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Abu Dhabi, United Arab Emirates · Abu DhabiCompetitor AD Falcons swept the board at the annual Abu Dhabi International Hunting and Equestrian Exhibition Falcon Beauty Contest this week. A judging panel of local and international experts were tasked with selecting the winners from 10 falcons on display. One bird, named Eliasat, was said to have “captivated the judges with its exceptional features, striking plumage and flawless presentation”. The falcons were judged on various criteria, in…See the Story
Falcons sink their talons into both hearts and wallets
Riyadh · Riyadh$30bn increase on 2024 Budgets ‘may be underspent’ Call for transparency Saudi Arabia’s Public Investment Fund will raise its annual spending to $70 billion in 2025, a year earlier than previously announced, according to an International Monetary Fund official. PIF’s governor Yasir Al-Rumayyan told a Saudi investment summit in February that the sovereign wealth fund would increase its annual capital spending from around $50 billion a year to $…See the Story
PIF spending to hit $70bn a year early, says IMF
Oil and Gas Sector · Saudi ArabiaAttempt to stabilise prices falls flat Aramco share price drops further Oil market is ‘broken’ says analyst The decision by Opec+ on Thursday to postpone its oil output hike until December has failed to pump up the markets, where the sentiment remains bearish. While Opec+ still holds sway over global balances, it is running out of options to stabilise prices, analysts said, as the share price of Aramco, the world’s biggest producer, continues …See the Story
Opec+ delay to output rise fails to rejuvenate oil price
IPO · RiyadhMC4 has a robust presence in the Saudi flour market, and it is known for its premium FOOM brand, which holds the largest market share The post Fourth Milling Company to float IPO on Tadawul appeared first on Gulf Business.See the Story
Saudi's Fourth Milling Company to float IPO on Tadawul
Central Bank · CairoAnalysis by Ahmed Kamel The Central Bank of Egypt (CBE) has kept overnight interest rates steady in the wake of deceleration of inflation. The CBE’s Monetary Policy Committee (MPC) said the“currentpolicy rates remain appropriate” to maintain the prevailing tight monetary stance until a significantand sustained decline in inflation is realized. The MPC kept overnight deposit and lending rates steady at 27.25 and 28.25 percent, respectively. It al…See the Story
MPC keeps rates unchanged on easing inflation - Egyptian Gazette
Upfront payment drive eases working capital struggle
IPO · Abu DhabiThe initial public offering (IPO) of NMDC Energy on the Abu Dhabi Securities Exchange (ADX) generated AED88 billion ($23.96 billion) in gross demand, oversubscribing by 31.3 times. A total of 1.15 billion shares, representing 23 percent of NMDC Energy’s total share capital, were offered at AED2.8 per share. The IPO was oversubscribed within hours of its launch on August 30. At the close of the subscription period, the retail tranche was oversub…See the Story
NMDC Energy IPO on Abu Dhabi bourse attracts $24bn
Oil and Gas Sector · Abu DhabiMaturities of five, 10 and 30 years Fitch rating of AA Sale comes as oil price drops Abu Dhabi’s state oil giant, Adnoc, launched its first-ever bond sale on Wednesday, raising $4 billion through its wholly-owned primary debt-capital market funding vehicle, Adnoc Murban. The company offered three benchmark-size, dollar-denominated treasuries with maturities of five, 10 and 30 years. Adnoc sold $1 billion of five-year bonds, $1.5 billion of 10-y…See the Story
