Live Currency Rates
 
  Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Global slump curbs IPO activity in Middle East  Join our daily free Newsletter

MENAFN - Khaleej Times - 30/12/2009

No. of Ratings : 0
Add to Mixx!


 


(MENAFN - Khaleej Times) The global downturn saw a huge drop in companies selling shares to the public in the region, with the total value of Middle East IPOs in 2009 comprising a mere one-sixth of funds raised in the previous year.

Regional markets raised 2.06 billion from 15 IPOs until November 25 this year, compared to the 12.46 billion in all of 2008, Ernst & Young said in a report on Tuesday.

Offerings, which were mostly in the fourth quarter, were dominated by insurance concerns. Three out of four IPOs were held by Saudi Arabian insurance companies, and one bank in Syria.

Syria's Albaraka Bank was the biggest IPO raising, raising 37.23 million, trailed by Saudi Arabia's Gulf General Cooperative Insurance Company (Al Khaleej Insurance) at 21.3 million. Al Alamiya Cooperative Insurance Company and Buruj Cooperative Insurance Company, also Saudi Arabia-based firms, raised 16 million and 13.87 million, respectively.

IPO activity in 2009 was dominated by three countries: Qatar raised 952.03 million, Saudi Arabia raised 1.03 billion and Syria raised 76.99 million.

"It is difficult to foresee with any certainty when the IPO activity will pick up, even though as many as 114 IPOs have been announced," said Phil Gandier, managing partner of transaction advisory services at Ernst & Young Middle East. Globally, IPO activity started to pick-up in the second half of 2009, driven largely by deals from Asia and South America. These two regions have raised 68.6 billion in listings, accounting for 72 per cent of total IPO value.

The number of deals from January to November went down significantly in 2009, with only 459 IPOs listings, compared to 740 deals a year earlier.

However, the capital raised from these activities, at 94.9 billion, is nearly the same as 2008's 94.6 billion.

"Emerging market activity has dominated IPO markets this year, with Chinese companies the largest source of total funds raised globally. Brazil's stock market has seen a flurry of activity, notably in financial services.

China and Brazil are clearly playing an integral role in leading the global economic recovery," said Gregory K. Ericksen, global vice chair at strategic growth markets at Ernst & Young.

In North America, IPO activity declined in value by nearly 38 per cent to 16.6 billion for 66 listings, compared to 26.6 billion in 2008. European IPOs only accounted for 10 per cent of total IPO deals and a modest 5.0 billion in capital raised.

This is in contrast with the 160 IPOs in the region valued at 13.6 billion raised in 2008. The leading sectors by number of deals were industrials, with 77 IPOs; materials, with 68 IPOs, and high technology, with 55 deals. Fifty per cent of total capital raised were brought in by financials, industrials and real estate.

By Rocel Felix

 






  MENA News Headlines
Apr 23 2014Omantel launches service package for youth ,MENAFN
(MENAFN) Omantel announced launching 'Ozone' plan, a new package designed especially for the youth. This comes with the company"s constant efforts to enhance the communication needs of its customers, ...

Apr 23 2014Dh154 billion for Arabtec projects ,Khaleej Times
(MENAFN - Khaleej Times) Arabtec will spend dh140 billion on building one million low-cost houses in egypt and dh14 billion on five mixed-use residential projects in abu dhabi and dubai its chief ...

Apr 23 2014?Titli? makers excited about Cannes selection ,Khaleej Times
(MENAFN - Khaleej Times) The movie about the badlands of delhi?s dystopic underbelly will be in competition as part of the un certain regard section of the 67th cannes film gala to be held may ...

Apr 23 2014Saudi- Yaroub Bashraheel: In search of peace ... underwater ,Arab News
(MENAFN - Arab News) You've heard of diving snorkeling and other water activities but rarely has anyone heard of free-diving. it's a form of diving underwater without the aid of any breathing ...

Apr 23 2014Saudi- Schneider highlights intelligent health care solutions at forum ,Arab News
(MENAFN - Arab News) Schneider electric a global specialist in energy management is set to showcase its leadership in intelligent health care solutions at the second saudi forum for planning and ...

