Saudi developer Retal Urban to debut on TASI next week after $384m IPO

Saudi developer Retal Urban to debut on TASI next week after $384m IPO
Retal Urban’s share sale comes in a bid to solidify its position in the Saudi real estate sector. (Supplied)
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Updated 23 June 2022

Saudi developer Retal Urban to debut on TASI next week after $384m IPO

Saudi developer Retal Urban to debut on TASI next week after $384m IPO

RIYADH: Retal Urban Development Co. will list its shares on Saudi Arabia’s main market TASI early next week, after raising SR1.44 billion ($384 million) in an initial public offering.

Planned to debut on June 27, the Saudi-based developer floated 12 million shares, representing 30 percent of its capital, according to a bourse filing.

The offer price was set at SR120 per share, after generating an order book of SR90.3 billion from institutional investors, according to a bourse filing.

The developer’s share sale also attracted a demand of SR1.28 billion from retail investors as they rushed to subscribe to shares.

Retal Urban’s share sale comes in a bid to solidify its position in the Saudi real estate sector.


Saudi Islamic finance firm Nayifat appoints new CEO

Saudi Islamic finance firm Nayifat appoints new CEO
Updated 16 sec ago

Saudi Islamic finance firm Nayifat appoints new CEO

Saudi Islamic finance firm Nayifat appoints new CEO

RIYADH: Nayifat Finance co. has named Bandar Al-Baiz as CEO and managing director of the company following a formal approval by its board, a bourse filing shows.

This follows the resignation of CEO Abdulmohsen Musaed Al-Sowailem in May and the appointment of Chan Kok Veng as its acting chief in June.

The Islamic finance firm has also announced the appointment of Saleh Al Omair as a chairman and Abdulmohsen Al-Saleh as a vice chairman.

The firm’s shares increased 0.17 percent to SR22.98 ($6), as of 10:08 a.m. Saudi time.


TASI regains some momentum after dropping below 11k points: Opening bell

TASI regains some momentum after dropping below 11k points: Opening bell
Updated 16 min 1 sec ago

TASI regains some momentum after dropping below 11k points: Opening bell

TASI regains some momentum after dropping below 11k points: Opening bell

RIYADH: Saudi Arabia’s main index gained momentum after dropping below 11,000 points on Monday on fears of a global recession sparked by aggressive monetary tightening around the world.

The Tadawul All Share Index gained 1.04 percent to reach 11,022 in early trade on Tuesday, while the parallel market Nomu started almost flat at 19,723, as of 10:08 a.m. Saudi time.

Saudi oil giant Aramco started with a 0.29 percent gain, while Rabigh Refining and Petrochemical Co. added 1.05 percent.

The Saudi National Bank, the Kingdom’s largest lender, increased by 0.98 percent, while Saudi British Bank increased by 0.95 percent.

The Kingdom’s most valued bank Al Rajhi rose 1.15 percent, while Alinma Bank gained 0.58 percent.

Anaam International Holding Group continued to lead the gainers since yesterday’s trading session with a 6.83 percent gain, after it turned into profits of SR1.6 million ($425,599) in the first half of 2022.

Abdulmohsen Alhokair Group for Tourism and Development rose 4.52 percent after signing two contracts totaling SR94 million with a company specializing in establishing and operating international brands.

Saudi Paper Manufacturing Co. gained 1.38 percent, after it invited its shareholders to vote on raising its capital to SR337 million, following approval by the Capital Market Authority.

Nayifat Finance Co. added 0.17 percent, after it named Bandar Al-Baiz as managing director and CEO, as well as Saleh Al Omair as chairman and Abdulmohsen Al-Saleh as vice chairman.


Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday
Updated 27 September 2022

Here’s what you need to know before Tadawul trading on Tuesday

Here’s what you need to know before Tadawul trading on Tuesday

RIYADH: Saudi Arabia’s main index dropped below 11,000 points for the first time in nearly nine months thanks to falling oil prices and global recession fears.

The Tadawul All Share Index dipped 2.26 percent at the end of Monday’s trade, reaching 10,909 for the first time since Dec. 12, while the parallel market Nomu shed 0.84 percent to 19,708.

The UAE’s indexes tumbled in the same direction, Abu Dhabi’s main index tumbled 2.2 percent, while Dubai's main share index dropped 1.8 percent.

The Qatari index fell 1.3 percent, Bahrain's index fell 0.9 percent and Kuwait's index fell 1.1 percent.

