Latest news with #AlwaleedBinTalal
Arabian Post
a day ago
- Business
- Arabian Post
Gulf IPOs Signal Investor Confidence Amid Varied Market Responses
Dubai Residential REIT's debut on the Dubai Financial Market marked a significant milestone, closing nearly 14% higher at AED 1.25 per unit from its offer price of AED 1.10. The $584 million offering, backed by Dubai Holding, attracted overwhelming demand, with the IPO oversubscribed 26 times, reflecting strong investor confidence in Dubai's residential real estate sector. The REIT, focusing exclusively on residential leasing, launched with a market capitalisation of AED 14.3 billion and projects a gross dividend yield of 7.7% for 2025. Analysts attribute the robust performance to Dubai's post-pandemic property boom, bolstered by foreign investment and residency reforms. In contrast, Saudi Arabia's United Carton Industries Co. experienced a subdued market entry. The company's shares fell 1.5% on their first trading day, closing at SAR 49.3, below the IPO price of SAR 50. Despite the IPO being 8.9 times oversubscribed, the stock's performance was hindered by profit-taking and concerns over valuation amid tariff uncertainties. UCIC's Q1 2025 profit declined by 46% to SAR 18.7 million, further dampening investor sentiment. ADVERTISEMENT Looking ahead, Saudi Arabia's IPO landscape remains active. Flynas, the low-cost airline backed by Prince Alwaleed Bin Talal, launched its IPO aiming to raise SAR 4.1 billion by offering 51.3 million shares at SAR 80 each. The offering garnered significant interest, with institutional investors oversubscribing 100 times. The IPO, representing 30% of the company's capital, is expected to fund fleet expansion and route diversification, including new services to Damascus.
Khaleej Times
20-05-2025
- Business
- Khaleej Times
Saudi airline flynas launches IPO to raise up to $1.1 billion
Saudi Arabian budget airline flynas, backed by billionaire Prince Alwaleed Bin Talal, is seeking to raise up to 4.1 billion riyals ($1.1 billion) from an initial public offering in Riyadh, it said on Monday. The airline, which is selling a 30% stake to investors in the first IPO by a Gulf airline in almost 20 years, said the price range had been set at between 76 and 80 riyals per share, implying a market capitalisation of up to $3.6 billion. Saudi Arabia has targeted tourism as a key pillar of its domestic economic agenda to reduce reliance on oil revenue. The kingdom, which attracts tens of millions of religious pilgrims a year to holy Muslim sites in Mecca and Medina, has revamped its tourism industry to attract non-religious visitors. The listing would be only the third by a Gulf airline after the United Arab Emirates' Air Arabia and Kuwait's Jazeera Airways. The institutional book-building subscription period, which started on Monday, will close on May 18, flynas said, adding that 34% of net the IPO's net proceeds will be used to finance the airline's growth strategy and for general corporate purposes. Part of the remaining proceeds will be distributed to selling shareholders, which include Kingdom Holding Company, the investment company founded by Prince Alwaleed. Saudi Arabia
Associated Press
12-05-2025
- Business
- Associated Press
Saudi Arabia's low-cost carrier Flynas sells out all shares from initial public offering
DUBAI, United Arab Emirates (AP) — Saudi Arabia 's low-cost carrier Flynas sold within minutes of opening all of the $1.1 billion in shares from its initial public offering on the Riyadh stock exchange on Monday. The carrier, backed by billionaire Alwaleed bin Talal, is offering 51.2 million shares at around $20 to over $21 apiece, representing about 30% of the company's share capital. Flynas, which describes itself as the kingdom's only independent airline, hopes to build out its fleet and expand its four bases, according to a statement from the company. The move to go public comes despite worldwide market uncertainty fueled by U.S. tariffs and a continued downturn in oil prices that threatens to stifle growth in the kingdom. The move comes after media reports that Abu Dhabi's Etihad Airways is eyeing an IPO plan of its own. The IPO, which would make Flynas the first carrier in the Gulf Arab region to go public over the past two decades, includes newly issued stocks, as well as shares from National Flight Services Co. and Alwaleed's Kingdom Holding Co. Flynas, which last year posted a profit of $116 million and $2 billion in revenues, is not the only Saudi firm that is looking to go public. Specialized Medical, which operates hospitals, the packaging company United Carton Industries, and tech company iMENA Group all have IPO plans underway.
