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Delivery Hero Fails Again to Take Over a Rival in #SaudiArabia - Bloomberg

Delivery Hero Fails Again to Take Over a Rival in Saudi Arabia - Bloomberg Delivery Hero SE’s second attempt to buy a Saudi rival has failed after the local competition watchdog rejected its takeover offer for The Chefz.Saudi Arabia’s General Authority for Competition didn’t disclose any details or the reasons for its decision in a statement on Sunday but said Germany’s Delivery Hero sought to buy all of the Riyadh-based firm.Delivery Hero and The Chefz didn’t immediately respond to requests f...
Tags: Travel, Germany, Berlin, Turkey, Middle East, Dubai, Delivery Hero, Riyadh, Yemeksepeti, Rupert Neil Bumfrey, Talabat, General Authority for Competition, SaudiArabia Bloomberg, Saudi Arabia Bloomberg Delivery Hero SE, Chefz Saudi Arabia, Chefz


UK- #Saudi M&A deals on the rise as ties strengthen

UK-Saudi M&A deals on the rise as ties strengthen Merger and acquisition activity between Saudi Arabia and Britain has soared since August when travel restrictions eased, as a new direct investment programme between the two countries offers a further boost to Saudi-UK relations.Fikry Younis, the Riyadh-based partner of Lumina Capital Advisers, said activity in the Saudi-UK corridor has risen 50 per cent since the summer on the back of eased travel regulations, Brexit and Saudi Arabia’s implemen...
Tags: Travel, UK, Saudi Arabia, Britain, Brexit, Riyadh, Younis, Rupert Neil Bumfrey, Saudi UK, Fikry Younis, Lumina Capital Advisers


#Dubai’s $25 Billion State Utility Picks Banks for Record IPO - Bloomberg

Dubai’s $25 Billion State Utility Picks Banks for Record IPO - Bloomberg State-owned utility Dubai Electricity & Water Authority has picked banks to arrange what could be the biggest-ever listing in the Persian Gulf emirate, people with knowledge of the matter said. DEWA has chosen Citigroup Inc., HSBC Holdings Plc and Emirates NBD Bank PJSC to lead the offering, the people said, asking not to be identified because the information is private. It is planning to seek a valuation of around $20 bi...
Tags: Travel, Dubai, Abu Dhabi, Middle Eastern, Riyadh, DEWA, Persian Gulf, JPMorgan Chase Co, Rupert Neil Bumfrey, IPO Bloomberg, Dubai Electricity Water Authority, Emirates NBD Bank PJSC, Record IPO Bloomberg State, Citigroup Inc HSBC Holdings Plc, Credit Suisse Group AG Goldman Sachs Group Inc


#Saudi stock market cashes in on its own growth | Reuters

Saudi stock market cashes in on its own growth | ReutersSaudi’s bourse is cashing in on its own success. Riyadh’s Tadawul on Sunday priced an initial public offering of 30% of its shares at the top end of the previously published range, implying a valuation of 12.6 billion riyals ($3.4 billion). With orders worth 121 times the shares on offer, demand was not quite as exuberant as for the recent listing of ACWA Power (2082.SE) . But it is still indicative of a handy market position.Not counting T...
Tags: Travel, New York Stock Exchange, Reuters, Riyadh, Tadawul, ACWA Power, EBITDA, Rupert Neil Bumfrey, Deutsche Boerse, Intercontinental Exchange ICE N, George Hay, ACWA


#Saudi Stock Exchange Sets IPO Offer Price at Top End of Range - Bloomberg

Saudi Stock Exchange Sets IPO Offer Price at Top End of Range - Bloomberg Saudi Tadawul Group Holding set the final price of its initial public offering at the top end of the range, giving the Riyadh-based bourse a valuation of 12.6 billion riyals ($3.4 billion).Tadawul, as the exchange is known, set the price at 105 riyals per share after an institutional book-building process, according to a statement. The coverage ratio amounted to 121% of total shares on offer.At that price, the share sale...
Tags: Travel, Saudi Arabia, Middle East, Riyadh, Tadawul, Rupert Neil Bumfrey, Public Investment Fund, Acwa Power International, Saudi Telecom Co


