Green Power Firm Masdar to Stay Private Despite Abu Dhabi IPO Rush - Bloomberg
The chief executive officer of Abu Dhabi’s largest renewables company said he prefers to stay private for now because the company is well funded — despite the regional boom in initial public offerings.
“If you have capital and it’s sufficient, why do you want to go public?” Masdar CEO Mohamed Jameel Al Ramahi said in an interview. “It adds more complexity on management.”
The company is planning $50 billion of new investments to reach its target of 100 gigawatts of clean power projects in which it holds stakes. The company plans to use about $15 billion of its own cash for the outlay, and is positioned to achieve the requirement, taking away the need for raising funds from a share sale, the CEO said.
Abu Dhabi, like several other Middle Eastern capitals, has encouraged state-backed and private companies to list locally in an effort to deepen equity markets. It’s resulted in a flurry of IPOs that helped drive stocks in the United Arab Emirates to over the $1 trillion mark last year.
Abu Dhabi’s flag carrier Etihad Airways is among companies that are weighing an IPO. Etihad’s CEO Antonoaldo Neves has said the company is ready to list whenever shareholder ADQ decides, though it has no immediate funding needs.
“We are blessed with three strong shareholders, and we are blessed to have partners and financial institutions and investors through our bonds to back our growth story,” Al Ramahi said. “In essence, to achieve my 100 gigawatt target, I don’t need to go public.”
Masdar builds its portfolio through acquisitions financed through its state-run shareholders, Abu Dhabi National Energy Co., known as Taqa; Mubadala Investment Co. and Abu Dhabi National Oil Co. It also builds new projects, which are mostly funded through a mix of project debt and green bonds.
Having acquired large renewable energy companies in Spain and Greece last year, Masdar intends to build its European portfolio through these platforms, Al Ramahi said.
Masdar aims to grow its US portfolio to 25GW over the next few years. “Of the 25-gigawatts, the majority will come through Terra-Gen,” Al Ramahi said, referring to a US developer the company acquired last year. “But that doesn’t stop us from doing more on our own.”
While Masdar isn’t currently planning to list its shares, it could be ready at a moment’s notice, the CEO said. “If the shareholders want it, we can go public tomorrow,” said Al Ramahi, pointing to the company’s previous bond issuances and credit ratings.
Wednesday, 20 August 2025
#Saudi Arabian Contractor MGC Is Said to Explore Riyadh Listing - Bloomberg
Saudi Arabian Contractor MGC Is Said to Explore Riyadh Listing - Bloomberg
Saudi Arabia’s Mutlaq AlGhowairi Contracting Co. is weighing an initial public offering in Riyadh, according to people familiar with the matter, which could add to a wave of listings in the kingdom that’ve raised over $10 billion in the last two years.
The firm, known as MGC, is exploring a deal that could value it in the range of about 12 billion riyals ($3.2 billion) and 15 billion riyals, according to the people, who declined to be identified as the information is confidential.
Moelis & Co. is acting as a financial advisor on the potential transaction, while Al Rajhi Capital is arranging the deal, according to some of the people. MGC is also seeking to add more banks to the offering, which could launch as early as next year, one person said.
Discussions are preliminary, with no final decisions on the timing or size of the offering, and the firm may ultimately choose not to proceed.
Representatives for MGC did not respond to requests for comment. Al Rajhi Capital and Moelis declined to comment. Al Rajhi Capital’s role was first reported by local news outlet Argaam.
MGC develops water and road infrastructure, with clients including Neom, the futuristic desert city project, and several Saudi government ministries, according to its website. Like other contractors, the firm stands to benefit from a national push to expand water desalination and distribution networks in Saudi Arabia.
Saudi Arabia has been the Middle East’s most active market for IPOs this year, with firms raising about $3.5 billion. Still, performance has been uneven as investors scrutinize valuations amid a subdued oil price environment.
Saudi Arabia’s Mutlaq AlGhowairi Contracting Co. is weighing an initial public offering in Riyadh, according to people familiar with the matter, which could add to a wave of listings in the kingdom that’ve raised over $10 billion in the last two years.
The firm, known as MGC, is exploring a deal that could value it in the range of about 12 billion riyals ($3.2 billion) and 15 billion riyals, according to the people, who declined to be identified as the information is confidential.
