Hermes: UAE and Saudi Arabia to lead new IPOs in 2023
4 new IPOs in Dubai and Abu Dhabi markets
The four offerings during the beginning of the second quarter until the fourth quarter of this year. Archival
Karim Awad: "COP28 is an ideal time for companies to showcase their effective role in reducing carbon emissions."
image
EFG Hermes Holding (EFG) said it is currently working on five IPOs in different GCC markets, including a company in the financial services sector in the Dubai Financial Market (DFM), a retail company in the Kuwait market, in addition to two companies in the Abu Dhabi Securities Exchange other than ADNOC Gas, expecting the UAE and Saudi markets to continue to lead the region's markets in terms of new offerings in 2023.
Karim Awad, CEO of EFG Hermes Holding, said: "We are delighted to organise the 17th annual EFG Hermes One-on-One conference, the largest of its kind in the world, which kicked off in Dubai yesterday.
Awad added: "The UAE is preparing to organize the United Nations Climate Change Conference 2023 (COP28), which is an ideal time for companies to showcase their effective role in reducing carbon emissions by adopting a number of frameworks and strategies of responsible investment practices with the aim of reaching a better future and achieving sustainable growth at all levels, whether social, economic or environmental."
Mohamed Fahmy, Co-Head of Promotion and Underwriting at EFG Hermes, said: "EFG Hermes is currently working on five IPOs in different GCC markets, including a company in the financial services sector in the Dubai Financial Market, a company in the retail sector in the Kuwait market, in addition to two companies in the Abu Dhabi Securities Exchange other than ADNOC Gas."
Fahmy pointed out, in statements to reporters on the sidelines of the conference, that the time range of the five offerings during the beginning of the second quarter until the fourth quarter of this year.
"Hermes is currently finalizing the listing of Oman's Abraaj Energy Services Company on the Muscat Stock Exchange," he added.
Fahmy predicted a return of activity and momentum to the acquisition and mergers sector in the region, especially in the technology sector, which may witness mergers to create larger entities.
Mohamed Abu Basha, Chief Economist at EFG Hermes, said: "The Abu Dhabi market has become a large presence as a result of the government's plans to launch companies in an accelerated manner, and therefore investors' perception of the market has begun to change because its size has increased to a record level, in addition to the diversity of issuances and offerings, which has become a major attraction for foreign investors."
"The sectors being rolled out include infrastructure, finance, healthcare and education," he said.
Abu Basha predicted that the UAE and Saudi markets will continue to lead the region's markets in terms of new offerings in 2023.
Pricite to list its shares on the Abu Dhabi market through an initial public offering
Brainsight AI Solutions, a subsidiary of G42 Group and the region's leading international AI-powered big data analytics, announced yesterday its intention to carry out an initial public offering (IPO) and list its shares on the primary market of the Abu Dhabi Securities Exchange (ADX).
On March 3, 2023, the Securities and Commodities Authority (SCA) approved the company's request to carry out the initial public offering.
Precision is a public limited equity company established in Abu Dhabi Global Market (ADGM) that supports the public sector and businesses of all sizes through end-to-end analytics and artificial intelligence to make informed decisions and analytics across all sectors, leading to a positive impact on the performance of organizations.
Abu Dhabi - WAM