RIYADH: Presight AI, a data analytics firm owned by Abu Dhabi’s G42 Group, plans to raise 1.82 billion dirhams ($495 million) from an initial public offering and subsequently list its shares on the Abu Dhabi Securities Exchange’s first market.
On March 3, the UAE Securities and Commodities Authority approved the company’s IPO application.
The firm plans to sell 1.36 billion shares at 1.34 dirhams per share, according to an advertisement published in the local media. Following the IPO, the share capital of Presight AI will be 560.86 million dirhams.
Presight has entered into a cornerstone investment agreement with Abu Dhabi conglomerate International Holding Co., through which IHC has committed to invest in the planned IPO.
Last year, G42 did an IPO of another subsidiary, Bayanat, an Abu Dhabi-based provider of geographic data and analytics. G42 is backed by Abu Dhabi’s sovereign wealth fund Mubadala.
End-to-end logistics services
AD Ports Group and SEG ENERA Group, one of the multisectoral holding companies in Uzbekistan, announced the formation of a joint venture, ADL-Ulanish, that will provide end-to-end global logistics services across Uzbekistan.
Through the enterprise, AD Ports Group will bring its expertise in global supply chain logistics and advanced technology to the new company to address some of the logistics challenges faced by enterprises in Uzbekistan, which is a double-landlocked nation.
SEG ENERA Group will, in turn, contribute its regional expertise, best practices, and industrial assets, including warehousing capacity, alongside rail and trucking fleets.
Through the joint venture, the two entities will serve not only SEG ENERA’s business needs, but also those of other clients within the nation’s market.
MAF posts revenue hike
Dubai-based Majid Al Futtaim Holding reported higher full-year revenue following a regional boom in tourism that bolstered footfall at its malls, hotels and entertainment venues.
Revenue for 2022 jumped 12 percent to 36.3 billion dirhams and earnings before interest, taxes, depreciation and amortization rose 4 percent to 4.1 billion dirhams.
However, net profit slipped 2 percent to 2.4 billion dirhams due to higher inflation and currency fluctuations in several of the group’s markets.
Events — including Dubai’s Expo 2022, also increased demand during holidays in Saudi Arabia and the FIFA World Cup in Qatar — boosted revenue per available room at its hotel business by 50 percent, while average occupancy increased by 14 percent.
The insurance market in the UAE reported a marked deterioration in underwriting profitability in 2022. In AM Best’s opinion, this largely reflects the highly competitive market conditions and continuous pricing pressures, particularly in the core motor and medical lines, which account for a large proportion of retained risk in the market.
A new Best’s Market Segment Report, “Intense Price Competition Erodes Profitability of United Arab Emirates – Listed Insurers in 2022,” notes that listed national insurers in the UAE produced lower aggregate profits in 2022, despite the notable increase in gross written premiums of over 10 percent.