Latest news with #NOMU
Zawya
01-07-2025
- Business
- Zawya
Saudi Arabia's CMA approves three IPOs
Saudi Arabia's market regulator has approved three IPOs, two of which will list on the NOMU Parallel Market, while the third remains to be announced. Property developer AlRamz Real Estate Company will float 12,857,143 shares, representing 30% of its share capital. This is the firm's second attempt at a NOMU IPO, following a 2022 announcement to float a 10% stake, which was scrapped a month later upon consultation with its financial advisor ANB Capital, the company said at the time. The Saudi CMA has also approved the NOMU IPO of Abdulaziz Ahmad Altwijri Trading Company, which plans to list 1 million shares, representing 20% of its share capital. The company, which deals in the sale of cosmetics to medical supplies and general commodity goods, had earlier announced a NOMU float in June 2023, which included a 600,000-share offering. However, later that month, financial advisor and lead manager Yaqeen Capital announced the incompletion of the offering. A third company that has received a nod of approval from the CMA is the Saudi-based Consolidated Gruenenfelder Saady Holding Company (CGS), which has registered an offering of 30 million shares, representing 30% of its share capital. CGS, a Swiss-Saudi joint venture, also known as the Coldstores Group of Saudi Arabia, operates in industrial and commercial refrigeration transporting and storage solutions. Saudi has seen a surge in listings on its Parallel Market in the first half of 2025 with close to 20 IPOs, according to Tadawul data. (Writing by Bindu Rai, editing by Seban Scaria)
Zawya
30-06-2025
- Business
- Zawya
Saudi: TASI closes at 11,202 points, the highest since May 21
RIYADH — All Tadawul Share Index (TASI), the benchmark Saudi stock market index, rose for the fifth consecutive session on Sunday, rising nearly one percent (134.37 points) to close at 11,202 points, its highest level since May 21. The total value of traded shares amounted to SR5 billion. The Saudi Parallel Market Index (NOMU) also closed higher, gaining 195.03 points to settle at 27,248.13 points, with a total trading value of SR39 million. The Saudi market was able to regain levels seen before the outbreak of Iranian-Israeli conflict. This was supported by broad gains across most sectors, with the exception of the utilities sector, which recorded a slight decline. Most Gulf markets registered gains during Sunday's trading session, driven by improved regional sentiment. The public utilities and consumer goods retail and distribution sectors recorded a decline of 0.09 percent and 0.02 percent, respectively, while the media and entertainment sector led the gainers, increasing by 7.5 percent. Basic materials was the highest traded sector, with a value of SR780 million. In the transportation sector, the shares of newly listed Flynas returned to SR80, the same offering price, while Saudi Aramco's shares stabilized at SR24.24, despite a slight increase in oil prices. Naseej International Trading shares rose 9 percent, their strongest gain in 14 weeks, while Sadaq led the gainers with a 10 percent rise to SR30. Sinomi Retail shares came in third place in terms of gainers, jumping nearly 9 percent to SR22.39, continuing its positive performance over the past three months, during which it recorded gains of nearly 150 percent. Investors are awaiting the general assembly meeting of ACWA Power, a company included in the utilities index, on Monday, where a vote will be held on a proposal to double the company's capital to SR14 billion. Across the rest of the Gulf markets, most stock exchanges recorded varying gains. The Kuwait Stock Exchange index rose 1.75 percent, followed by Bahrain with a 0.85 percent increase, and Qatar with a 0.78 percent rise. Meanwhile, the Muscat Securities Market bucked the trend, declining slightly by 0.15 percent. © Copyright 2022 The Saudi Gazette. All Rights Reserved. Provided by SyndiGate Media Inc. (
Gulf Today
17-06-2025
- Business
- Gulf Today
Emirati, Arab women sharpen AI skills
Rochester Institute of Technology (RIT) of Dubai has hosted the graduation of the NOMU Al Ghurair Women in AI programme, in collaboration with the Abdulla Al Ghurair Foundation (AGF) and the pioneering educational institution, ZAKA. The event recognised the achievements of 70 Emirati and Arab women who successfully completed the 20-week AI Certification programme with ZAKA, which was established to increase the skills capacity in artificial intelligence and machine learning in the UAE. The NOMU, meaning 'growth' in Arabic, initiative was launched by AGF in 2021 to empower 25,000 Emirati youth by 2025. The graduation ceremony was attended by ZAKA Co-founder and Head of Partnerships, Larissa Abi Nakhle, Dr Yousef Al Assaf, President RIT Dubai and Dr Sonia Ben Jaafar, CEO Abdulla Al Ghurair Foundation. In her opening remarks, Dr Ben Jaafar highlighted the Foundation's dedication to upskilling Emirati women and supporting their entry into the AI job market, empowering them to become leaders in the region's digital future. Graduates of the NOMU Al Ghurair Women in AI programme receive their certificates Addressing the graduates, Dr Ben Jaafar said, 'You have stepped into a male-dominated field, and you did this boldly and fearlessly. You are the spark of a movement; a signal that the UAE's innovation economy will not be built by machines alone, it will be built by women like you. You are not just changing your future, you're shifting a global statistic.' Welcoming guests on behalf of RIT Dubai, Dr Al Assaf provided an overview of the six centres that will be launching as the campus development continues, and invited the graduates to explore opportunities for collaboration with the university. Speaking about the importance of retaining human values in the advancement of technology, Dr Al Assaf remarked, 'Smart machines are not replacing jobs, they are creating jobs, but we must remember that AI speaks to our emotions but does not have emotions; we need to make sure that the human element is integrated into the codes we develop in order to help people to lead a better life.' The event proceeded with the award of certificates to the cohort of students representing the UAE and other Arab nations. The graduation marked the culmination of a highly selective and challenging programme that combined technology with job-readiness skills to prepare candidates for the future of work. The programme was set in the context of anticipated expansion in the Middle East AI sector, with an expected annual growth rate ranging from 20 to 34 per cent, projecting a potential impact of $320 billion by 2030.
