[ad_1]
UAE – The 2023 IPO pipeline looks strong after a flood of companies going public last year, industry executives said on Monday.
In 2022, the region will raise around $22 billion through public offerings, of which $8 billion will be raised in Dubai.
Last year was a remarkable one for Dubai’s equity and capital markets, with leading companies including Salik Corporation, DEWA and Tecom Group conducting IPOs. All IPOs have witnessed strong demand from retail and institutional investors, resulting in overbookings.
The momentum started last year will continue in 2023, said Mohammed Al Bastaki, chief executive of Emirates NBD Capital.
“As the privatization program continues, we expect strong activity in 2023. As the private sector, family businesses and Dubai’s economic agenda ‘D33’ develop, they will have an impact on the market,” Al Bastaki said at the inaugural Mena IPO During a panel discussion on the first day of the summit.
Shaikha Almarri, head of government and corporate at HSBC, said the healthy IPO pipeline reflected companies’ access to capital markets.
“Dubai is a diverse economy and offers an interesting story for companies to set up a healthy capital market here to support economic activity,” Almarri said.
Rothschild & Co Middle East head and managing director Saeed Al Awar also expects the momentum to continue this year.
“We are bullish on capital markets. Globally, we want less volatility and more stable interest rates.”
Ali Khalpey, head of equity capital markets at EFG Hermes, said 2022 ended with strong issuance and the market was exciting.
“We continue to see a large number of IPOs in the UAE and the region. The second half of the year will be more encouraging for us,” he said on the panel.
Mohammed Al Bastaki of Emirates NBD Capital expects international companies to consider listing in Dubai as the emirate offers the best logistics capabilities, access to talent and further development of the regulatory framework.
“We’ve also seen a lot of fund managers set up in Dubai.”
Saeed Al Awar, head and managing director of the Middle East at Rothschild & Co, said volatility will stabilize this year and the region will continue to be a political safe haven, unlike Europe, which is experiencing strikes in different countries.
“Foreign direct investment has grown significantly, and at a time when the world is fearful of a recession, the entire region is growing at a meaningful rate… With multiple international companies based in Dubai, there is no reason why they shouldn’t be listed on the Dubai Stock Exchange listed,” Al Awar added.
Copyright © 2022 Khaleej Times. all rights reserved. Supplied by SyndiGate Media Inc. (Syndicate Information).
[ad_2]
Source link