Dubai’s Up to $381 Million ALEC Contractor IPO Sells Out - Bloomberg
Dubai had demand for all shares on offer in an up to $381 million initial public offering of ALEC Engineering & Contracting LLC, marking the emirate’s latest push to privatize assets and capitalize on a construction boom in the Middle East.
State-backed Investment Corp. of Dubai is offering 1 billion shares, or a 20% stake in ALEC, at a price between 1.35 and 1.40 dirhams ($0.37-$0.38) apiece, according to terms of the deal seen by Bloomberg News. The higher end of the price range values the contracting firm at $1.91 billion.
Books were fully covered throughout the price range soon after opening.
Emirates NBD Capital and JPMorgan Chase & Co. are joint global coordinators on the sale, with Abu Dhabi Commercial Bank and EFG Hermes acting as joint bookrunners. Moelis & Co. is independent financial advisor.
The subscription period will run until Sept. 30 and shares are expected to list on the Dubai Financial Market on Oct. 15.
ALEC delivers large-scale projects in the UAE and Saudi Arabia including airports, energy infrastructure, hospitality and leisure developments such as Abu Dhabi’s SeaWorld and Dubai’s One Za’abeel tower.
The builder is expanding into data centers in both markets - it recently won a 5.3 billion dirham contract for Abu Dhabi’s Stargate data center project and is in contact with potential partners in Saudi Arabia including Humain and data center firm Khazna, chief executive officer Barry Lewis said in a press briefing last week.
Lewis said ALEC’s Saudi pipeline had not so far been impacted by the kingdom reprioritizing certain projects as lower oil prices strain its budget.
ALEC’s net income reached 363 million dirhams in 2024, a 53% year-on-year increase.
The contractor plans to pay a 200 million dirham dividend in April 2026, followed by 500 million dirhams to be split between October 2026 and April 2027.
Dubai’s privatization program has raised around $9.6 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 May, a fund linked to the emirate’s ruler floated a $584 million a residential real estate investment trust, and is planning to list a portfolio with malls and retail assets.
Tuesday, 23 September 2025
Revolut Plans #UAE Debut After Securing Central Bank Approval - Bloomberg
Revolut Plans UAE Debut After Securing Central Bank Approval - Bloomberg
Revolut Ltd. is planning to launch its services in the United Arab Emirates after the fintech behemoth secured initial approval for licenses from the country’s central bank.
The Central Bank of the UAE approved Revolut’s application for a so-called Stored Value Facilities and Retail Payment Services licenses, according to a statement. The fintech now plans to ramp up its hiring efforts in the country over the coming months.
“Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region,” said Ambareen Musa, who leads the firm’s operations in the Gulf Cooperation Council.
Revolut is a London-headquartered digital bank that offers checking and savings accounts, international money transfers, cryptocurrency and stock trading as well as bill paying and budgeting tools.
The fintech has rapidly expanded into new markets in recent years and now has operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India, according to the statement. The company aims to become one of the top three financial apps in every market it enters.
Revolut plans to continue expanding across the Gulf and is considering applying for a license in Saudi Arabia as its next move, according to people familiar with the matter.
The fintech has played a role in ongoing trade talks between the kingdom and its home country. Executives were recently part of a meeting that included officials from both countries, the people said, asking not to be identified discussing non-public information.
Musa joined Revolut last year after founding Souqalmal.com, a financial comparison platform in the Middle East. She also previously held consulting positions at Bain & Co. and Mastercard Inc.
Revolut Ltd. is planning to launch its services in the United Arab Emirates after the fintech behemoth secured initial approval for licenses from the country’s central bank.
The Central Bank of the UAE approved Revolut’s application for a so-called Stored Value Facilities and Retail Payment Services licenses, according to a statement. The fintech now plans to ramp up its hiring efforts in the country over the coming months.
“Receiving these in-principle approvals from the Central Bank of the UAE is a pivotal step for Revolut in the region,” said Ambareen Musa, who leads the firm’s operations in the Gulf Cooperation Council.
