March First Week Middle East Finance Newsletter

March First Week Middle East Finance Newsletter

World’s Biggest Currency Crash Prompts Lebanon to Intervene Anew

Key Takeaways

  • Lebanon's central bank is taking a page from a playbook it's used before to try and douse the currency crisis raging in the country for three years with a plan to price dollar sales at a weaker level than its own official exchange rate.
  • The goal of the latest step is to reduce pressure on the pound by injecting hard currency at a rate more in line with its market levels. Previous such efforts to inject dollars only briefly shored up the pound.

Read more.

Adnoc Gas Draws $124 Billion of Orders for $2.5 Billion IPO

Key Takeaways

  • The Adnoc Gas IPO was the largest-ever in Abu Dhabi and raised $2.5 billion from the initial public offering of its gas business.
  • The company benefited from natural gas prices soaring last year as Russia’s invasion of Ukraine roiled energy markets.

Read more.

Abu Dhabi’s G42 Seeks $495 Million From Presight AI Listing

Key Takeaways

  • Presight AI Holding Plc, a data analytics firm, plans to raise $495 million from an initial public offering.
  • The firm plans to sell 1.36 billion shares at 1.34 dirhams a share, becoming the second company from the United Arab Emirates’ capital to tap the capital markets this year.
  • The IPO will open March 13 and close March 17, and will be managed by First Abu Dhabi Bank PJSC and Dubai Islamic Bank PJSC. Trading is set to start on March 27.

Read more.

Abu Dhabi Says There’s More to Come After Year’s Biggest IPO

Key Takeaways

  • At least eight companies are expected to list in Abu Dhabi this year after the emirate’s main energy company pulled off the world’s biggest listing so far in 2023.
  • The IPO candidates span industries from technology and media, to asset management and a firm that operates in the regenerative medicine sector.
  • Authorities are also encouraging family-owned firms to list companies operating in non-traditional sectors to boost trading on the exchange.

Read more.

Dubai’s Luxury Homes Lead the World’s Best (and Worst) Property Markets

Key Takeaways

  • Dubai is the world's busiest luxury property market, and demand for property is booming as the government's handling of the pandemic attracts more foreign buyers.
  • The city is also emerging as a favored destination for hedge fund traders and rich Indians who seek a sun-sand-sea lifestyle.
  • The number of cash buyers in Dubai is increasing.

Read more.

Saudi Aramco Inches Closer to Joining Renault-Geely Car Venture

Key Takeaways

  • Saudi Aramco has signed a letter of intent to potentially purchase a minority stake in Renault SA and Zhejiang Geely Holding Group Co.'s planned combustion-engine venture.
  • The oil behemoth is seeking to expand into transport technologies, and this investment will support research and development across synthetic fuels and next-generation hydrogen technologies.
  • This partnership could lead to increased competition in the automotive industry.

Read more.

Dubai’s Fajr in Talks to Buy Aster’s Gulf Business

Key Takeaways

  • Fajr Capital is part of a consortium seeking to buy a majority stake in Aster DM Healthcare Ltd.'s Gulf business.
  • Talks are at an advanced stage, and there's no certainty that a transaction will take place. India is not giving that value to the GCC business, it's giving discount to the GCC business.

Read more.
Eman Al Teneiji

Associate Director - Trader | Trading Multi-Asset Products

2 年

The newsletter is very informative, brief and on point.

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