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Dubai is offering up to a 25% stake in recently launched Parkin — Dubai’s public parking operator — in an IPO on the Dubai Financial Market in March, according to a Dubai Media Office statement. The Dubai Investment Fund will be selling 745 mn shares, according to a prospectus (pdf) published yesterday.
ICYMI-Dubai’s Road and Transport Authority launched Parkin in January, just a few months after saying it would go public with its taxi and parking assets. The company takes care of the design and management of public and private parking spaces in the emirate and issuing parking permits.
The book building process starts next Tuesday and will conclude on 12 March for retail investors and a day later for institutional investors. Shares are expected to begin trading on 21 March.
Advisors: Rothschild & Co’s Middle East division was tapped as independent financial advisor. Our friends at HSBC Middle East join Emirates NBD, First Abu Dhabi Bank, Abu Dhabi Commercial Bank, and our friends at EFG Hermes UAE as joint lead managers.
Asian markets are mixed but were trending mostly lower in early trading this morning. Futures once again point to a soft open for stocks in New York, London, Frankfurt and Toronto later today.
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TASI |
12,601.55 |
+0.6% (YTD: +5.3%) |
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MSCI Tadawul 30 |
1,627.71 |
+0.7% (YTD: +5%) |
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USD : SAR (SAMA) |
3.75 Sell |
3.75 Buy |
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Interest rates |
6% repo |
5.5% reverse repo |
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EGX30 |
29,205.16 |
+0.9% (YTD: +17.3%) |
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ADX |
9,287.80 |
+0.3% (YTD: -3%) |
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DFM |
4,272.55 |
+1.2% (YTD: +5.2%) |
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S&P 500 |
5,078.18 |
+0.2% (YTD: +6.5%) |
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FTSE 100 |
7,683.02 |
-0.02% (YTD: -0.7%) |
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Euro Stoxx 50 |
4,885.74 |
+0.4% (YTD: +8.1%) |
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Brent crude |
USD 83.65 |
+1.4% |
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Natural gas (Nymex) |
USD 1.62 |
-2.7% |
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Gold |
USD 2,039.10 |
-0.2% |
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up |
BTC |
USD 57,112.09 |
+4.6% (YTD: +143.1%) |
THE CLOSING BELL-
The TASI rose 0.6% yesterday on turnover of SAR 7.4 bn. The index is up 5.3% YTD.
In the green: Avalon Pharma (+30%), SSP (+9.9%) and BATIC (+9.9%).
In the red: Amiantit (-5.2%), MCDC (-2.9%) and AlRajhi Takaful (-2.8%).
CORPORATE ACTIONS-
#1- Emaar, The Economic City CEO Cyril Piaia will not be extending his term at the real estate developer beyond his contract’s end date on Saturday, 31 August 2024, the company said in a filing to Tadawul.
#2- SAB’s BoD has recommended buying back 4.7 mn shares for the lender’s ESOP, it said in a disclosure to Tadawul.