Business Recorder
06-05-2025
- Business
- Business Recorder
Most Gulf markets gain on oil ahead of Fed policy meet
Most stock markets in the Gulf ended higher on Tuesday helped by a rebound in oil prices while investors awaited the Federal Reserve's monetary policy meeting. Oil - a catalyst for the Gulf's financial markets – gained more than $1 per barrel, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down the previous session, although concerns about a market surplus persisted. Saudi Arabia's benchmark index edged 0.1% higher, Al Rajhi Bank and the country's biggest lender Saudi National Bank rising 0.9% each. The Saudi stock market exhibited another muted performance today, with sectors showing mixed results as investors displayed uncertainty while awaiting further earnings announcements from major companies, said Milad Azar Market analyst at XTB MENA. Separately, the kingdom's budget airline flynas, backed by billionaire Prince Alwaleed Bin Talal, is planning to start a public share offering later this month, it said on Monday, in the first IPO of a Gulf airline in nearly two decades. Dubai's main share index added 0.2%, supported by a 2.6% rise in blue-chip developer Emaar Properties. In Abu Dhabi, the index finished 0.6% higher. Most Gulf markets ease on falling oil prices The Fed's interest rate decision on Wednesday and Chair Jerome Powell's comments will be closely watched for clues into the central bank's rate trajectory. The Fed has held its policy rate in the 4.25%-4.50% range since last December. The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the riyal, are pegged to the U.S. dollar. The Qatari index gained 0.3%, with the Gulf's biggest lender Qatar National Bank rising 1.1%. Investor attention remains on the possibility of easing trade tensions between the U.S. and China after Beijing last week said it was evaluating an offer from Washington to hold talks over tariffs. Outside the Gulf, Egypt's blue-chip index concluded 0.3% higher. ---------------------------------------- SAUDI ARABIA rose 0.1% to 11,434 Abu Dhabi up 0.6% to 9,623 Dubai added 0.2% to 5,353 QATAR gained 0.3% to 10,484 EGYPT up 0.2% to 32,285 BAHRAIN edged 0.1% up to 1,907 OMAN added 0.1% to 4,342 KUWAIT rose 0.3% to 8,635 ----------------------------------------
Zawya
06-05-2025
- Business
- Zawya
Mideast Stocks: Major Gulf markets gain on higher oil prices ahead of Fed policy
Major stock markets in the Gulf rose in early trade on Tuesday, helped by a rebound in oil prices, while investors awaited the Federal Reserve's monetary policy meeting. Oil - a catalyst for Gulf financial markets - gained more than $1 per barrel, rebounding on technical factors and bargain hunting after a decision by OPEC+ to boost output sent prices down in the previous session, although concerns about the market surplus outlook persisted. Saudi Arabia's benchmark index gained 0.3%, supported by a 0.7% rise in Saudi Arabian Mining Company and a 0.3% increase in the country's biggest lender Saudi National Bank. Elsewhere, oil giant Saudi Aramco added 0.2%. Separately, the kingdom's budget airline flynas, backed by billionaire Prince Alwaleed Bin Talal, plans to start a public share offering later this month, it said on Monday, in the first IPO of a Gulf airline in nearly two decades. Dubai's main share index rose 0.4%, led by a 1.1% gain in blue-chip developer Emaar Properties. In Abu Dhabi, the index was up 0.2%. The Fed's interest rate decision on Wednesday and Chair Jerome Powell's comments will be closely watched for clues into the central bank's rate trajectory. The Fed has held its policy rate in the 4.25%-4.50% range since last December. The Fed's decisions impact monetary policy in the Gulf, where most currencies, including the riyals, are pegged to the U.S. dollar. Meanwhile, the Qatari index was up 0.3% on Tuesday, with the Gulf's biggest lender Qatar National Bank rising 1%. However, caution still persists due to renewed concerns over U.S. tariffs and their potential impact on economic growth. On Monday, U.S. President Donald Trump said he intends to announce pharmaceutical tariffs within the next two weeks.
