عربي English Türkçe اردو فارسى
Logo
Latest News
Business

GCC IPO Market Remains Active in 2021 Despite Impact of COVID-19

CEO of Aramco, Amin Nasser, and Saudi Aramco’s chairman, Yasser al-Rumayyan, attend a press conference for Aramco’s IPO. (File photo: Reuters)
CEO of Aramco, Amin Nasser, and Saudi Aramco’s chairman, Yasser al-Rumayyan, attend a press conference for Aramco’s IPO. (File photo: Reuters)
TT
TT

GCC IPO Market Remains Active in 2021 Despite Impact of COVID-19

CEO of Aramco, Amin Nasser, and Saudi Aramco’s chairman, Yasser al-Rumayyan, attend a press conference for Aramco’s IPO. (File photo: Reuters)
CEO of Aramco, Amin Nasser, and Saudi Aramco’s chairman, Yasser al-Rumayyan, attend a press conference for Aramco’s IPO. (File photo: Reuters)

The initial public offering (IPO) market remained active in the Gulf Cooperation Council (GCC) countries in 2020 despite increasing pressure on financial markets against the backdrop of the coronavirus pandemic early last year, according to a recent report.

A report issued by the Kuwait-based KAMCO Investment Company stated that the total IPOs of GCC countries dropped to seven issuances in 2020, compared to 12 in 2019, including the landmark Aramco IPO.

The proceeds of the GCC issuers on regional and international exchanges reached $1.87 billion from $29 billion in 2019.

KAMCO believes that the IPO market in the GCC countries could have witnessed higher activity in the year 2020, especially in the second half of the year.

Issuers chose to defer their primary market entrances, until secondary markets recovered from the impact of COVID-19, said KAMCO.

“This led to the back-end loaded issuances in 2020, while others pushed their plans into 2021.”

Concerning regional listings, Saudi Arabia continued to lead the primary markets as four out of the seven IPOs debuted on the Saudi Stock Exchange (Tadawul).

The kingdom also dominated in terms of IPO proceeds, with 78 percent of the issuances at $1.45 billion.

In Qatar, QLM Life and Medical Insurance Co had an issuance with the company raised $178 million in December.

UAE re-entered the regional IPO markets with the issuance of REIT Fund worth $95.3 million.

The report noted that Saudi healthcare operator Dr. Sulaiman al-Habib Medical Services had the largest IPO in the region in 2020, with proceeds of $698.6 million, followed by the Kingdom’s Bin Dawood Holding with proceeds of $585.1 million.

KAMCO Invest also expects the gulf IPO market to remain active in 2021, given the number of catalysts that could support primary markets within the region.

Saudi Arabia will continue to lead the regional IPO market in 2021, as the kingdom is reportedly reviewing more than 15 applications for listing.

According to the report, UAE’s most important catalysts in 2021 are the launch of the Nasdaq Dubai Growth Market for SMEs and the impact of the Dubai Expo during the second half of 2021.

Most Viewed

 
 
Business

ECB President Lagarde Reportedly Plans to Quit Before Macron's Term Ends

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo
TT
TT

ECB President Lagarde Reportedly Plans to Quit Before Macron's Term Ends

FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo
FILE PHOTO: European Central Bank (ECB) President Christine Lagarde addresses the press following the ECB's Governing Council meeting, at the ECB headquarters in Frankfurt, Germany, February 5, 2026. REUTERS/Jana Rodenbusch/File Photo

European Central Bank President Christine Lagarde plans to leave her job before next year's French presidential election to allow Emmanuel Macron to have an input into picking her successor, the Financial Times reported on Wednesday.

Lagarde's term is due to end in October 2027 but some fear that the far right may win the French presidential race ‌in the spring of ‌2027, complicating the selection for the ‌new ⁠leader of Europe's most ⁠important financial institution.

Citing a person familiar with the matter, the FT said Lagarde has not yet decided on the exact timing of her departure but was keen on Macron and German Chancellor Friedrich Merz to be the key deciders in who succeeds her. Macron cannot run again for a third term.

"President Lagarde is ⁠totally focused on her mission and has not ‌taken any decision regarding the end ‌of her term," Reuters quoted an ECB spokesperson as saying.

The FT report comes only ‌a week after Bank of France Governor Francois Villeroy de Galhau ‌said he would step down in June this year, more than a year before the end of his term, allowing Macron to name his replacement before the presidential election that the far-right could win.

