Oman eyes tourism, tech as it seeks emerging market status
Oman’s Muscat Stock Exchange is preparing for up to three IPOs in 2026 as part of efforts to boost listings and pursue emerging market status.
Working with the Oman Investment Authority, the bourse aims to bring new sectors like tourism and information technology to market, with companies such as Oman India Fertiliser considering IPOs.
Fundraising has slowed this year after a record $2.5 billion in 2023, but the government is offering incentives such as tax waivers and priority in tenders to attract private firms, the exchange’s CEO, Haitham Al Salmi, told Bloomberg.
The planned merger of Oman’s Sohar International Bank and Ahli Bank is seen as crucial to market capitalization, though the exchange is also exploring consolidation or group listings as alternatives.
“We understand how important this merger is, but we also have Plan B and C,” Al Salmi said.
UAE foreign assets pegged at $2.5 trillion by investment chief
A new interview with the UAE’s foreign investment chief puts the country’s current assets abroad, both government and private, at an estimated $2.5 trillion.
Jamal Bin Saif Al Jarwan, Secretary-General of the UAE International Investors Council (UAEIIC), also told the Emirates New Agency WAM that the portfolio is doing well despite economic headwinds.
The UAE’s international investment footprint is topped by sovereign wealth funds holding 72% of the assets, Al Jarwan noted.
Abu Dhabi Investment Authority (ADIA) is the leading foreign investor, followed by Mubadala Investment Co., Investment Corporation of Dubai, Emirates Investment Authority and ADQ.
All told, the UAE owns seven sovereign wealth funds with assets exceeding $2 trillion, trailed by government-owned and quasi-governmental companies with 18%, UAE banks with 2.5% and 7.5% originating from family-owned and private companies.
The “most prominent” deal in 2023 was between U.S. private equity firm Apollo and ADIA to acquire chemicals manufacturer UniVar for $8.1 billion, he said.
Dubai’s Parkin IPO surges amid Gulf privatization push
As of this morning, Dubai has IPO’d six out of the 10 government entities it plans to take private as the emirate looks to boost trading volumes on its stock exchange and join the capital markets action picking up speed in Abu Dhabi and Riyadh.
The Dubai public parking company, Parkin, debuted on the DFM today with a 31% surge in its stock price. Parkin’s $429 million IPO was 165 times covered and attracted $71 billion in orders – a record for Dubai. The company pitched to shareholders a growth story on the back of Dubai’s population boom: it forecasts demand for public parking to grow by 60% by 2033, Bloomberg reports.
Strong post-listing performance is becoming a signature of the region’s companies – returning an average of 40% to investors – and spurring international interest in IPOs here. Strong investor demand has been bolstered by government reforms, particularly in the UAE and Saudi Arabia, amid a privatization push.
Nearly 30 IPOs are expected in the Gulf this year. Two of the region’s biggest grocers are in line: Lulu Group is reportedly eyeing a $1 billion dual listing in Abu Dhabi and Riyadh. Spinneys Dubai, the franchisee of the supermarket chain in the UAE and Oman, is also expected to go public in 2024. No word yet on what the Dubai government may sell off next.
