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Dubai Advances in Doubling Financial Market in Wake of DEWA, TECOM’s Successful IPOs

Dubai aspires to benefit from the success of the DEWA and TECOM’s IPOs by listing more companies and attracting international capital. (AFP)
Dubai aspires to benefit from the success of the DEWA and TECOM’s IPOs by listing more companies and attracting international capital. (AFP)
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Dubai Advances in Doubling Financial Market in Wake of DEWA, TECOM’s Successful IPOs

Dubai aspires to benefit from the success of the DEWA and TECOM’s IPOs by listing more companies and attracting international capital. (AFP)
Dubai aspires to benefit from the success of the DEWA and TECOM’s IPOs by listing more companies and attracting international capital. (AFP)

Dubai prepares to list more government and semi-government companies on the Dubai Financial Market (DFM).

This decision is driven by the great success achieved by listing the Dubai Electricity and Water Authority (DEWA) in April, as well as the successful IPO of TECOM Group, a subsidiary of Dubai Holding, and the high turnout by investors to subscribe to the group's shares, in particular, and the IPO of Dubai companies and institutions, in general.

The listing of DEWA and TECOM raised about AED24 billion ($6.5 billion), while they drew orders worth almost AED350 billion ($95.2 billion).

These figures reflect the huge success and the confidence in Dubai’s institutions and companies that seek through their strategies to upgrade the capital markets and increase their ability to attract investors.

Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, has recently issued a law to establish road toll operator “Salik”' as a Public Joint Stock Company (PJSC).

This enables listing some of its shares in the DFM and is considered a major step as part of Dubai government’s strategy to enhance and develop the market’s performance by listing a number of companies in the future.

Salik is part of the Roads and Transport Authority (RTA) in Dubai. The road toll system was launched in 2007 by the RTA to ease traffic congestion on the Sheikh Zayed highway and shore up state revenues.

Salik has eight toll gates and three million registered vehicles, out of which 1.8 million are registered in Dubai, according to the Dubai Media office.

The upcoming period is expected to witness more listings on the DFM, which would enhance its position and attractiveness to investors.

This comes in line with Sheikh Mohammed’s vision to achieve an economic and development renaissance in Dubai in particular, and the UAE in general, and to acquire a diversified, sustainable, more competitive and flexible economy based on knowledge and innovation.

A report on Wednesday said the great success achieved in TECOM’s IPO reflects the global investors’ great confidence in Dubai’s economy and its major institutions and infrastructure.

TECOM’s Global Offering drew substantial demand from both the Qualified Institutional Offer and UAE Retail with total gross demand reaching AED35.4 billion ($9.6 billion), implying an oversubscription level of over 21 times in aggregate at the final price.

It had previously announced setting the final offer price for its IPO at AED2.67 ($0.72) per share.

The UAE Retail Offer achieved an oversubscription level of almost 40 times in aggregate, making it the highest oversubscription multiple ever for IPOs on the DFM.

As a result of the extremely strong demand, the final offer price was set at the top of the price range and the company has raised AED1.7 billion ($462 million) through the IPO.

TECOM houses more than 7,500 companies and 10 large business complexes including Dubai Internet City and Dubai Media City.

In this context, DEWA attracted in April AED315 billion ($85.7 billion) of demand for the IPO, with buyers including sovereign wealth funds, private fund and 65,000 individual investors.

DEWA said in its prospectus the 18% share sale by the Dubai government was aimed at boosting trading liquidity in the stock market and raising its own profile with international investors.

The shares began trading on the DFM on April 12, with DEWA the largest company on the bourse with a market capitalization of AED124 billion ($33.8 billion).

Demand for DEWA’s IPO has been strong, prompting it to first raise the size of the institutional offer and then boosting the retail portion by almost three times on Saturday.

Dubai's deputy ruler, Sheikh Maktoum bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity to three trillion dirhams (about $817 million).

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Business

Egypt High-Speed Trains to Connect Red Sea, Mediterranean

Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. (Reuters)
Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. (Reuters)
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Egypt High-Speed Trains to Connect Red Sea, Mediterranean

Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. (Reuters)
Ships move through the Suez Canal, in Ismalia, Egypt, July 31, 2025. (Reuters)

Workers have started laying tracks in the desert east of Cairo for Egypt's first high-speed train, which will link the Red Sea and the Mediterranean in the latest attempt to modernize transport in the vast country.

Described by transport minister Kamel al-Wazir as a "new Suez Canal on rails", the project is slated to be completed in 2028, and will carry passengers and cargo the 660-kilometer (410-mile) distance in as little as three hours.