Moelis & Co. is acting as a financial advisor on the potential transaction, while Al Rajhi Capital is arranging the deal, according to some of the people. MGC is also seeking to add more banks to the offering, which could launch as early as next year, one person said.
Discussions are preliminary, with no final decisions on the timing or size of the offering, and the firm may ultimately choose not to proceed.
Representatives for MGC did not respond to requests for comment. Al Rajhi Capital and Moelis declined to comment. Al Rajhi Capital’s role was first reported by local news outlet Argaam.
MGC develops water and road infrastructure, with clients including Neom, the futuristic desert city project, and several Saudi government ministries, according to its website. Like other contractors, the firm stands to benefit from a national push to expand water desalination and distribution networks in Saudi Arabia.
Saudi Arabia has been the Middle East’s most active market for IPOs this year, with firms raising about $3.5 billion. Still, performance has been uneven as investors scrutinize valuations amid a subdued oil price environment.
#Qatar: QFC records 64% year-on-year growth in H1 2025 registration
Qatar: QFC records 64% year-on-year growth in H1 2025 registration
Qatar Financial Centre (QFC) recorded a remarkable 64% increase in firm registrations in the first half (H1) of 2025 compared to the same period of 2024.
This growth reflects increased investor confidence in the Qatari market and reaffirms QFC's position as a trusted platform for doing business in the region.
With 828 new firms registered, QFC has almost surpassed its 2024 record, bringing the total number of registered firms to 3,300 by June 2025. Notably, QFC's regulated firms delivered strong performance, with Corporate & Investment Banks driving a 19% year-on-year increase in Assets Under Management (AUM).
QFC's H1 performance was supported by strategic reforms to facilitate market entry, targeted business development and stakeholder engagement efforts.
Measures such as simplifying the incorporation process, allowing applicants to instantly establish a legal entity and obtain a license for non-regulated activities, and reducing the application fee for licensing a business by 90% have significantly lowered entry barriers, encouraging more entrepreneurs to launch their businesses through the QFC platform.
During the first half of the year, QFC hosted and participated in over 15 events. Notable hosted and co-hosted events include the 3rd Annual Qatar Financial Market Forum powered by Bloomberg Intelligence, the Qatar Family Office Showcase, the QFC & Morgan Stanley Economic Workshop, the Digital Assets Policy Roundtable held on the sidelines of the Qatar Economic Forum, and the Qatar Islamic Finance Forum.
QFC also participated in major international events such as the Qatar Web Summit, and the World Economic Forum in Davos. These platforms were used to promote QFC's value proposition and highlight Qatar's competitive business environment to investors and relevant stakeholders.
QFC's presence at the 2025 Web Summit was particularly impactful. Between February and June 2025, 566 firms registered with the QFC through the Web Summit, a sharp rise from the 358 firms recorded during the previous edition.
QFC also expanded its network through strategic partnerships aimed at advancing its focus sectors, supporting economic development, facilitating cross-border investment, and enhancing its value proposition.
Memoranda of Understanding were signed with Qatar National Bank (QNB), German Mittelstand GCC, Gulf Capital Market Association (GCMA), Pakistan Software Export Board (PSEB), Rwanda Development Board (RDB), Cyprus Chamber of Commerce and Industry (CCCI), Hong Kong Trade Development Council (HKTDC), Financial Services Development Council (FSDC), and Ashmore Group.
In addition, QFC signed a Head of Terms with Hang Seng Indexes Company Limited (HSIL) and a service agreement with The View Hospital.
Further progress was made under the Innovation Dome, QFC's flagship initiative. During H1, 33 firms joined the Digital Assets Lab, which is spearheading collaborative projects in areas including Islamic finance, tokenized deposits, real estate tokenization, and blockchain-based rewards systems.
In addition, the QFC Metaverse was launched, an immersive digital platform designed to facilitate business engagement, collaboration, and innovation. It serves as a central hub for networking, showcasing new technologies, and hosting workshops, training sessions, and expert-led discussions.
Commenting on QFC's compounding growth, Chief Executive Officer of QFC, Yousuf Mohamed Al Jaida stated: We are pleased to see positive results from our ongoing efforts to enhance Qatar's business ecosystem and drive progress across sectors. Our focus remains on fostering an environment that attracts diverse businesses and supports sustainable growth. With this growth momentum, we continue to reinforce Qatar's position as a leading hub for innovation and investment in the region.