Revolut is a London-headquartered digital bank that offers checking and savings accounts, international money transfers, cryptocurrency and stock trading as well as bill paying and budgeting tools.
The fintech has rapidly expanded into new markets in recent years and now has operations in Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India, according to the statement. The company aims to become one of the top three financial apps in every market it enters.
Revolut plans to continue expanding across the Gulf and is considering applying for a license in Saudi Arabia as its next move, according to people familiar with the matter.
The fintech has played a role in ongoing trade talks between the kingdom and its home country. Executives were recently part of a meeting that included officials from both countries, the people said, asking not to be identified discussing non-public information.
Musa joined Revolut last year after founding Souqalmal.com, a financial comparison platform in the Middle East. She also previously held consulting positions at Bain & Co. and Mastercard Inc.
#SaudiArabia to Free Stocks From Local Grip in Major Equity Push - Bloomberg
Saudis to Free Stocks From Local Grip in Major Equity Push - Bloomberg
Saudi Arabia is set to make one of the most dramatic moves yet in its push to revive its underperforming equity market: allowing foreigners to own a majority stake in local companies.
The Capital Market Authority is close to easing rules that cap foreign ownership of listed companies at 49%, said Abdulaziz Abdulmohsen Bin Hassan, a member of the five-person board that governs the regulator.
“I think we’re almost there,” he said in an interview this month. “It could come into effect before the end of the year.”
Any shift above 50% would do away with years of precedent and put Saudi equities in a position to claim a bigger weighting in MSCI Inc.’s benchmark indexes. That in turn would attract additional investment to the market from passive and active fund managers. In calculating its indexes, MSCI reduces the weighting of companies that are subject to foreign ownership limits.
Approval is still needed from other stakeholders in the government but the regulator is ready to push ahead, he said. Bin Hassan didn’t specify how big a stake foreigners may eventually be able to own in Saudi companies.
Companies on Saudi Arabia’s $2.3 trillion main exchange make up about 3.3% of the MSCI Emerging Markets Index.
“A decision to relax means the weight in MSCI will all of a sudden go up and more capital will flock to the market,” said Fadi Arbid, founding partner and chief investment officer at Amwal Capital Partners.
Saudi Arabia is looking to reinvigorate its stock market after months of underperformance sparked by geopolitical strife, stagnant oil prices and revisions to public works projects and spending. The main Saudi index has fallen 9.6% this year, the worst performance in the region. The MSCI emerging-markets benchmark, in contrast has gained 25% in dollars.
Still, foreign investors increasingly are allocating money to Saudi equities, drawn in by market reforms and its cheap valuation.
The Gulf nation’s need for investment from abroad is becoming increasingly pronounced as Saudi Arabia pursues its Vision 2030 economic transformation plan at a time when high spending and low oil revenue are driving budget deficits.
Adjusting foreign ownership limits may help to immediately boost passive investment, while encouraging active investors to consider whether they should increase exposure to Saudi companies, Arbid said.
Saudi firms with the largest percentage of shares owned by investors abroad include insurance provider Tawuniya, tech firm Rasan and telecom operator Etihad Etisalat. All stand above 20% but below 25%.
Saudi Arabia is set to make one of the most dramatic moves yet in its push to revive its underperforming equity market: allowing foreigners to own a majority stake in local companies.
The Capital Market Authority is close to easing rules that cap foreign ownership of listed companies at 49%, said Abdulaziz Abdulmohsen Bin Hassan, a member of the five-person board that governs the regulator.
“I think we’re almost there,” he said in an interview this month. “It could come into effect before the end of the year.”
Any shift above 50% would do away with years of precedent and put Saudi equities in a position to claim a bigger weighting in MSCI Inc.’s benchmark indexes. That in turn would attract additional investment to the market from passive and active fund managers. In calculating its indexes, MSCI reduces the weighting of companies that are subject to foreign ownership limits.
Approval is still needed from other stakeholders in the government but the regulator is ready to push ahead, he said. Bin Hassan didn’t specify how big a stake foreigners may eventually be able to own in Saudi companies.
