IR Monitor Middle East – August 2022
While global markets may not be insulated from the chill, the GCC’s exchanges are having their day in the sun. This month saw the UAE, Saudi Arabia and Oman’s capital markets make waves in attracting foreign investment. Most notably the Abu Dhabi Securities Exchange and Dubai Financial Market both announced record highs in share sales resulting from a strong IPO push since the start of the year. The Muscat Stock Exchange also hopped on the bandwagon with the introduction of the MSX Investor Roadshow. Taking place on the 5th and 6th of September global investors will get to witness first-hand the attractive investment opportunities the Sultanate has to offer. And lest we not forget the mighty Kingdom of Saudi Arabia, which recently introduced the Saudi Investment Promotion Authority, an agency dedicated to promoting FDI into the country.
ADX is the most preferred exchange for foreign investors in the region
The Arab Monetary Fund revealed that almost 27 percent of the value of all transactions in the region is done on the Abu Dhabi Securities Exchange (ADX). ADX was ranked first in the Arab region in 2021 in terms of buy and sell transactions by foreign investors. Gulf Today reported that buying transactions made by foreign investors in the Abu Dhabi market totalled $32.2 billion at the end of last year, compared to sale transactions worth $28 billion.
DFM records rapid growth in H1 2022
Brokers operating in the Dubai Financial Market (DFM) more than tripled the number of investor accounts in the first seven months of 2022 amid the emirate’s push to boost liquidity by listing state-owned companies. The total trading value increased by 75 percent during the first half of 2022 to AED49.4 billion up from AED28.2 billion during the same period in 2021. This push has also led to a 134 percent jump in the DFM’s net profit for the second quarter of 2022. More on this in The National.
The biggest meeting of Oman’s newly rebranded stock exchange
The Muscat Stock Exchange (MSX) confirmed that it will be hosting the ‘MSX Investor Roadshow’ on September 5th– 6th at the Shangri-La Barr Al Jissah. The conference is the biggest event yet for Oman’s newly rebranded stock exchange. It aims to raise awareness about listed companies on MSX with the global investment community, as well as inform global fund managers about the latest developments and growth prospects in the market.
MENA bucks global IPO slowdown raising over $13 billion in first half of 2022
According to the latest report from EY covered in Arabian Business, MENA IPO activity continues to defy global trends with total proceeds raised during the first half of 2022 amounting to nearly $14 billion, an increase of 2,952 percent compared to the same period last year.
Saudi Arabia introduces national investment agency to promote FDI
As part of its ambitious economic reform agenda, the Kingdom of Saudi Arabia has set up an agency to promote investment in the country, as reported by Reuters. The Saudi Investment Promotion Authority will be a strong supporter of the investment system in its quest to achieve the objectives of the national investment strategy by attracting and developing national and foreign investments.
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