Egypt-Kuwait Holdings to unveil project in Saudi Arabia
Egypt-Kuwait Holdings Company (EKH), a key investment firm in MENA, will unveil its first project in Saudi Arabia within the next three months, its CEO has said.
The project covers oil and gas and the company has already secured most of the needed capital, Jon Rokk told the Saudi daily Asharqalawsat on Sunday.
'We will announce the project within 2 to 3 months...it is our first investment in Saudi Arabia and a promising project in the oil and gas sector,' he said.
'We have planned for this project for a long time...we have secured most of the capital spending for the project and we have reached the final stage in preparation for starting operations....we expect to achieve revenues within a few months,' he added.
Rokk did not provide further details but said the company is studying new investment opportunities worth $150-200 million in the region during 2025 and 2025 as part of an 'expansion strategy' in MENA.
EKH, which is listed on Egyptian and Kuwaiti bourses and owned by businessmen from the two countries, announced last week that it recorded a net profit of around $185 million and total earnings of nearly $642 million during 2024.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Gulf Today
13 hours ago
- Gulf Today
Saudi CDF celebrates KSA handicrafts through showcase in Selfridges, London
The Saudi Cultural Development Fund (CDF) is showcasing a curated collection by Saudi artisans at Selfridges London, one of the world's leading luxury retail destinations, June 3-22. The initiative highlights the cultural and economic value and salience of Saudi handicrafts, providing an international platform for local artisans and cultural entrepreneurs to introduce their work to a global audience, as part of CDF's ongoing efforts to amplify the impact of the Year of Handicrafts 2025 in KSA. In collaboration with Turquoise Mountain, a global non-profit dedicated to reviving traditional arts and empowering craftspeople, the showcase offers visitors a curated selection of handcrafted pieces in a dedicated space within Selfridges. Themed with references to Saudi Arabia's natural and architectural heritage, the activation highlights work crafted from locally sourced, sustainable materials, reimagined through a contemporary creative lens. The collection features handicraft pieces in palm handicrafts, jewellery and accessories and leather crafts created by artisans from across the Kingdom, together representing the diverse and rich landscape of Saudi artisanship. Examining a product. The programme runs in parallel with a Saudi fashion showcase at Selfridges, also enabled by CDF in collaboration with the Saudi Fashion Commission. It features a curated lineup of Saudi fashion brands — beneficiaries of CDF and the Saudi 100 Brands initiative — presenting their collections alongside Selfridges' leading international labels, highlighting the dynamism and rapid growth of Saudi Arabia's cultural sector. Through the multifaceted show, CDF aims to empower artisans and cultural entrepreneurs to showcase their work on a global stage, stimulate investment in the handicrafts and fashion sectors, and reinforce the international visibility of Saudi heritage during the Year of Handicrafts 2025 in Saudi Arabia. The showcase builds on CDF's ongoing Year of Handicrafts initiatives to empower the Saudi cultural sector, maximise economic and social contributions of traditional crafts, and broaden their reach, both locally and internationally. A key milestone in the efforts is the recent launch of the Nama' Accelerators: Handicrafts Track — a dedicated enablement solution that supports cultural businesses through specialised training, mentorship, and financial incentives. By developing scalable, sustainable enterprises, Nama' drives community growth, enhances innovation, enriches national identity, and reinforces heritage crafts as dynamic contributors to Saudi Arabia's broader economic diversification. Through Nama' and other empowerment solutions, CDF strives to strengthen the creative entrepreneurial ecosystem and ensure that traditional crafts thrive as both cultural treasures and engines of economic growth. Founded in 2021, CDF seeks to enrich Saudi Arabia's cultural landscape. It is organisationally linked to the Saudi National Development Fund and aims to foster the development of a self-reliant cultural sector. By supporting cultural activities and projects, empowering those involved in them and facilitating investment in the sector, CDF works to improve the cultural sector's profitability, in alignment with the National Culture Strategy and Saudi Vision 2030. Selfridges is a London icon. Aligned with the Ministry of Culture's ambitious goals, the Saudi Fashion Commission was established to empower and support the fashion sector in Saudi Arabia. The Commission's strategy focuses on supporting the fashion community throughout the total value chain, from the design process through production, development, and product lifecycle management. The Commission recognises the fashion industry as a pillar of local culture, reflecting Saudi Arabia's rich heritage. It works to amplify Saudi heritage and identity within the industry, contributing to fulfilling global needs and achieving