Companies on Saudi Arabia’s $2.3 trillion main exchange make up about 3.3% of the MSCI Emerging Markets Index.
“A decision to relax means the weight in MSCI will all of a sudden go up and more capital will flock to the market,” said Fadi Arbid, founding partner and chief investment officer at Amwal Capital Partners.
Saudi Arabia is looking to reinvigorate its stock market after months of underperformance sparked by geopolitical strife, stagnant oil prices and revisions to public works projects and spending. The main Saudi index has fallen 9.6% this year, the worst performance in the region. The MSCI emerging-markets benchmark, in contrast has gained 25% in dollars.
Still, foreign investors increasingly are allocating money to Saudi equities, drawn in by market reforms and its cheap valuation.
The Gulf nation’s need for investment from abroad is becoming increasingly pronounced as Saudi Arabia pursues its Vision 2030 economic transformation plan at a time when high spending and low oil revenue are driving budget deficits.
Adjusting foreign ownership limits may help to immediately boost passive investment, while encouraging active investors to consider whether they should increase exposure to Saudi companies, Arbid said.
Saudi firms with the largest percentage of shares owned by investors abroad include insurance provider Tawuniya, tech firm Rasan and telecom operator Etihad Etisalat. All stand above 20% but below 25%.
Exclusive: #Saudi Aramco's talks to buy stake in Repsol's renewables unit hit impasse, sources say | Reuters
Exclusive: Saudi Aramco's talks to buy stake in Repsol's renewables unit hit impasse, sources say | Reuters
Talks for Saudi state oil giant Aramco (2222.SE), opens new tab to buy a minority stake in Spanish energy firm Repsol's (REP.MC), opens new tab renewables unit have hit an impasse, two sources familiar with the matter told Reuters.
The talks over the potential 1 billion euro ($1.2 billion) investment have reached a dead end, and there are no current plans to resurrect them, one of the sources said.
The impasse comes as Aramco has been looking to sell some assets, improve efficiency and cut costs.
The talks started last year, when Reuters reported that Repsol had received an unsolicited approach for a minority stake in its renewable assets unit, which UBS analysts valued at around $6.6 billion in a February research note.
The Spanish company, whose shares have risen 24% in 2025, has been diversifying into renewables and low-carbon businesses, but these areas still represent a small fraction of its revenue.
Repsol and Aramco declined to comment.
Repsol is one of the few European oil companies still keen to invest in renewables, after most European oil majors have pulled back from plans to build out greener technologies because they have proved less profitable than drilling for oil and gas.
The company has kept investing in the energy transition while opening individual renewable projects within the unit to investors for minority stakes in portfolios of wind farms and solar plants to help fund its diversification.
In the past few months, Repsol added production from wind and solar parks in the United States, Chile and Spain. The company is moderating its renewable ambitions to prioritize returns, Repsol's CEO, Josu Jon Imaz, told analysts recently.
In 2022, Repsol sold a 25% stake in the renewables business to a unit of French bank Credit Agricole (CAGR.PA), opens new tab and Swiss asset manager Energy Infrastructure Partners for 905 million euros, a deal valuing the whole unit at 4.38 billion euros including debt.
Talks for Saudi state oil giant Aramco (2222.SE), opens new tab to buy a minority stake in Spanish energy firm Repsol's (REP.MC), opens new tab renewables unit have hit an impasse, two sources familiar with the matter told Reuters.
The talks over the potential 1 billion euro ($1.2 billion) investment have reached a dead end, and there are no current plans to resurrect them, one of the sources said.
The impasse comes as Aramco has been looking to sell some assets, improve efficiency and cut costs.
The talks started last year, when Reuters reported that Repsol had received an unsolicited approach for a minority stake in its renewable assets unit, which UBS analysts valued at around $6.6 billion in a February research note.
The Spanish company, whose shares have risen 24% in 2025, has been diversifying into renewables and low-carbon businesses, but these areas still represent a small fraction of its revenue.
Repsol and Aramco declined to comment.
