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1 week ago | 
zawya.com | Brinda Darasha
With plans to borrow up to $20 billion during the current fiscal year, Kuwait could issue its first tranche of debt very soon possibly even before the Eid al-Adha holidays— after the OPEC oil producer last week authorised its multi-billion sovereign wealth fund, and the central bank to borrow funds.
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1 month ago | 
zawya.com | Brinda Darasha
With strong demand coming in, Omniyat’s inaugural dollar sukuk issuance was upsized to $500 million from $400 million, indicating investor confidence in both the issuer and the depth of liquidity availabe for Islamic debt. With books at $1.8 billion, Omniyat was able to tighten pricing from the initial high 8% area to 8.375% -- deemed fair within the relative pecking order of UAE real estate companies. “The pricing for Omniyat’s sukuk was on point or slightly tight.
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1 month ago | 
zawya.com | Brinda Darasha
With global oil prices down to a four-year low last week, Saudi Arabia--which depends heavily on its oil revenues to balance its budget and to finance its massive economic transformation plan--could be forced to tighten fiscal policy further or seek recourse in the debt market; alternatively, it may even look to raise new taxes.
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2 months ago | 
zawya.com | Brinda Darasha
Alpha Data, a UAE-based technology services company which sold a 40% stake in an Abu Dhabi IPO to raise 600 million dirhams ($163 million), saw its shares climb nearly 7% on debut on Tuesday. The broader market fell 0.17%. Alpha Data opened at AED 1.53 and oscillated between an intraday low of AED1.51 and an intraday high of AED 1.70. It closed at AED 1.60, signalling an intraday gain of 6.67%.
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Feb 20, 2025 | 
zawya.com | Brinda Darasha
The State of Qatar, via the finance ministry, is marketing US dollar three-year and 10-year bonds at initial price thoughts in the Treasuries plus 60 basis points (bps) area and Treasuries + 80bps area respectively. The senior, unsecured 144A/Reg S notes will be listed on the London Stock Exchange.
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Jan 29, 2025 | 
zawya.com | Brinda Darasha
The Egyptian government has priced its $2 billion USD dual tranche bond tighter than the Initial price thoughts (IPTs) after combined books hit more than $9.8 billion. The $1.25 billion five-year senior unsecured Reg S bond had a yield of 8.625%, compared with IPTs in the 9.25% area. Books came to over $6 billion, excluding joint lead manager (JLM) interest. The $750 million eight-year had a yield of 9.45%, compared with IPTs in the 10% area.
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Jan 28, 2025 | 
zawya.com | Brinda Darasha
Abu Dhabi Islamic Bank (ADIB) on Tuesday reported a 16% year-on-year (YoY) rise in FY 2024 net profit at 6.1 billion dirhams ($1.6 billion). Net profit for Q4 2024 was AED 1.46 billion, 2% lower YoY. The effort for FY 2024 topped analysts’ mean estimate of AED 5.42 billion, while Q4 profit also beat the AED 1.3 billion estimate. Revenues increased by 14% in 2024 to AED 10.6 billion versus AED 9.3 billion in 2023. The net impairment charge for FY decreased by 18% to AED 620 million.
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Jan 16, 2025 | 
zawya.com | Brinda Darasha
As the Dubai-based road toll operator Salik readies to roll out variable toll road pricing from the end of January, the stock, which has been an outperformer on the Dubai Financial Market (DFM), is seen as overvalued. The stock is trading at a last twelve months (LTM) price-to-earnings (P/E) multiple of near 36x, only slightly down from the 52-week high of nearly 39x, according to LSEG data.
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Nov 28, 2024 | 
zawya.com | Brinda Darasha
UAE’s ADNOC has said a further share sale in its natural gas subsidiary, ADNOC Gas, can create “significant value”. The statement follows recent media reports that the state-backed energy major is considering selling a further 3-5% stake in its gas unit. Although ADNOC did not confirm the plan, the oil giant said it sees “significant value creation potential in ADNOC Gas, which could be further enhanced by broader indexation, driving liquidity and shareholder base diversification.
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Nov 26, 2024 | 
zawya.com | Brinda Darasha
Dubai-based retailer Union Coop is weighing a transition to a public joint-stock company from a consumer cooperative society, which had direct-listed its shares on the Dubai Financial Market (DFM). In July 2022, Union Coop listed on the DFM with existing shareholders being offered ten shares for each share held. Upon listing, its share price declined from 3.9 dirhams ($1.06). On Tuesday, it was trading at AED 2.32, according to LSEG data.