The Qatar Financial Centre (QFC) provides an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows up to 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits.
Qatar Financial Centre (QFC) recorded a remarkable 64% increase in firm registrations in the first half (H1) of 2025 compared to the same period of 2024.
This growth reflects increased investor confidence in the Qatari market and reaffirms QFC's position as a trusted platform for doing business in the region.
With 828 new firms registered, QFC has almost surpassed its 2024 record, bringing the total number of registered firms to 3,300 by June 2025. Notably, QFC's regulated firms delivered strong performance, with Corporate & Investment Banks driving a 19% year-on-year increase in Assets Under Management (AUM).
QFC's H1 performance was supported by strategic reforms to facilitate market entry, targeted business development and stakeholder engagement efforts.
Measures such as simplifying the incorporation process, allowing applicants to instantly establish a legal entity and obtain a license for non-regulated activities, and reducing the application fee for licensing a business by 90% have significantly lowered entry barriers, encouraging more entrepreneurs to launch their businesses through the QFC platform.
During the first half of the year, QFC hosted and participated in over 15 events. Notable hosted and co-hosted events include the 3rd Annual Qatar Financial Market Forum powered by Bloomberg Intelligence, the Qatar Family Office Showcase, the QFC & Morgan Stanley Economic Workshop, the Digital Assets Policy Roundtable held on the sidelines of the Qatar Economic Forum, and the Qatar Islamic Finance Forum.
QFC also participated in major international events such as the Qatar Web Summit, and the World Economic Forum in Davos. These platforms were used to promote QFC's value proposition and highlight Qatar's competitive business environment to investors and relevant stakeholders.
QFC's presence at the 2025 Web Summit was particularly impactful. Between February and June 2025, 566 firms registered with the QFC through the Web Summit, a sharp rise from the 358 firms recorded during the previous edition.
QFC also expanded its network through strategic partnerships aimed at advancing its focus sectors, supporting economic development, facilitating cross-border investment, and enhancing its value proposition.
Memoranda of Understanding were signed with Qatar National Bank (QNB), German Mittelstand GCC, Gulf Capital Market Association (GCMA), Pakistan Software Export Board (PSEB), Rwanda Development Board (RDB), Cyprus Chamber of Commerce and Industry (CCCI), Hong Kong Trade Development Council (HKTDC), Financial Services Development Council (FSDC), and Ashmore Group.
In addition, QFC signed a Head of Terms with Hang Seng Indexes Company Limited (HSIL) and a service agreement with The View Hospital.
Further progress was made under the Innovation Dome, QFC's flagship initiative. During H1, 33 firms joined the Digital Assets Lab, which is spearheading collaborative projects in areas including Islamic finance, tokenized deposits, real estate tokenization, and blockchain-based rewards systems.
In addition, the QFC Metaverse was launched, an immersive digital platform designed to facilitate business engagement, collaboration, and innovation. It serves as a central hub for networking, showcasing new technologies, and hosting workshops, training sessions, and expert-led discussions.
Commenting on QFC's compounding growth, Chief Executive Officer of QFC, Yousuf Mohamed Al Jaida stated: We are pleased to see positive results from our ongoing efforts to enhance Qatar's business ecosystem and drive progress across sectors. Our focus remains on fostering an environment that attracts diverse businesses and supports sustainable growth. With this growth momentum, we continue to reinforce Qatar's position as a leading hub for innovation and investment in the region.
The Qatar Financial Centre (QFC) provides an excellent platform for firms to do business in Qatar and the region. The QFC offers its own legal, regulatory, tax and business environment, which allows up to 100% foreign ownership, 100% repatriation of profits, and charges a competitive rate of 10% corporate tax on locally sourced profits.
Most Gulf equities end lower ahead of Powell's Jackson Hole speech | Reuters
Most Gulf equities end lower ahead of Powell's Jackson Hole speech | Reuters
Most Gulf stocks fell on Wednesday in tandem with weaker global share markets, as investors wait for signals on the U.S. interest rate outlook from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium later this week.
When Powell gives his speech on Friday traders will be watching closely for any pushback against expectations for a rate cut next month. U.S. monetary policy strongly influences Gulf markets, where most currencies are pegged to the dollar.