Repsol is one of the few European oil companies still keen to invest in renewables, after most European oil majors have pulled back from plans to build out greener technologies because they have proved less profitable than drilling for oil and gas.
The company has kept investing in the energy transition while opening individual renewable projects within the unit to investors for minority stakes in portfolios of wind farms and solar plants to help fund its diversification.
In the past few months, Repsol added production from wind and solar parks in the United States, Chile and Spain. The company is moderating its renewable ambitions to prioritize returns, Repsol's CEO, Josu Jon Imaz, told analysts recently.
In 2022, Repsol sold a 25% stake in the renewables business to a unit of French bank Credit Agricole (CAGR.PA), opens new tab and Swiss asset manager Energy Infrastructure Partners for 905 million euros, a deal valuing the whole unit at 4.38 billion euros including debt.
Islamic banking assets in #Qatar grow 3.9% to $160.85bln in 2024
Islamic banking assets in Qatar grow 3.9% to $160.85bln in 2024
Islamic banks accounted for 28% of the total assets of Qatar’s banking sector, the researcher said.
The assets of Islamic banks in the country grew by 3.9% to QR585.5bn in 2024, according to Bait Al-Mashura Finance.
Quoting figures from the Qatar Central Bank (QCB), Bait Al-Mashura said in 2023 Islamic bank assets in the country totalled QR563.7bn.
Islamic banks accounted for 28% of the total assets of Qatar’s banking sector, the researcher said.
Domestic assets of Islamic banks increased by 4% in 2024 to QR529.7bn, while their reserves rose by 6.3% to QR20.6bn.
Foreign assets amounted to QR35.2bn, a 0.4% decrease year-on-year compared to 2023.
The compound annual growth rate (CAGR) of assets for Qatar’s Islamic banks over the five-year period (2020-2024) reached 5.4%, compared to 3.5% for traditional commercial banks in the country during the same period.
In 2024, Islamic banks in Qatar recorded revenues of QR29.5bn, representing a growth rate of 12.6% compared to 2023.
Financing and investment activities accounted for 91% of these total revenues. This growth was driven by a 13.8% increase in financing and investment revenues, along with an 8.4% decrease in the provision for credit losses compared to 2023.
Over the period 2020-2024, the revenue of Islamic banks grew at a CAGR of 9%.
In 2024, the four Islamic banks in Qatar achieved total net profits of QR8.7bn for their shareholders, compared to QR8.2bn in 2023, representing a 6% growth.
Data from the QCB showed that total deposits in the Qatari banking system grew by 4.1% in 2024.
Islamic bank deposits in Qatar increased by 8.2% during the same period, compared to a 2.2% increase in deposits at conventional commercial banks.
Islamic bank deposits accounted for approximately 34% of the total deposits in the Qatari banking system, reaching a total of QR339.1bn, compared to QR313.4bn in 2023.
Over the period 2020-2024, the compound annual growth rate for deposits in Islamic banks was 5%, compared to 1.5% for conventional banks.
The private sector held the largest share of deposits in Islamic banks, at 57%, followed by the public sector with 38%. Non-resident deposits constituted only 5% of total deposits in Islamic banks.
During 2024, the most significant growth rate was observed in public sector deposits, which increased by 20%. Private sector deposits also grew by 4%, while non-resident deposits declined by 16% compared to 2023.
According to quarterly data from the QCB, financing provided by Islamic banks (in 2024) reached QR401.5bn, an increase of 4.9% compared to 2023.
Credit facilities extended by traditional commercial banks also increased by 4.4%.
The most significant growth in Islamic bank financing in 2024 was observed in the real estate and general trade sectors, increasing by 16% and 12.7% respectively.
Financing for the services and consumer sectors also increased by 4.5% and 2.9% respectively.
Conversely, financing for the industrial and construction sectors declined by 14.2% and 11.3% respectively.
Islamic bank financing represented 30% of total banking sector financing in 2024.
During the period 2020-2024, the CAGR for total financing by Islamic banks was 5.2%, compared to 3% for traditional commercial banks.
Islamic banks accounted for 28% of the total assets of Qatar’s banking sector, the researcher said.