Foreign inflows in #Saudi capital market have reached nearly $36bln, says CMA Chairman | ZAWYA MENA Edition

Foreign inflows in Saudi capital market have reached nearly $36bln, says CMA Chairman | ZAWYA MENA Edition Foreign inflows in the Saudi capital market since 2019 have reached nearly SR135 billion ($35.98 billion), despite the Kingdom being at an early stage in dealing with external investors, Capital Market Authority Chairman Mohammed ElKuwaiz said.Opening the market for foreign investment supports diversification of funding sources for listed companies, ElKuwaiz said, during his particip...
Tags: Travel, Saudi Arabia, Kingdom, Cma, Riyadh, Rupert Neil Bumfrey, Capital Market Authority, Elkuwaiz, Mohammed Elkuwaiz


Moelis Plans #Saudi Hires as ‘Energy Supercycle’ Stirs Gulf Deals - Bloomberg

Moelis Plans Saudi Hires as ‘Energy Supercycle’ Stirs Gulf Deals - BloombergMoelis & Co. will soon hire staff in Saudi Arabia as it sees the kingdom attracting more foreign investors and benefiting from an “energy supercycle.” The boutique financial adviser, founded by Wall Street veteran Ken Moelis, wants to open an office in Riyadh, the Saudi capital, and do more deals as the world’s biggest oil exporter privatizes some companies and the stock market sees a burst of initial public offerings.“W...
Tags: Travel, Saudi Arabia, Bloomberg, Riyadh, Moelis, Eric Cantor, Rupert Neil Bumfrey, Ken Moelis, Stirs Gulf Deals BloombergMoelis Co


#SaudiArabia to allow more digital banks, central bank governor says | Reuters

Saudi Arabia to allow more digital banks, central bank governor says | ReutersSaudi Arabia will give operating licences to more digital banks, Central Bank Governor Fahad al-Mubarak said on Thursday at a financial forum in Riyadh.The kingdom this year issued licences for its first digital banks, STC Bank and Saudi Digital Bank. read more [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Saudi Arabia, Central Bank, Reuters, Riyadh, Rupert Neil Bumfrey, Fahad al Mubarak, ReutersSaudi Arabia, STC Bank, Saudi Digital Bank


#SaudiArabia working on 160 privatisations, says finance minister | Reuters

Saudi Arabia working on 160 privatisations, says finance minister | ReutersSaudi Arabia is working on 160 privatisations and intends to announce more next year, Finance Minister Mohammed al-Jadaan said on Thursday.Speaking at a financial forum in Riyadh, he said plans to privatise assets in the education and logistics sectors were ongoing.Earlier this year Saudi Arabia suspended the privatisation of the Ras Al Khair desalination and power plant, one of a number of state assets the government aim...
Tags: Travel, Saudi Arabia, Reuters, Riyadh, Rupert Neil Bumfrey, Mohammed al Jadaan, Ras Al Khair, ReutersSaudi Arabia


OPEC+ Considers Production Changes If Strategic Reserves Are Tapped - Bloomberg

OPEC+ Considers Production Changes If Strategic Reserves Are Tapped - Bloomberg OPEC+ officials warned they’re likely to respond to plans by the world’s largest oil consumers to release oil from their strategic stockpiles, setting up a fight for control of the global energy market.President Joe Biden is set to announce a plan to release reserves from the Strategic Petroleum Reserve on Tuesday in tandem with China, India, Japan and South Korea, according to officials briefed on the matter. ...
Tags: Travel, South Korea, Washington, Saudi Arabia, Russia, Opec, Bloomberg, Joe Biden, Middle East, Riyadh, Strategic Petroleum Reserve, Rupert Neil Bumfrey, China India Japan, Bloomberg OPEC