The Qatari benchmark index (.QSI), opens new tab fell for a fourth straight session, closing down 1.6% as profit-taking persisted after last week's earnings-fuelled rally. All constituents declined, including Qatar Islamic Bank (QISB.QA), opens new tab, down 2.9%, and Qatar National Bank (QNBK.QA), opens new tab, off 1.5%.
"The market in Qatar is awaiting the FTSE Global Equity Index quarterly review this week, which could influence trading activity," said Osama Al Saifi, managing director for MENA at Traze.com.
FTSE Global Equity Index is considered a key benchmark among global institutional investors.
Dubai's benchmark stock index (.DFMGI), opens new tab dropped 0.5% after four sessions of gains, with most sectors lower. Blue-chip developer Emaar Properties (EMAR.DU), opens new tab lost 1%, and Emirates NBD (ENBD.DU), opens new tab fell 1.3%. The emirate's largest lender ENBD issued a 1 billion renminbi ($139 million) three-year Dim Sum bond at par to yield 2.4%, IFR reported.
"The index continues to linger near multi-year highs, with its next direction uncertain. A correction remains possible if the market fails to find new support," said Al Saifi.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab eased 0.1%, weighed down by a 0.9% drop in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab and a 2% fall in ADNOC Drilling (ADNOCDRILL.AD), opens new tab.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was little changed, as gains in finance and consumer discretionary shares outweighed losses elsewhere. Al Rajhi Bank (1120.SE), opens new tab added 0.9% and Arab National Bank (1080.SE), opens new tab advanced 2.4% while Saudi Basic Industries (2010.SE), opens new tab and ACWA Power (2082.SE), opens new tab dropped 2.6% and 1.2% respectively.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab slid 1% with almost all of its constituents in red. Commercial International Bank (COMI.CA), opens new tab retreated 1.5% and Juhayna Food (JUFO.CA), opens new tab dropped 5.2%.
Most Gulf stocks fell on Wednesday in tandem with weaker global share markets, as investors wait for signals on the U.S. interest rate outlook from Federal Reserve Chair Jerome Powell at the Jackson Hole symposium later this week.
When Powell gives his speech on Friday traders will be watching closely for any pushback against expectations for a rate cut next month. U.S. monetary policy strongly influences Gulf markets, where most currencies are pegged to the dollar.
The Qatari benchmark index (.QSI), opens new tab fell for a fourth straight session, closing down 1.6% as profit-taking persisted after last week's earnings-fuelled rally. All constituents declined, including Qatar Islamic Bank (QISB.QA), opens new tab, down 2.9%, and Qatar National Bank (QNBK.QA), opens new tab, off 1.5%.
"The market in Qatar is awaiting the FTSE Global Equity Index quarterly review this week, which could influence trading activity," said Osama Al Saifi, managing director for MENA at Traze.com.
FTSE Global Equity Index is considered a key benchmark among global institutional investors.
Dubai's benchmark stock index (.DFMGI), opens new tab dropped 0.5% after four sessions of gains, with most sectors lower. Blue-chip developer Emaar Properties (EMAR.DU), opens new tab lost 1%, and Emirates NBD (ENBD.DU), opens new tab fell 1.3%. The emirate's largest lender ENBD issued a 1 billion renminbi ($139 million) three-year Dim Sum bond at par to yield 2.4%, IFR reported.
"The index continues to linger near multi-year highs, with its next direction uncertain. A correction remains possible if the market fails to find new support," said Al Saifi.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab eased 0.1%, weighed down by a 0.9% drop in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab and a 2% fall in ADNOC Drilling (ADNOCDRILL.AD), opens new tab.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was little changed, as gains in finance and consumer discretionary shares outweighed losses elsewhere. Al Rajhi Bank (1120.SE), opens new tab added 0.9% and Arab National Bank (1080.SE), opens new tab advanced 2.4% while Saudi Basic Industries (2010.SE), opens new tab and ACWA Power (2082.SE), opens new tab dropped 2.6% and 1.2% respectively.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab slid 1% with almost all of its constituents in red. Commercial International Bank (COMI.CA), opens new tab retreated 1.5% and Juhayna Food (JUFO.CA), opens new tab dropped 5.2%.
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