Saudi Stocks Lead Mideast Gains as Trading Resumes: Inside EM bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
(Bloomberg) Stocks in the Middle East are poised to end the month higher on prospects of an economic rebound.Benchmark indexes in the United Arab Emirates led gains through May. The UAE, a federation of seven sheikhdoms including Dubai and Abu Dhabi, has one of the highest coronavirus vaccine inoculation rates globally.“There are multiple factors” for the gains across the region, including “vaccinations and ease in restrictions, recovery in oil price as well as growth in the private sector,” said Harshjit Oza, head of research at Abu Dhabi-based International Securities. However, geopolitics continue to weigh on Egyptian shares, he said.Brent crude, a key source of revenue for economies in the Gulf, climbed about 3.5% this month. The S&P 500 ended last week near a record, while the MSCI Inc.’s emerging markets index closed at the highest level in a month.Stocks in Saudi Arabia, Dubai, Bahrain, Oman, Egypt and Israel rose on Sunday. Shares in Ab
Tristar pulls Dubai IPO as investors push back on valuation
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Tristar pulls Dubai IPO as investors push back on valuation
Tristar’s IPO was slated to be the second listing in three years on the Dubai Financial Market
April 14, 2021
Middle Eastern logistics firm Tristar Transport has pulled its initial public offering in Dubai, dealing a blow to the city’s attempts to revive the stock market.
Tristar has informed Dubai’s main bourse that the IPO has been withdrawn, CEO Eugene Mayne told
Dubai: Aldar Properties PJSC offered to buy a majority stake in Egypt s Sixth of October for Development & Investment Co. as it looks to expand into Arab world s most populous country.
The offer values the Egyptian property developer, known as Sodic, at about $420 million. Aldar is seeking a minimum 51% stake in Sodic, with an indicative purchase price of 18-19 Egyptian pounds per share.
Aldar, which primarily operates in Abu Dhabi, has been looking to expand abroad as it faces limited growth prospects in the United Arab Emirates. Home prices and rents have dropped for nearly seven years in Abu Dhabi, and the coronavirus pandemic aggravated the situation.