Reliance-Aramco no-deal is sign of the ESG times | Reuters

Reliance-Aramco no-deal is sign of the ESG times | ReutersGreen and black are increasingly clashing. Reliance Industries (RELI.NS) and Saudi Aramco (2222.SE) will re-examine a plan first unveiled more than two years ago for the oil colossus to pump $15 billion into the Indian conglomerate’s refining operations. The impasse reflects how quickly investment decisions are being upended by the energy transition.The two titans were natural partners when they sketched out the all-cash deal in August 20...
Tags: Travel, Saudi Arabia, India, ESG, Jefferies, Reliance, Reuters, Riyadh, Aramco, Reliance Industries, Mukesh Ambani, Rupert Neil Bumfrey, Ambani, Jamnagar, Yasir al Rumayyan, Reliance Aramco


#Saudi Stock Exchange Seeks to Raise Up to $1 Billion in IPO - Bloomberg

Saudi Stock Exchange Seeks to Raise Up to $1 Billion in IPO - Bloomberg Click here for link to IPO information Saudi Arabia is keeping the home fires burning for regional public offerings, readying what could be the biggest sale of shares by a stock-exchange operator since Euronext NV. Saudi Tadawul Group Holding is seeking to raise as much as $1 billion after setting the price range for an initial public offering at 95 riyals ($25.32) to 105 riyals per share, the company said in a s...
Tags: Travel, Saudi Arabia, Middle East, Dubai, Riyadh, Saudi Aramco, Tadawul, Saudi stock exchange, Rupert Neil Bumfrey, Acwa Power International, IPO Bloomberg, Saudi Telecom Co, Junaid Farooq, IPO Bloomberg Click, Euronext NV Saudi Tadawul Group Holding, Neighboring Abu Dhabi


#Dubai’s Main Utility DEWA Readies for Share Offering by April - Bloomberg

Dubai is planning to list its main utility by April, in what will likely be the city’s biggest initial public offering since DP World in 2007.“I think we’ll be ready before Ramadan,” Dubai Electricity & Water Authority Chief Executive Officer Saeed Mohammed Al Tayer told Bloomberg when asked about the timing of the proposed IPO. The Islamic holy month of Ramadan is expected to start in April.Dubai’s Deputy ruler Maktoum bin Mohammed bin Rashid said earlier this month that the emirate will sell a...
Tags: Travel, Bloomberg, Emirates, Dubai, Abu Dhabi, Riyadh, DEWA, DP World, Saeed Mohammed Al Tayer, Rupert Neil Bumfrey, Dubai Electricity Water Authority, Maktoum bin Mohammed bin Rashid


Almunajem’s IPO Said to Draw Demand for All Shares on Sale - Bloomberg

Almunajem’s IPO Said to Draw Demand for All Shares on Sale - Bloomberg Almunajem Foods Co., one of Saudi Arabia’s largest private food companies, has demand for all the shares for sale in its initial public offering that’s seeking to raise as much as $288 million, according to people familiar with the matter. The Riyadh-based firm is selling 18 million shares, equivalent to a 30% stake, at 55 riyals ($14.66) to 60 riyals apiece. Within hours of opening the order book, the IPO had enough invest...
Tags: Travel, Saudi Arabia, Riyadh, Rupert Neil Bumfrey, Acwa Power International, Saudi Telecom Co, Olayan, Sale Bloomberg, Dr Sulaiman Al Habib Medical Services Group Co, Almunajem, Sale Bloomberg Almunajem Foods Co, Grocery chain BinDawood Holding Co


#Saudi Wealth Fund Bets on 19 U.S. Companies in E-Commerce, Clean Energy - Bloomberg

Saudi Wealth Fund Bets on 19 U.S. Companies in E-Commerce, Clean Energy - Bloomberg Saudi Arabia’s sovereign wealth fund waded deeper into the U.S. stock market, adding stakes in e-commerce, Chinese, and clean energy and transportation companies.The Public Investment Fund made 19 new investments in U.S.-traded companies during the third quarter, according to a regulatory filing on Monday with the Securities and Exchange Commission. These positions, combined with the market value of existing st...
Tags: Travel, New York, Saudi Arabia, Securities And Exchange Commission, Lucid, Riyadh, Mohammed bin Salman, Rupert Neil Bumfrey, Public Investment Fund, Yasir al Rumayyan, E Commerce Clean Energy Bloomberg, Lucid Group Inc