While it ‌will be up to all leaders from the 21-nation euro zone to pick Lagarde's successor, ⁠past practice ⁠suggests that any successful candidate must have both German and French support to clinch the role.

There are no formal candidates for the job yet but several names have been floating among ECB circles as potential ECB presidents. The most prominent among these are former Dutch central bank chief Klaas Knot and Bank for International Settlements General Manager Pablo Hernandez de Cos.

Lagarde's non-renewable term at the ECB runs until October 31, 2027. Prior to heading the ECB, she was managing director of the International Monetary Fund from 2011 to 2019 and before that, the French finance minister.

Business

UK Inflation Falls to 3.0% in January

Pedestrians cross Westminster Bridge in front of Parliament during the early morning hours in London, Tuesday, Feb. 10, 2026.(AP Photo/Kin Cheung)
Pedestrians cross Westminster Bridge in front of Parliament during the early morning hours in London, Tuesday, Feb. 10, 2026.(AP Photo/Kin Cheung)
TT
TT

UK Inflation Falls to 3.0% in January

Pedestrians cross Westminster Bridge in front of Parliament during the early morning hours in London, Tuesday, Feb. 10, 2026.(AP Photo/Kin Cheung)
Pedestrians cross Westminster Bridge in front of Parliament during the early morning hours in London, Tuesday, Feb. 10, 2026.(AP Photo/Kin Cheung)

Britain's annual ‌rate of consumer price inflation fell to 3.0% in January from 3.4% in December, official figures showed on Wednesday.

A Reuters poll of economists had shown a median forecast of 3.0% in January and the Bank of England projected earlier this month that the headline measure of inflation would slow to ‌2.9%.

British inflation ‌has run higher than in ‌the ⁠United States and in ⁠the euro zone where it stood at 2.4% and 1.7% respectively in January.

But the BoE expects the pace of price rises to slow sharply to almost its 2% target in ⁠April as last year's rises ‌in utility costs and ‌other government-controlled tariffs fall out of ‌the annual comparison.

Investors expect the central bank ‌to cut its benchmark interest rate to 3.5% at its next meeting in March after a tight vote to keep borrowing costs ‌on hold in February although some policymakers remain worried about underlying ⁠inflation ⁠pressure.

Financial markets on Tuesday also priced a second quarter-point interest rate cut by the BoE by the end of in 2026.

ONS data last week painted a downbeat picture of Britain's economy at the end of 2025 with output barely growing. Figures released on Tuesday showed the labor market was still losing jobs although there were some signs of a stabilization.

Business

Riyadh to Host Middle East’s Largest General Aviation Airshow in November 

The AERO Middle East x Sand & Fun 2026 will be held in Riyadh from November 24 to 28. (SPA)
The AERO Middle East x Sand & Fun 2026 will be held in Riyadh from November 24 to 28. (SPA)
TT
TT

Riyadh to Host Middle East’s Largest General Aviation Airshow in November 

The AERO Middle East x Sand & Fun 2026 will be held in Riyadh from November 24 to 28. (SPA)
The AERO Middle East x Sand & Fun 2026 will be held in Riyadh from November 24 to 28. (SPA)

The Saudi Aviation Club announced that it will organize the AERO Middle East x Sand & Fun 2026 in Riyadh from November 24 to 28, reported the Saudi Press Agency on Tuesday.

The event is set to be the largest of its kind for general aviation in the Middle East, combining international business, investment, and innovation with live flying displays and interactive public experiences. It is being held in partnership with Messe Frankfurt Saudi Arabia.

Held at Thumamah Airport, the exhibition will bring together leading global companies operating in the general aviation industry, including aircraft and components manufacturers, avionics and navigation systems providers, as well as maintenance, repair, and overhaul (MRO) companies, offering an integrated platform that covers the full value chain of the sector.

The event will also spotlight startups in advanced air mobility (AAM) and innovators of electric vertical take-off and landing (eVTOL) aircraft, showcasing technologies and business models shaping the future of aviation.

General Supervisor of the Saudi Aviation Club Dr. Ahmed Alfahaid stated that AERO Middle East x Sand & Fun 2026 represents a qualitative leap for the Kingdom’s aviation sector and reinforces its positioning as a global hub for general aviation and advanced air mobility.

The partnership with Messe Frankfurt Saudi Arabia goes beyond presenting global innovations to providing a vital platform for international investment and strategic collaboration, he stressed.

Moreover, the event contributes to achieving Saudi Vision 2030 objectives, including the Kingdom’s ambition to rank among the world’s top 10 general aviation markets, he added.