman’s Minister of Energy and Minerals Salim Nasser Al Aufi said.
Oman has been investing to support its decarbonization targets, with the aim of producing at least 1 million tons of renewable hydrogen a year by 2030, according to a report published by the IEA in 2023.
The sultanate “is on track to become the sixth-largest exporter of hydrogen globally, and the largest in the Middle East, by 2030,” the report states.
The agreement was signed by 11 parties during a visit by the Sultan of Oman to the Netherlands. It includes several infrastructure projects along the corridor, notably export and import facilities in the ports of Duqm, Amsterdam and Duisburg, as well as pipe and rail networks for the transport of gaseous and liquid hydrogen.
Tata Steel has been in talks with the Dutch government for more than a year about subsidies for its plans to cut pollution at its large plant in IJmuiden, on the coast west of Amsterdam. Tata has promised to convert the steel mill, one of the largest polluters in the Netherlands, to a cleaner one powered by natural gas or hydrogen.
"In our role as a large potential buyer, we can contribute to the development of a sustainable economy based on green hydrogen in our region," said Hans van den Berg, CEO of Tata Steel Nederland.
Gulf bourses end mixed on trade war worries | Reuters
Gulf bourses end mixed on trade war worries | Reuters
Stock markets in the Gulf closed mixed on Wednesday after U.S. President Donald Trump ordered a probe into potential new tariffs on U.S. critical mineral imports and amid concerns about the economic impact of the U.S.-China trade war.
Trump's probe was viewed as an attempt to push back on leading critical minerals producer China, and comes on top of reviews into pharmaceutical and chip imports.
Saudi Arabia's benchmark index (.TASI), opens new tab added 0.2%, helped by a 0.5% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.5% increase in top lender Saudi National Bank (1180.SE), opens new tab.
Separately, United Carton Industries Company on Tuesday announced plans to float a 30% stake on the Saudi Exchange's main market, in what would be the first initial public offering since trade tensions sparked a selloff in the kingdom's equity markets.
Dubai's main share index (.DFMGI), opens new tab dropped 0.5%, weighed down by a 1.2% slide in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 2% decline in top lender Emirates NBD (ENBD.DU), opens new tab.
Trump has ratcheted up tariffs on Chinese goods to eye-watering levels, prompting Beijing to slap retaliatory duties on U.S. imports in an intensifying trade war between the world's two biggest economies that markets fear will lead to a global recession.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.3%.
On the other hand, oil prices rose 1%, reversing early losses as the market took a bullish view on China's stance on potential trade talks with the United States, though gains were capped by continuing fears that the trade war will curb energy demand.
The Qatari index (.QSI), opens new tab fell 0.2%, with Qatar Islamic Bank (QISB.QA), opens new tab retreating 1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab lost 0.5%, with EFG Holding (HRHO.CA), opens new tab falling 2%.
Meanwhile, Egypt's central bank is expected to cut overnight interest rates by 200 basis points on Thursday, but analysts say uncertainty about the impact of U.S. tariffs on the global economy is likely to make it move cautiously despite plunging Egyptian inflation, a Reuters poll shows.
Stock markets in the Gulf closed mixed on Wednesday after U.S. President Donald Trump ordered a probe into potential new tariffs on U.S. critical mineral imports and amid concerns about the economic impact of the U.S.-China trade war.
Trump's probe was viewed as an attempt to push back on leading critical minerals producer China, and comes on top of reviews into pharmaceutical and chip imports.
Saudi Arabia's benchmark index (.TASI), opens new tab added 0.2%, helped by a 0.5% rise in Al Rajhi Bank (1120.SE), opens new tab and a 1.5% increase in top lender Saudi National Bank (1180.SE), opens new tab.
Separately, United Carton Industries Company on Tuesday announced plans to float a 30% stake on the Saudi Exchange's main market, in what would be the first initial public offering since trade tensions sparked a selloff in the kingdom's equity markets.
Dubai's main share index (.DFMGI), opens new tab dropped 0.5%, weighed down by a 1.2% slide in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 2% decline in top lender Emirates NBD (ENBD.DU), opens new tab.
Trump has ratcheted up tariffs on Chinese goods to eye-watering levels, prompting Beijing to slap retaliatory duties on U.S. imports in an intensifying trade war between the world's two biggest economies that markets fear will lead to a global recession.
In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.3%.
On the other hand, oil prices rose 1%, reversing early losses as the market took a bullish view on China's stance on potential trade talks with the United States, though gains were capped by continuing fears that the trade war will curb energy demand.
The Qatari index (.QSI), opens new tab fell 0.2%, with Qatar Islamic Bank (QISB.QA), opens new tab retreating 1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab lost 0.5%, with EFG Holding (HRHO.CA), opens new tab falling 2%.
Meanwhile, Egypt's central bank is expected to cut overnight interest rates by 200 basis points on Thursday, but analysts say uncertainty about the impact of U.S. tariffs on the global economy is likely to make it move cautiously despite plunging Egyptian inflation, a Reuters poll shows.
Subscribe to:
Comments (Atom)