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India is expanding its mobile-payment linkages with several countries, according to a senior official from the Reserve Bank of India. Current arrangements include partnerships with Sri Lanka, Bhutan, and Nepal, with ongoing discussions for collaborations with the UAE and other neighboring nations.
The United Arab Emirates has seen its stock market soar past $1 trillion in value since the pandemic, but this growth is largely influenced by the royal family. Companies associated with Sheikh Tahnoon bin Zayed Al Nahyan dominate the market, accounting for at least two-thirds of the benchmark index"s weighting.
Talabat"s $1.5 billion initial public offering in Dubai saw all shares sold out just minutes after subscriptions opened, indicating strong demand for regional offerings. The IPO"s price range was set between 1.50 dirhams ($0.41) and 1.60 dirhams, with the parent company offering a 15% stake, equating to 3.49 billion shares.
The combined value of stocks listed in the United Arab Emirates has surpassed $1 trillion for the first time, driven by a surge in firms linked to an Abu Dhabi royal, which account for over a third of this total. This growth positions the UAE market, encompassing exchanges in Dubai and Abu Dhabi, ahead of Milan and Madrid, although it remains smaller than Saudi Arabia's nearly $3 trillion bourse. The UAE now ranks larger than most emerging markets, except for a few like India and China.
The Middle Eastern sovereign wealth fund landscape is undergoing significant changes, with Qatar appointing a new CEO for its $510 billion fund and Kuwait replacing the head of its $1 trillion state-backed investor. Meanwhile, the Abu Dhabi Investment Authority is navigating a strategic shift.
Switzerland remains a top destination for high-net-worth individuals, with 11% of UAE respondents and 8% from Hong Kong considering relocating assets there. Swiss entrepreneurs show greater optimism about wealth growth, yet 45% cite a lack of confidence in the next generation for succession, with over half lacking plans.
Yusuff Ali, who arrived in the UAE in 1973, opened his first grocery store in Abu Dhabi the following year and expanded his business during an oil boom. His recent $1.72 billion IPO of Lulu Retail Holdings Plc, the UAE's largest this year, has increased his net worth to $7.1 billion, making him the country's second-richest private individual, according to the Bloomberg Billionaires Index.
Lulu Retail Holdings Plc has successfully raised $1.72 billion in the UAE's largest IPO of the year, attracting orders worth $37 billion. The hypermarket chain sold 3.10 billion shares, representing a 30% stake, at 2.04 dirhams ($0.56) each, resulting in a market capitalization of 21.1 billion dirhams upon its listing on November 14.
Lulu Retail Holdings Plc's initial public offering in Abu Dhabi is set to price at 2.04 dirhams ($0.56) per share, raising $1.43 billion and marking the UAE's largest listing of the year. This pricing reflects the top end of the planned range, resulting in a market capitalization of 21.1 billion dirhams.
Emirati satellite operator Yahsat and geospatial AI provider Bayanat have merged to form Space42, valued at approximately $3 billion. Led by Karim Sabbagh, the company aims to enhance hybrid connectivity and geospatial services, particularly for autonomous vehicles, while leveraging AI for network optimization and data analytics. Space42 operates five geostationary satellites and has plans for additional launches, supported by a $5.1 billion commitment from the UAE government for broadband services.
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India expands mobile payment links with Sri Lanka UAE and neighboring countries
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07:04 20.11.2024
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08:01 06.11.2024
lulu retail holdings plans abu dhabi ipo to raise 1.43 billion
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Yahsat and Bayanat merge to form Space42 enhancing satellite and geospatial services
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00:10 02.10.2024
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