The assets of Islamic banks in the country grew by 3.9% to QR585.5bn in 2024, according to Bait Al-Mashura Finance.
Quoting figures from the Qatar Central Bank (QCB), Bait Al-Mashura said in 2023 Islamic bank assets in the country totalled QR563.7bn.
Islamic banks accounted for 28% of the total assets of Qatar’s banking sector, the researcher said.
Domestic assets of Islamic banks increased by 4% in 2024 to QR529.7bn, while their reserves rose by 6.3% to QR20.6bn.
Foreign assets amounted to QR35.2bn, a 0.4% decrease year-on-year compared to 2023.
The compound annual growth rate (CAGR) of assets for Qatar’s Islamic banks over the five-year period (2020-2024) reached 5.4%, compared to 3.5% for traditional commercial banks in the country during the same period.
In 2024, Islamic banks in Qatar recorded revenues of QR29.5bn, representing a growth rate of 12.6% compared to 2023.
Financing and investment activities accounted for 91% of these total revenues. This growth was driven by a 13.8% increase in financing and investment revenues, along with an 8.4% decrease in the provision for credit losses compared to 2023.
Over the period 2020-2024, the revenue of Islamic banks grew at a CAGR of 9%.
In 2024, the four Islamic banks in Qatar achieved total net profits of QR8.7bn for their shareholders, compared to QR8.2bn in 2023, representing a 6% growth.
Data from the QCB showed that total deposits in the Qatari banking system grew by 4.1% in 2024.
Islamic bank deposits in Qatar increased by 8.2% during the same period, compared to a 2.2% increase in deposits at conventional commercial banks.
Islamic bank deposits accounted for approximately 34% of the total deposits in the Qatari banking system, reaching a total of QR339.1bn, compared to QR313.4bn in 2023.
Over the period 2020-2024, the compound annual growth rate for deposits in Islamic banks was 5%, compared to 1.5% for conventional banks.
The private sector held the largest share of deposits in Islamic banks, at 57%, followed by the public sector with 38%. Non-resident deposits constituted only 5% of total deposits in Islamic banks.
During 2024, the most significant growth rate was observed in public sector deposits, which increased by 20%. Private sector deposits also grew by 4%, while non-resident deposits declined by 16% compared to 2023.
According to quarterly data from the QCB, financing provided by Islamic banks (in 2024) reached QR401.5bn, an increase of 4.9% compared to 2023.
Credit facilities extended by traditional commercial banks also increased by 4.4%.
The most significant growth in Islamic bank financing in 2024 was observed in the real estate and general trade sectors, increasing by 16% and 12.7% respectively.
Financing for the services and consumer sectors also increased by 4.5% and 2.9% respectively.
Conversely, financing for the industrial and construction sectors declined by 14.2% and 11.3% respectively.
Islamic bank financing represented 30% of total banking sector financing in 2024.
During the period 2020-2024, the CAGR for total financing by Islamic banks was 5.2%, compared to 3% for traditional commercial banks.
Mideast Stocks: Gulf markets retreat on rate cuts and Fed caution
Mideast Stocks: Gulf markets retreat on rate cuts and Fed caution
Gulf equities edged lower on Tuesday in volatile trade as investors digested regional interest rate cuts following the U.S. Federal Reserve's move, while lingering uncertainty over the Fed's policy outlook kept sentiment cautious.
The Fed trimmed its benchmark rate by a quarter percentage point last week in response to a softening labour market, but signalled a measured approach to further easing, leaving investors in doubt about the pace of future moves. Subsequently, the central banks of Saudi Arabia, the United Arab Emirates, and Qatar each cut rates by 25 basis points.
Dubai's main share index retreated 1.1% after witnessing two days of strength. Most sectors closed in negative territory, led by a 3.7% decline in toll operator Salik. Emaar Properties fell 1.4%, ending a three-day winning streak, while Emirates NBD Bank declined by 2.4%. National Central Cooling, better known as Tabreed, slipped 1.7% ahead of its ex-dividend date.