Outside the Gulf, Egypt's blue-chip index declined by 0.6 percent at the end of Monday.

In energy trading, Brent crude traded at $84.94 a barrel and WTI crude reached $77.53 a barrel, as of 9:07 a.m. Saudi time.

Stock News

Alhokair Group for Tourism and Development signed two contracts totaling SR94 million ($25 million) with a company that specializes in the establishment and operation of international brands.

Saudi Paper Manufacturing Co. invited its shareholders to vote on raising its capital to SR337 million, following approval by the Capital Markets Authority.

Saudi Parts Center signed a Shariah-compliant credit facility agreement with the Saudi Investment Bank worth SR30 million.

Power and Water Utility Co. for Jubail and Yanbu has received CMA’s approval to offer 73 million shares in Tadawul’s initial public offering.

Saudi Top for Trading Co. obtained the CMA approval to float 880,000 shares on the parallel market, Nomu.


Saudi Capital Market Authority approves 3 new IPOs as listing wave continues

Saudi Capital Market Authority approves 3 new IPOs as listing wave continues
Updated 27 September 2022

Saudi Capital Market Authority approves 3 new IPOs as listing wave continues

Saudi Capital Market Authority approves 3 new IPOs as listing wave continues

RIYADH: Saudi Arabia’s Capital Market Authority approved three initial public offerings in the midst of a listing wave on the Saudi bourses.

The market regulator has approved an application from Power and Water Utility Co. for Jubail and Yanbu to register and sell 73.09 million shares, or 29.24 percent of equity, on the Saudi Exchange, according to a CMA statement.

Saudi Top for Trading Co. has obtained the regulator's approval to float 880,000 shares on Nomu-Parallel Market.

The CMA has also approved Molan Steel Co.'s application to register and offer 532,400 shares on Nomu-Parallel Market.

Saudi stock markets have been witnessing rising interest among companies to go public with its main market, TASI, listing 10 IPOs, whereas, the parallel market, Nomu, getting 11 IPOs listed so far this year.


Oil Updates — Crude slightly up; Iraq minister says OPEC monitoring oil prices; Qatar oil industry faces inflationary pressures

Oil Updates — Crude slightly up; Iraq minister says OPEC monitoring oil prices; Qatar oil industry faces inflationary pressures
Updated 27 September 2022

Oil Updates — Crude slightly up; Iraq minister says OPEC monitoring oil prices; Qatar oil industry faces inflationary pressures

Oil Updates — Crude slightly up; Iraq minister says OPEC monitoring oil prices; Qatar oil industry faces inflationary pressures

RIYADH: Oil prices rose on Tuesday, after plunging to nine-month lows a day earlier, on indications that the Organization of the Petroleum Exporting Countries, known as OPEC, may enact output cuts to avoid a further collapse in prices.

Brent crude futures for November settlement rose 65 cents, or 0.77 percent, to $84.71 per barrel by 0502 GMT. 

US West Texas Intermediate crude futures for November delivery were up 64 cents at $77.35 per barrel.

OPEC monitoring oil prices, seeks market balance: Iraq oil minister

Iraq Oil Minister Ihsan Abdul Jabbar on Monday said that the OPEC and allies including Russia, known as OPEC+, are monitoring the oil price situation, wanting to have a balance in the markets.

“We don’t want a sharp increase in oil prices or a collapse,” he said in a televised interview on state TV.

“We entered a challenging period. Global factors led to the decrease [in oil prices], most importantly lower growth and higher inflation rates,” Abdul Jabbar said.

OPEC+, has this year ramped up oil output, looking to unwind record cuts put in place in 2020 after the pandemic slashed demand.

Qatar says inflationary pressures impacting oil and gas industry

Qatar’s Minister of State for Energy Affairs said on Monday that inflationary pressures have led to rising production costs, delays in investment decisions, and increased policy uncertainty in the oil and gas industry.

Minister Saad Al-Kaabi said in a statement the sector needs to help people recognize that demands to cancel hydrocarbons “are not only unrealistic but, as recent months have proven, are harmful to a realistic, accelerated transition.”

Kaabi said that hydrocarbons “are not going to disappear any time in the near future.” Therefore cleaner forms of hydrocarbons were essential for a responsible transition.

“Natural gas is certainly the cleanest fossil fuel, and a much-needed reliable and economic solution to manage intermittency issues, when the sun is not shining, or when the wind is not blowing,” he said.

(With input from Reuters)