a positive impact on the national economy. The Commission's mission is to enable the development of a thriving Saudi fashion sector that is sustainable, inclusive, and fully integrated to support local talent. Handicrafts have long held a special place in Saudi Arabia's cultural fabric, representing a prosperous heritage passed down through generations. Rooted in the creativity and skill of Saudi artisans, traditional crafts symbolise the nation's ingenuity and resilience, while highlighting its diverse cultural identity. Throughout 2025, the Saudi Ministry of Culture is organising an array of events, exhibitions, educational programmes and competitions under the banner of the 'Year of Handicrafts'. The activities aim to emphasise the cultural and historical significance of handicrafts, while supporting their relevance in contemporary life. By highlighting artisanry across various sectors, the initiative seeks to foster appreciation for traditional arts and encourage their continued practice and preservation. Handicrafts, including palm weaving, metalwork and pottery, serve as enduring symbols of Saudi culture, blending tradition with modernity. They are not only artistic expression, but also a reflection of the Kingdom's history, values, and adaptability. By celebrating them, the Year of Handicrafts aims to inspire new generations to engage with their heritage and highlight the talent of Saudi artisans to local and global audiences. The initiative also seeks to empower artisans by enhancing opportunities for their crafts in contemporary markets and strengthening their connection with the global community. Through partnerships across the public, private, and non-profit sectors, the Year of Handicrafts cultivates sustainable practices, fosters innovation, and contributes to cultural dialogue. As a testament to the Ministry of Culture's commitment to safeguarding Saudi Arabia's heritage, the Year of Handicrafts also provides a platform to celebrate the stories, skills, and traditions that form the foundation of the Kingdom's cultural identity. Selfridges is an upscale department store, stocking designer and popular clothing brands plus housewares and gifts. The Oxford Street icon is a London landmark and a luxury shopping experience, home to both affordable and premium brands, offering fashion, beauty, time pieces and jewellery to home and technology and haute cuisine.
Arabian Post
2 days ago
- Arabian Post
From petrostate to deal state: Gulf IPO markets mature
Maein Khalid Since the pandemic, IPO activity across GCC capital markets has surged – offering a sharp contrast to the stop-start pace on New York's Nasdaq and the near standstill on London's LSE. Nearly 300 IPOs have raised around $50 billion across the Gulf since 2021. ADVERTISEMENT Below I outline six key macro themes shaping this post-Covid IPO boom in the GCC. First, contrary to expectations, the number, size and aftermarket performance of IPOs in the GCC have shown little correlation with oil prices. Since 2021 Brent crude has swung wildly, yet IPO momentum has remained resilient, even in hydrocarbons-heavy markets like Saudi Arabia. Second, the sheer variety of sectors that contributed to regional IPO deals demonstrates that non-oil growth, industry deregulation, private sector entrepreneurship and e-commerce are powerful macro themes in the Gulf. The two largest IPOs in the GCC last year were the $2 billion food delivery app Talabat's IPO, listed in Dubai's DFM, and the $1.8 billion Lulu hypermarket, a 50-year-old family-owned grocery chain listed on Abu Dhabi's ADX. ADVERTISEMENT Last year saw 48 IPOs from sectors as varied as grocery chains, software and IT services, e-commerce, education, healthcare, financial services, remittance solutions, leisure, transportation and real estate. Third, Saudi Arabian deal flow both dominated the IPO pipeline and dramatically outperformed its GCC peers in aftermarket trading. For instance, 38 out of the 48 deals in the GCC that raised $12.06 billion in 2024 originated from the kingdom, and the average aftermarket performance in the week following the IPO was a spectacular 45 percent. The kingdom's first three IPOs on the main market this year all went 'limit up', surging on their first day of trading by the maximum 30 percent allowed. It is no mistake that the first aviation IPO in the region in almost two decades – Flynas is seeking to raise $1.1 billion – is taking place in the kingdom. This is a testament to both the vast liquidity available in the Saudi new issue market and the magnetic power of the kingdom's junior exchange, Nomu, which saw 27 companies listed in 2024 alone. New listings on Nomu are typically domestic Saudi firms operating in high-growth sectors tied to the kingdom's digital transformation – highlighting a clear link between rising tech literacy among its youthful population and a growing appetite for high-risk, high-reward IPOs. Fourth, the GCC IPO constellation is dominated by Saudi Arabia and the UAE, with Oman a distant third. Saudi Arabia's 38 IPOs in 2024 dwarfed seven from the UAE, two from Oman and a solitary flotation in Kuwait. This spectacular asymmetry in the national origin of IPOs reflects the vast differences in the capital markets milieu, investor ecosystems and