Zawya
02-05-2025
- Business
- Zawya
Market uncertainty won't slow Saudi IPO momentum: 46 listings expected
Saudi Arabia's IPO momentum continues to gain traction despite market uncertainty stemming from US tariffs and trade tensions in several international markets, which have derailed plans for a wave of new listings expected this year. According to Riyad Capital, the kingdom remains on track with close to 46 offerings expected in 2025, across Saudi's Main Market and the Parallel Market, Nomu. Speaking with Zawya, Muhammad Faisal Potrik, Head of Sell-Side Research, Riyad Capital pointed out that last year, the Saudi Main Market saw a total of 14 IPOs, adding: 'We expect the number of IPOs in 2025 to be similar to last year, in the range of 14 to16 [listings]. Sectors will continue to be diverse ranging from financial services, real estate, retail, technology, and aviation.' Investor appetite in the Gulf is evolving, with the first quarter for Saudi closing with five milestone offerings on its Main Market across a range of sectors, three of which were completed this year, including brokerage Derayah Financial, developer Umm Al Qura, and poultry producer Entaj, which raised more than $1 billion between them. The kingdom's parallel market has continued with its flurry of dealmaking, with Potrik saying that following on from last year, which closed with 28 IPOs on NOMU, the first quarter of 2025 remained just as strong with seven listings. In February, Saudi Arabia's Capital Markets Authority regulator further announced it had greenlit five NOMU IPOs, including school operator Dome International, Asas Makeen Real Estate Development and Investment Company, Dkhoun National Trading Company, Axelerated Solutions for Telecommunications and Information Technology Co. and Al Kuzama Trading Company. Market uncertainty Despite a positive outlook, investors have been jittery in recent weeks with oil prices falling to a two-week low on Tuesday, while many others are bracing for OPEC+ to boost output and US tariffs to cause a further slowdown in demand for fuel. While Potrik admits that trade tensions and market uncertainty, fuelled by US President Donald Trump's global tariffs, have slowed dealmaking, the bank continues to retain a 'positive view' on the Saudi market for FY 2025. 'While subdued oil price is broadly a challenge for the economy, oil as a commodity has continued to fluctuate historically. What is important to highlight is that the Saudi economy is much more diversified now and the contribution of the non-oil sector is much greater than in the past. Also, we do not expect any material impact to the ongoing projects in the kingdom, which will continue to drive economic growth,' he said. For 2025, Riyad Capital estimates an overall GDP growth of more than 3%, while non-oil growth will remain strong, above 4%. Potrik also dismissed the notion that the market could see some hesitation in moving ahead with planned listings. 'Despite volatile markets and economic fluctuations, the IPO momentum has been very strong at the Tadawul for the past five years,' he said. 'We do not expect any delays in IPOs as there is huge pent-up demand from both local and foreign investors for quality companies in sectors that are not adequately represented at the Tadawul. Thus, good names in, for example, the financial services or aviation or retail sectors are awaited by investors. Furthermore, the economic outlook for Saudi Arabia is far more stable than other countries.' In the pipeline for Saudi is the much-anticipated IPO for budget airline flynas, which was cleared for take-off in March. The carrier, which is backed by Saudi billionaire Prince Alwaleed Bin Talal, has a planned float to sell a 30% stake, according to the Saudi CMA. (Reporting by Bindu Rai, editing by Seban Scaria)
Zawya
01-05-2025
- Business
- Zawya
Saudi IPO momentum continues with two firms announcing NOMU listing plans
Two Saudi Arabian firms have announced plans to proceed with IPOs on the parallel market NOMU in the coming weeks. Saudi Arabia's education services provider Dome International Investment Company's float represents 14.53% of the company's share capital, comprising 850,000 shares, with the offering period to run from May 19, 2025 until May 26, 2025. Watheeq Capital Company has been appointed as financial advisor on the potential offering. Founded in 2016, Dome International runs schools and accredited educational testing centres across the kingdom. The company received approval from the Captial Markets Authority in March. Asas Makeen Real Estate Development and Investment Company has also published its prospectus for a NOMU IPO, offering 1 million shares, which represent 10% of the share capital. The price will be determined after the book-building period, with the offering period to begin on May 19, 2025, and end on May 25, 2025. Yaqeen Capital Company has been appointed as the financial advisor and lead manager on the offering. The latest IPO announcements joins a growing list of companies that have received approval from Saudi Arabia's Capital Markets Authority regulator for the month of May. Other companies in the pipeline include Dkhoun National Trading Company, Axelerated Solutions for Telecommunications and Information Technology Co. and Al Kuzama Trading Company. (Writing by Bindu Rai, editing by Seban Scaria)
