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RIYADH: After seeing its highest degree of preliminary public choices by mixture worth in 2022 for 14 years, the UAE is about to maintain up the momentum this 12 months with IPOs value greater than 8 billion dirhams ($2.2 billion) within the pipeline, a high official mentioned.
Talking on the MENA IPO Summit in Dubai, the deputy CEO of the Securities and Commodities Authority, Mohammed Khalifa Al Hadari, mentioned that 2021 had been a 12 months of restoration however there had been important progress in native capital markets in 2022.
“There are 11 new IPOs with a complete worth exceeding 8 billion dirhams, together with 4 free zone corporations and two particular goal acquisition corporations, ready within the pipeline at the moment,” he mentioned.
Al Hadari added: “The present flurry of exercise is extra sustainable than the earlier IPO booms as it’s a part of the broader well-defined authorities technique to increase variety to produce the markets.
“The Dubai authorities final 12 months introduced plans for 10 state-owned corporations as a part of their technique to double the scale of the capital markets to round 3 trillion dirhams and appeal to international investments.”
The UAE’s IPO pipeline was very robust final 12 months with quite a few private and non-private sector entities itemizing on the Dubai and Abu Dhabi inventory exchanges.
Dubai entities that went for IPO final 12 months included Dubai Electrical energy and Water Authority, which raised 22.3 billion dirhams, the UAE’s and Europe, Center East and Africa’s largest-ever IPO.
Al Hadari went on to say that Abu Dhabi Securities Trade may record 13 extra corporations this 12 months together with 4 corporations from exterior the UAE.
India-UAE Partnership Summit requires financial partnerships
The India-UAE Partnership Summit known as for constructing new financial partnerships that might drive the 2 international locations’ strategic growth plans.
Held at Dubai Chambers’ headquarters, the summit was inaugurated by Indian Commerce and Business Minister Piyush Goyal. He highlighted that the UAE-India Complete Financial Partnership Settlement has given a pure enhance to key sectors reminiscent of meals and agriculture merchandise in addition to gems and jewellery.
“India and the UAE are each pursuing dynamic commerce and funding insurance policies… Our rising bilateral commerce will play an integral position within the UAE’s efforts to double the scale of its financial system by 2030,” Goyal mentioned.
He added: “The destinies of the UAE and India have been inextricably intertwined for hundreds of years. A better collaboration, belief and the spirit of entrepreneurship will create limitless alternatives for our economies, our industries, our cities, and our folks, now and for generations to return.”
Throughout his keynote tackle, Mohammad Ali Rashid Lootah, president and CEO of Dubai Chambers, revealed that the variety of new Indian corporations that joined Dubai Chamber of Commerce in 2022 exceeded 11,000, bringing the overall variety of Indian corporations registered with the Chamber to greater than 83,000.
He confirmed that this 12 months will see enlargement within the Chamber’s Mumbai workplace actions to maintain tempo with the rising momentum in bilateral relations.
Abu Dhabi resort income hits $1.5bn in 2022
Reflecting a powerful rebound in tourism, a complete of 4.1 million resort guests stayed in Abu Dhabi lodges throughout 2022, 24 p.c up from 2021, information by the Division of Tradition and Tourism – Abu Dhabi, revealed.
Lodge revenues climbed by 23 p.c from the earlier 12 months to five.4 billion dirhams in 2022.
The statistics confirmed that Abu Dhabi lodges recorded occupancy charges of 70 p.c in the course of the reference 12 months, a progress of 0.2 p.c in comparison with 2021.
The common resort keep for visitors was about 3 nights per visitor, and the common income per accessible room was 263 dirhams, up 19 p.c.
UAE nationals accounted for the biggest share of the capital’s resort visitors in the course of the previous 12 months, with a share of 29 p.c, or the equal of 1.18 million visitors.
Indian nationalities led all different non-Emiratis with a share of 12 p.c, or the equal of 480,000 guests, up 31 p.c from the identical interval in 2021.
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