#SaudiArabia's race to attract investment dogged by scepticism | Reuters

Saudi Arabia's race to attract investment dogged by scepticism | Reuters Saudi Arabia could have a credibility problem if it keeps shifting the goal posts for the amount of foreign investment it wants to turn its vision of a future beyond oil into a reality, financial sources and analysts said.Five years since Crown Prince Mohammed bin Salman launched Vision 2030 to end the kingdom's dependence on fossil fuels, foreign direct investment (FDI) remains well short of targets.When Riyadh unveiled ...
Tags: Travel, Saudi Arabia, Reuters, Riyadh, Mohammed bin Salman, Reuters Saudi Arabia, Rupert Neil Bumfrey


#Dubai’s IPO Plans Are Injecting Fresh Life Into Laggard Market - Bloomberg

Dubai’s IPO Plans Are Injecting Fresh Life Into Laggard Market - Bloomberg Dubai’s plan to embark on a flurry of public share offerings has stirred the benchmark index from its recent slumbers, narrowing the gap with regional peers. The benchmark DFM Index has rallied more than 14% since the emirate announced at the start of November it was earmarking state-owned companies for IPOs. That’s almost half its entire gain for the year and compares with a 1.1% rise on Saudi Arabia’s Tadawul inde...
Tags: Travel, Saudi Arabia, Dubai, Muscat, Abu Dhabi, Riyadh, Tadawul, Rupert Neil Bumfrey, DFM, Joice Mathew, United Securities, Bloomberg Dubai, DFM Index


#Dubai May IPO Emirates, the Airline That Transformed Its Economy - Bloomberg

Dubai May IPO Emirates, the Airline That Transformed Its Economy - Bloomberg Dubai may sell shares in its flagship carrier Emirates, which helped transform the city into a global hub for commerce, just as coronavirus restrictions ease and the outlook for travel brightens.Emirates and its units may be listed on Dubai’s stock exchange, Chairman Sheikh Ahmed Bin Saeed Al Maktoum told Asharq TV. The comments come as the city ratchets up efforts to draw level with Abu Dhabi and Riyadh, which ha...
Tags: Travel, Emirates, Dubai, Abu Dhabi, Riyadh, Salik, Ahmed bin Saeed Al Maktoum, Rupert Neil Bumfrey, middle east Dubai, Bloomberg Dubai, Asharq TV


#Dubai Airshow News: Emirates Fleet Rethink Could Mean Boeing Pain, Airbus Gain - Bloomberg

Dubai Airshow News: Emirates Fleet Rethink Could Mean Boeing Pain, Airbus Gain - Bloomberg As the man commanding the world’s largest international airline for almost two decades, Emirates President Tim Clark has perfected the act of playing arch-rivals Airbus SE and Boeing Co. off one another.His tactics were on display again this weekend in Dubai, where the biennial air show is taking place on Emirates’s home turf. Clark, speaking in an interview, said he’s conducting a fleet “reset.” That, i...
Tags: Travel, Bloomberg, Emirates, Tim Clark, Dubai, Airbus, Abu Dhabi, Boeing, Riyadh, Qatar Airways, Clark, Boeing Co, Akbar Al Baker, Rupert Neil Bumfrey, Dubai Airshow News, Emirates Fleet


#Saudi Telecom Co. to Invest $400 Million Expanding Data Centers - Bloomberg

Saudi Telecom Co. to Invest $400 Million Expanding Data Centers - Bloomberg Saudi Telecom Co., the biggest telecommunications company in the Middle East, will invest 1.5 billion riyals ($400 million) to build the largest cloud-enabled data center in the region as the oil rich-kingdom seeks to become a center for digitalization, according to a spokesman for the company.STC, as the firm is known, is implementing the third phase of its data-center program with a facility that has an allocated lan...
Tags: Travel, Middle East, Mena, Riyadh, STC, Rupert Neil Bumfrey, Saudi Telecom Co, Million Expanding Data Centers Bloomberg, Haithem Alfaraj