The Green Line, as it is known, is the latest of a long list of megaprojects undertaken by Egyptian President Abdel Fattah al-Sisi's government in the past decade -- the crowning jewel of which is the New Administrative Capital east of Cairo.

In 2021, Egypt signed a $4.5 billion contract with a consortium that includes German company Siemens to establish the Green Line, which will form the first of three high-speed tracks across the country.

Authorities hope the nearly 2,000 kilometer-network will carry 1.5 million passengers per day.

Egypt's existing train network -- used by a million people every day -- is plagued by infrastructure and maintenance problems that caused nearly 200 accidents last year, according to official figures.

The Green Line will run across the country's north, from Ain Sokhna on the Red Sea to Marsa Matrouh on the Mediterranean, crossing two Cairo satellite cities -- the New Administrative Capital to the east, and to the west 6th of October City, home to Egypt's only dry port.

- Urban planning bet -

According to Tarek Goueili, head of the National Authority for Tunnels, Egypt's revamped rail network will carry 15 million tons of cargo per year -- 3 percent of last year's Suez Canal transit volume.

For those behind it, the Green Line is also an urban planning bet.

"The high-speed line will ease pressure on Greater Cairo and encourage the emergence of new growth hubs," said Faical Chaabane of French company Systra, which is building the track.

In one desert station Systra showed reporters, workers on scaffolding have raised an imposing geometric ceiling over six open-air tracks.

Much of the New Administrative Capital that surrounds it is also still a construction site, home to government ministries where workers commute by bus every day.

With desert accounting for most of the country's million square kilometers, the vast majority of Egypt's 108 million people -- the Arab world's largest population -- are stacked vertically along the Nile River and its delta.

After its inauguration, the Green Line will be followed by the Blue Line, which will track the Nile linking Cairo to Aswan, and the Red Line, which will connect the Red Sea cities of Hurghada and Safaga inland to Luxor.

Business

Saudi Air Navigation: Virtual Towers Boost Efficiency, Open Control and Maintenance Roles to Saudi Women

Virtual tower operations center – Air Navigation Services (Asharq Al-Awsat) 
Virtual tower operations center – Air Navigation Services (Asharq Al-Awsat) 
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Saudi Air Navigation: Virtual Towers Boost Efficiency, Open Control and Maintenance Roles to Saudi Women

Virtual tower operations center – Air Navigation Services (Asharq Al-Awsat) 
Virtual tower operations center – Air Navigation Services (Asharq Al-Awsat) 

Saudi Arabia is accelerating digital transformation in aviation as virtual air traffic control towers enter live operations, marking a first for the Middle East. Saudi Air Navigation Services Company said the technology is among its flagship digital initiatives to enhance air traffic efficiency and prepare Saudi airspace for rapid growth.

The company has also successfully enabled Saudi women to work in air traffic control and navigation systems maintenance after completing specialized training programs.

Eng. Ahmed Al-Zahrani, Chief Strategy and Sustainability Officer, told Asharq Al-Awsat that virtual towers are a cutting-edge global technology adopted as part of the company’s broader transformation drive.

Al-Zahrani explained that a virtual tower replaces the traditional structure with a digital system built on high-definition cameras and advanced target-tracking technologies at the airport. Controllers can perform their duties without direct line-of-sight, using zoom and data overlays unavailable in conventional towers, such as flight number, passenger count, origin, and destination.

The initiative has moved beyond theory: the company has already launched the region’s first virtual tower at AlUla International Airport, operated remotely from King Abdulaziz Airport in Jeddah. The project has also won the Ministry of Transport and Logistics Services’ Innovation Award.

Al-Zahrani said that virtual towers raise controller efficiency by enabling oversight of multiple airports from a single center, while improving safety and operational performance through clearer imagery and richer data.

Beyond technology, readiness depends on continuity. The company operates two primary air traffic control centers in Riyadh and Jeddah; if one is disrupted, the other can seamlessly manage Saudi airspace without service interruption.

Since its launch in June 2016, the company has aimed to rank among regional leaders in air traffic management. Today, it is one of the region’s foremost providers and is pursuing global leadership.

Air traffic continues to expand. By the end of November, flights totaled 921,095, up 5.7% year on year. A daily record was set on June 19, 2025, with 3,673 flights, averaging 153 per hour.

On workforce development, Al-Zahrani said women have begun work as controllers and maintenance specialists, demonstrating strong performance. The company employs about 2,000 staff, over 97% Saudi nationals, and 100% Saudis in air traffic control roles.

Sustainability underpins operations across environmental efficiency, social impact through national talent empowerment, and governance via integrity and compliance. On cybersecurity, the company adheres to top international standards and recently earned the global SOC-CMM certification, measuring operations readiness across people, processes, technology, services, and business integration.