liquidity preferences among the six GCC states. Fifth, the recent IPO boom has attracted global investor interest in the Gulf's emerging capital markets, as sovereign wealth funds from the region have become a significant force in Wall Street and Silicon Valley deal-making. This trend will both broaden and deepen the GCC capital markets, evidencing that they are no longer an illiquid sideshow in the emerging markets universe. Historically the GCC IPO landscape was dominated by state-led privatisations and secondary offerings, with governments selling minority stakes in national champions. The most iconic example remains the 2019 Saudi Aramco listing – still the largest IPO in history – which raised $25.6 billion by selling just 1.5 percent of the company on Riyadh's Tadawul exchange. But the market has since evolved, moving beyond oil giants and into broader, more diversified territory. Saudi Aramco subsequently raised $12 billion in a secondary offering last year. These mega deals played a crucial role in the development of the kingdom's capital markets infrastructure and set the stage for the current bullish IPO environment. The UAE's role as the most diversified, cosmopolitan and networked economy in the Arab world can be gauged by the fact that it contributed to the two largest IPOs of 2024 – both private sector businesses with no connection to oil and gas or the government. The 2025 IPO of Bahrain-based Investcorp Capital marked a milestone for the region – positioning Abu Dhabi where it listed not just as an oil-rich emirate, but as a rising power in global finance. By listing a world-class alternative investment manager on the Abu Dhabi Securities Exchange, the UAE has shown it is no longer just deploying capital abroad – it's building the infrastructure to manage it at home. As a growing nexus for hedge funds and private capital, Abu Dhabi is fast becoming a noodle point in the global alternatives ecosystem. Mixed IPO outlook I predict the Saudi Arabian sovereign wealth fund PIF will midwife the next generation of privatisation IPOs in the kingdom, as it did with Saudi Aramco in 2019. But while the IPO market outperformance and the sheer scale of domestic liquidity flows make mega privatisation listings viable, the same cannot be said for smaller GCC states like Oman and Bahrain. Facing tighter fiscal constraints, their private investor base tends to favour quasi-debt, high-yield instruments issued by state-owned blue-chips over equity exposure. The sale of a 25 percent stake in OQ Gas Networks by Oman's state energy company suggests that it is problematic to engineer an IPO or even a state-owned energy colossus when oil prices are mired in a bearish downtrend. While the IPO marked a milestone for the Muscat bourse, it also revealed the limitations of investor appetite when crude prices are under pressure. Unlike Saudi Arabia's liquidity-fuelled listings, Oman's experience shows that timing – and broader market sentiment – can still make or break even the most strategic flotations. Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
Fintech News ME
3 days ago
- Fintech News ME
Egypt Launches Standardised Reporting Framework for Startups and Investors
Egypt's Micro, Small and Medium Enterprise Development Agency (MSMEDA), backed by World Bank, has collaborated with several venture capital firms and the US-based platform to introduce a standardised portfolio reporting framework for startups and investors across the country. Led by Foundation Ventures, the initiative includes participation from Algebra Ventures, Sawari Ventures, Shorooq Partners, Endure Capital, Camel Ventures, DenVC, LoftyInc Capital, DisrupTech Ventures, and the Climate Resilient Africa Fund. The aim is to establish common metrics, reporting timelines, and formats, addressing the longstanding issue of inconsistent data practices within Egypt's startup ecosystem. Although Egypt's startup scene has expanded significantly in recent years, inconsistent reporting standards remain a key challenge. Startups frequently contend with producing varied reports to meet different investor requirements, while venture capital firms face difficulties in assessing portfolio performance due to the absence of unified benchmarks. The initiative seeks to simplify reporting processes for both general partners (GPs) and portfolio companies through a centralised data platform designed to enhance transparency, reliability, and operational efficiency. 'We are excited about enhancing Egypt's investment attractiveness by providing the necessary transparency to encourage foreign direct investment,' said Mazen Nadim, Managing Partner at Foundation Ventures. Following a competitive selection process, was chosen to develop and operate the platform. The company is working in partnership with Egyptian GPs to tailor the system to local requirements and workflows. The platform is expected to be fully implemented by the end of the second quarter of 2025, with the first comprehensive ecosystem report anticipated by mid-2026. By introducing a unified reporting framework, the effort is expected to ease administrative burdens for startups, provide greater clarity for investors, and strengthen Egypt's position as a destination for regional and international venture capital.