Mideast Stocks: #Dubai outperforms most Gulf bourses, #AbuDhabi at peak | ZAWYA MENA Edition

Mideast Stocks: Dubai outperforms most Gulf bourses, Abu Dhabi at peak | ZAWYA MENA Edition Most major stock markets in the Gulf ended higher on Sunday, with the Dubai index outperforming the region as Dubai Financial Market resumed gains driven by a bourse expansion plan.Dubai's main share index finished 0.9% higher, hitting its highest since March 2018, buoyed by a 14.9% surge on the Dubai Financial Market.Earlier this month, the emirate announced plans to launch a 2 billion dirham ($545 mil...
Tags: Travel, Saudi Arabia, Wam, Qatar, Egypt, United Arab Emirates, Dubai, Abu Dhabi, Uae, Gulf, Riyadh, Salik, Dubai Financial Market, Rupert Neil Bumfrey, Commercial International Bank, Union Properties


Major Gulf bourses mixed in early trade | Reuters

Major Gulf bourses mixed in early trade | Reuters Major stock markets in the Gulf were mixed in early trade on Sunday, with the Saudi index on track to extend gains for a second session, while the Abu Dhabi index retreated from a record high.Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, with Saudi Telecom Company (7010.SE) rising 0.9% and Al Rajhi Bank (1120.SE) putting on 0.3%.However, Saudi mall operator Arabian Centres (4321.SE) plunged 10%. On Thursday, Arabian Centres said its...
Tags: Travel, Saudi Arabia, Wam, United Arab Emirates, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Riyadh, Adi, Reuters Major, Salik, Tasi, Saudi Telecom Company, Rupert Neil Bumfrey


#Dubai’s IPO Gambit Adds $2.3 Billion to Bourse Operator’s Value - Bloomberg

Dubai’s IPO Gambit Adds $2.3 Billion to Bourse Operator’s Value - Bloomberg Dubai’s aggressive moves to grab a piece of the red hot Middle Eastern IPO market has helped double the value of its exchange operator over two weeks. While Abu Dhabi and Riyadh drew in orders worth billions of dollars from marquee listings, Dubai was left behind. The new head of the city’s financial market has announced a series of steps this month to help reverse that.A flurry of announcements since the start of ...
Tags: Travel, United Arab Emirates, Dubai, Abu Dhabi, Riyadh, DEWA, Nov, Salik, Abu Dhabi Dubai, Dubai Financial Market, Rupert Neil Bumfrey, Value Bloomberg, Maktoum bin Mohammed, Value Bloomberg Dubai


U.S. Warns #SaudiArabia That Its Tax Regime May Drive Firms Away - Bloomberg

U.S. Warns Saudi Arabia That Its Tax Regime May Drive Firms Away - Bloomberg The U.S. has criticized Saudi Arabia’s tax authorities and warned that disputes with foreign companies risk discouraging investment in the country.“Numerous multinational enterprises” operating in Saudi Arabia “have experienced tax issues exhibiting a lack of transparency, consistency and due process compared to what they have come to expect from other nations,” the U.S. embassy in Riyadh said in a letter to the Saudi...
Tags: Travel, Saudi Arabia, Bloomberg, Riyadh, Mohammed bin Salman, Rupert Neil Bumfrey, Saudi Ministry of Investment It


Another #Saudi Family Empire Steps Into Glare of Public Markets - Bloomberg

Another Saudi Family Empire Steps Into Glare of Public Markets - Bloomberg Amid a  rush  of initial public offerings, another Saudi family business is set to capitalize on soaring demand for stocks in the kingdom. Riyadh-based Almunajem Foods Co. on Thursday  became  the latest family-owned firm to say it will test the equity markets. It appointed  HSBC Holdings Plc  as adviser to manage its IPO of a 30% stake, representing 18 million shares. Now one of Saudi Arabia’s largest private foo...
Tags: Travel, Saudi Arabia, Syria, Lebanon, Riyadh, HSBC Holdings Plc, Rupert Neil Bumfrey, Almunajem, Almunajem Foods Co, Abdullah Ali Almunajem, Thamer Abanumay