 

 

Business

US Economic Growth Surges in 3rd Quarter, Highest Rate in Two Years

Investment in artificial intelligence is expected to be a source of continued momentum for the US economy in 2026. ANDREW CABALLERO-REYNOLDS / AFP/File
Investment in artificial intelligence is expected to be a source of continued momentum for the US economy in 2026. ANDREW CABALLERO-REYNOLDS / AFP/File
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US Economic Growth Surges in 3rd Quarter, Highest Rate in Two Years

Investment in artificial intelligence is expected to be a source of continued momentum for the US economy in 2026. ANDREW CABALLERO-REYNOLDS / AFP/File
Investment in artificial intelligence is expected to be a source of continued momentum for the US economy in 2026. ANDREW CABALLERO-REYNOLDS / AFP/File

US economic growth in the third quarter came in at 4.3 percent on an annualized basis, easily topping expectations, according to Commerce Department data released Tuesday. 

The report, which also showed an acceleration in inflation, provides reassurance about the world's largest economy after other recent data showing a weakening labor market. It comes as worries have moderated over President Donald Trump's tariffs and as large tech companies advance massive investments to build new artificial intelligence infrastructure. 

The gross domestic product report -- delayed for nearly two months due to a government shutdown -- reflects increases in consumer spending, exports and government spending, partially offset by a decrease in investment, according to the department's Bureau of Economic Analysis. 

The reading, an initial estimate expected to be updated in early 2026, marks the highest GDP in two years. Analysts had expected 3.2 percent growth, according to consensus estimates from MarketWatch and Trading Economics. 

The report also showed the price index for domestic purchases rose 3.4 percent, a much higher inflation reading compared with 2.0 percent in the second quarter. 

The data suggest faster growth and higher inflation than markets had expected -- potentially changing the calculus for upcoming US monetary policy decisions. 

Trump pointed to the report as evidence that the "Trump Economic Golden Age is FULL steam ahead," the product of a "genius" policy on tariffs and "NO INFLATION," disregarding line-item aspects of the data showing otherwise. 

Other recent data has shown a weakening job market that has prompted the Federal Reserve to cut interest rates at the last three meetings, viewing the employment picture as its prime concern even as inflation has lingered above two percent. 

- 'Resiliency of US consumers' - 

Heather Long, chief economist at the Navy Federal Credit Union, wrote that the report shows the resiliency of US consumers, boding "well for 2026." 

"If the economy can avoid widespread layoffs, most American consumers can keep spending," she said. 

Joe Brusuelas, chief economist at RSM US, said the GDP data suggest that while growth has been robust, job creation remains "soft" and this dynamic "is likely to be the major economic narrative looking forward into 2025." 

The report also falls into the trend of what economists have described as "K-shaped," where consumption is driven by the wealthy, Brusuelas wrote. 

US stocks were little changed following the GDP data, as some saw lower odds that the Fed will again cut next month. 

"I think the implication is that with the GDP numbers being as strong as they are, that gives the Fed additional reason to be on hold at the January (Fed) meeting," said CFRA Research's Sam Stovall. 

While inflation remains well above the Fed's two percent target, Fed Chair Jerome Powell and other policymakers have described the weakening employment market as the greater concern at the moment. 

The Fed's median 2026 GDP forecast is 2.3 percent, up from 1.7 percent projected in 2025, according to a summary of the central bank's outlook. 

The data shows "an economy that is growing, but unevenly, one where inflation is still running well above the (Fed's) target," said Mike Fratantoni, chief economist of the Mortgage Bankers Association, who predicted just one rate cut in 2026. 

- Ebbing tariff angst - 

Tuesday's report reflects a much improved US macroeconomic outlook compared with earlier in 2025, when worries about Trump's aggressive trade policy changes weighed on sentiment. 

But by the latter stages of 2025, Trump's administration had negotiated agreements with China and other major economies that prevented enactment of the most onerous tariffs. 

Meanwhile, an AI investment boom by Chat GPT-maker OpenAI, Google and other tech giants continued to pick up momentum, keeping the US stock market near record levels. 

A December 18 outlook piece from S&P Global Ratings said AI investment would likely buoy the economy but could be offset by political uncertainty under Trump. 

"US trade policy uncertainty has settled down, but not US policy drama overall," S&P said. 

"Statutory US tariff rates may not move much in 2026, but uncertainty around laws, norms, investment rules, military actions and geopolitics more generally will remain elevated," S&P said. "This uncertainty will likely dampen investment and discretionary consumption."