Apr 23 2014Saudi- Divorcees can seek housing ,Arab News
(MENAFN - Arab News) The kingdom will accept applications from saudi divorced women and widows for financial and housing support said justice minister muhammad al-issa.al-issa called on applicants ...

Apr 23 2014Saudi- New passport office opens at Red Sea Mall ,Arab News
(MENAFN - Arab News) The passport department has opened a new office for citizens and residents at the red sea mall.gen. abdul rahman bin abdullah al-tuwairki deputy director general of the ...

Apr 23 2014Kowait- Police deportation powers curbed ,Arab Times
(MENAFN - Arab Times) Kuwait city april 3 (afp): kuwaiti police will no longer be able to deport expatriates without interior ministry approval under new rules published thursday after officers ...

Apr 23 2014Kowait- Amiri Diwan urges all off tape case ,Arab Times
(MENAFN - Arab Times)  kuwait city april 9 (agencies): the amiri diwan has called on everybody to steer clear of the controversial tape issue and let the public prosecution take the necessary ...

Apr 23 2014Saudi Savola Group revenue up 43 pct in Q1 ,MENAFN
(MENAFN) Saudi Arabia's Savola Group registered a 43 percent increase in profits in the first quarter, well over expectations of analysts, Arabian Business reported. According to a statement to ...

Apr 23 2014Dewa and GE explore collaboration opportunities ,Khaleej Times
(MENAFN - Khaleej Times) Saeed mohammed al tayer managing director and chief executive officer of the dubai electricity and water authority (dewa) recently received a ge delegation to explore ...

Apr 23 2014Local international companies come out in force ,Khaleej Times
(MENAFN - Khaleej Times) Cityscape abu dhabi has started showing stronger interest from property developers who have showcased their upcoming projects. the three-day realty show was opened by ...

Apr 23 2014Sale of Gate Towers penthouses launched ,Khaleej Times
(MENAFN - Khaleej Times) Aldar properties has launched the sale of 21 exclusive duplex penthouse apartments at gate towers the penthouse collection in shams abu dhabi on al reem island. one of ...

Apr 23 2014Tamouh steps up activity on projects ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi-based real-estate developer tamouh has scaled up construction activity on all of its announced reem island projects to meet the rising demand for prime spaces in ...

Apr 23 2014ADCB profit grows 26% in first quarter ,Khaleej Times
(MENAFN - Khaleej Times) Abu dhabi commercial bank?s profit grew 26 per cent in the first quarter of the year to dh1. however net profit rose 22 per cent year-on-year. non-interest income was 24 ...

Apr 23 2014'Piles and piles' of bodies in S. Sudan ,Arab News
(MENAFN - Arab News) Nairobi: gunmen who targeted both children and the elderly left 'piles and piles" of bodies — many of those in a mosque — in a provincial capital in south sudan the un's top ...

Apr 23 2014UAE- Billion-dollar realty projects on show ,Arab News
(MENAFN - Arab News) Cityscape abu dhabi a three-day realty event that began with 120 regional and international exhibitors witnessed major announcements on tuesday.salama bint hamdan al-nahyan ...

Apr 23 2014Kowait- New hospital to be ready by 2014 end ,Arab Times
(MENAFN - Arab Times) Kuwait city jan 14 (kuna): director of the 'mega projects 3' group at kuwait oil company (koc) yaqoub dashti said on tuesday that the new ahmadi hospital would be ready to ...

Apr 23 2014Saudi- Ministry launches complaint center for domestic workers ,Arab News
(MENAFN - Arab News) The labor ministry has launched a first-of-its-kind multilingual communication center to address complaints and grievances voiced by the kingdom's 1.2 million domestic ...

Apr 23 2014Seven tied for the lead in chess championships ,Khaleej Times
(MENAFN - Khaleej Times) Former champion sukandar grabs lead of asian continental women?s chess. former asian women’s champion wgm irene sukandar of indonesia (left) beat wim ni shiqun ...

more...


 
Live Currency Rates






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country
Marketwatch News
UPI News
Comtex News

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help