#UAE aims for 20 $1 bln startups by 2031, says minister | Reuters

UAE aims for 20 $1 bln startups by 2031, says minister | Reuters The United Arab Emirates aims to become home to 20 startups worth more than $1 billion each, knownas 'unicorns', in the next decade, its Minister of State for Entrepreneurship and SMEs, Ahmad al-Falasi, said on Wednesday.At the launch of the Entrepreneurial Nation project in Dubai, Falasi said the UAE aimed to do more to solidify its position as a top destination for international investment in the Gulf. It has lately seen increa...
Tags: Travel, Saudi Arabia, United Arab Emirates, Dubai, Uae, Reuters, Riyadh, Rupert Neil Bumfrey, Saudi Arabia Every, Ahmad al Falasi, Falasi


HSBC Chosen to Advise on #Saudi Food Giant’s IPO as Boom Rolls On - Bloomberg

HSBC Chosen to Advise on Saudi Food Giant’s IPO as Boom Rolls On - Bloomberg Almunajem Foods Co., one of the largest Saudi food companies, has appointed HSBC Holdings Plc as adviser to manage its initial public offering, according to people familiar with the matter.Riyadh-based Almunajem, which specializes in the import and distribution of food in the kingdom, could announce the deal as soon as in the next few weeks, the people said, asking not to be identified because the information is priva...
Tags: Travel, Saudi Arabia, Bloomberg, Hsbc, Riyadh, Saudi Basic Industries Corp, HSBC Holdings Plc, Rupert Neil Bumfrey, HSBC Chosen, Saudi Food Giant 's IPO, Bloomberg Almunajem Foods Co, Almunajem


Natixis IPO in #SaudiArabia Shows How to Break Through Market - Bloomberg

Natixis IPO in Saudi Arabia Shows How to Break Through Market - Bloomberg Natixis SA is coming off its first initial public offering in Saudi Arabia with a blueprint for how to navigate a market dominated by rivals that are more entrenched in the kingdom.The Paris-based bank, which aims to boost its investment banking revenues by 7% every year until 2024, is looking to get a “substantial increase” in how much it generates out of Saudi Arabia, according to Barbara Riccardi, regional head for th...
Tags: Travel, Saudi Arabia, Paris, Middle East, Riyadh, Rupert Neil Bumfrey, Riccardi, Barbara Riccardi, Natixis IPO, Bloomberg Natixis SA


#Saudi Aramco to continue generating robust cash flows: Al Rajhi Capital | ZAWYA MENA Edition

Saudi Aramco to continue generating robust cash flows: Al Rajhi Capital | ZAWYA MENA Edition Riyadh-based investment bank Al Rajhi Capital has revised upward the target price on the stock of state oil producer Saudi Aramco from 35 riyals ($9.33) per share to 37 riyals per share. The target price has been increased following the third-quarter performance of the oil giant, whose stock closed at 37.60 riyals on Sunday. The premium is based on a 3.75 percent dividend yield on the 2021 dividend per...
Tags: Travel, Riyadh, Aramco, Saudi Aramco, Rupert Neil Bumfrey, Al Rajhi Capital


#Dubai to Encourage IPOs From Private Firms to Revive Market - Bloomberg

Dubai to Encourage IPOs From Private Firms to Revive Market - Bloomberg Dubai plans to encourage private and family-owned businesses to list on its stock market as the business hub seeks to catch up with Abu Dhabi and Riyadh in the Middle East IPO rush.The city merged its economic and tourism departments on Saturday, and one of the new entity’s main tasks is to prod private and family-owned businesses to sell shares on the Dubai bourse, according to a statement.In the past week, Dubai has made...
Tags: Travel, Middle East, Dubai, Abu Dhabi, Riyadh, Carrefour SA, Rupert Neil Bumfrey, Majid Al Futtaim Holding, Bloomberg Dubai, Al Khaleej Sugar Co



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