Meanwhile, Dubai-based engineering and construction firm, ALEC Holdings, said on Tuesday it aims to raise up to 1.4 billion dirhams ($381.25 million) through an IPO priced between 1.35 and 1.40 dirhams a piece, tapping into a construction boom in the Gulf.
Abu Dhabi's index edged 0.3% lower, snapping three consecutive sessions of strength, hit by a 1.7% drop in Abu Dhabi Commercial Bank. Technology stocks lagged global peers, with Presight AI down nearly 1%. The company, together with investment firm Shorooq, announced the launch of a $100 million global fund to accelerate AI innovation.
Elsewhere, Modon Holding announced the sale of its entire 17.45% indirect stake in Aldar Estates to Aldar Properties, which saw its shares decline 1.7%. While investor sentiment remains cautious amid uncertainty over a sustained market recovery, strong economic fundamentals, the recent rate cut, and ALEC's IPO could offer underlying support, according to George Pavel, general manager at Naga.com Middle East.
Qatar's stock index slipped 0.4%, marking three straight days of losses with selling concentrated in financials and energy shares. Qatar National Bank, the region's largest lender, dropped 3% - its steepest single-day decline in over three months - while Nakilat shed 1.6%.
Gulf equities edged lower on Tuesday in volatile trade as investors digested regional interest rate cuts following the U.S. Federal Reserve's move, while lingering uncertainty over the Fed's policy outlook kept sentiment cautious.
The Fed trimmed its benchmark rate by a quarter percentage point last week in response to a softening labour market, but signalled a measured approach to further easing, leaving investors in doubt about the pace of future moves. Subsequently, the central banks of Saudi Arabia, the United Arab Emirates, and Qatar each cut rates by 25 basis points.
Dubai's main share index retreated 1.1% after witnessing two days of strength. Most sectors closed in negative territory, led by a 3.7% decline in toll operator Salik. Emaar Properties fell 1.4%, ending a three-day winning streak, while Emirates NBD Bank declined by 2.4%. National Central Cooling, better known as Tabreed, slipped 1.7% ahead of its ex-dividend date.
Meanwhile, Dubai-based engineering and construction firm, ALEC Holdings, said on Tuesday it aims to raise up to 1.4 billion dirhams ($381.25 million) through an IPO priced between 1.35 and 1.40 dirhams a piece, tapping into a construction boom in the Gulf.
Abu Dhabi's index edged 0.3% lower, snapping three consecutive sessions of strength, hit by a 1.7% drop in Abu Dhabi Commercial Bank. Technology stocks lagged global peers, with Presight AI down nearly 1%. The company, together with investment firm Shorooq, announced the launch of a $100 million global fund to accelerate AI innovation.
Elsewhere, Modon Holding announced the sale of its entire 17.45% indirect stake in Aldar Estates to Aldar Properties, which saw its shares decline 1.7%. While investor sentiment remains cautious amid uncertainty over a sustained market recovery, strong economic fundamentals, the recent rate cut, and ALEC's IPO could offer underlying support, according to George Pavel, general manager at Naga.com Middle East.
Qatar's stock index slipped 0.4%, marking three straight days of losses with selling concentrated in financials and energy shares. Qatar National Bank, the region's largest lender, dropped 3% - its steepest single-day decline in over three months - while Nakilat shed 1.6%.
The Saudi bourse was closed on account of National Day.
Outside the Gulf, Egypt's blue-chip index advanced 0.3%, rebounding after two sessions of losses, boosted by a 3.4% jump in Eastern Company. Credit Agricole rose 0.8% after announcing that its subsidiary, Egyptian Housing Finance, has acquired consumer finance firm Just Finance.
Outside the Gulf, Egypt's blue-chip index advanced 0.3%, rebounding after two sessions of losses, boosted by a 3.4% jump in Eastern Company. Credit Agricole rose 0.8% after announcing that its subsidiary, Egyptian Housing Finance, has acquired consumer finance firm Just Finance.
Investors are now turning their focus to the upcoming third-quarter earnings season, kicking off with Qatar National Bank's report on October 7.
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