During H1, the MENA’s Equity Capital Market got Upsurged to $2.1Bn

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As per the Refinitiv Data, it displayed out that, UAEs were the most active ADNOC’s issuances that steered out the Upsurge.

Within the initial half of 2021, Equity as well as Equity-Directed Issuance within the MENA territory accounted for $2.1Billion, that also displayed out a 139 percent upsurge within the proceedings as well as their highest ever aggregated ever since 2018, as according to the Refinitiv Data.

With an active $1.7Billion within the proceeds being raised accordingly, the UAEs was the most actively sought out nation within the Equity Capital Market (ECM) comparatively to just around over $30 million Equity as well as Equity-directed issuances within the year-ago time frame within the UAE.

Approximately around half of this overall aggregate came around from the major equity offering of the year- Abu Dhabi’s National Oil Company’s (ADNOC’s) convertible deliverable of around $1.1Billion within May 2021.

Saudi Arabia witnessed out a 64 percent year-on-year plummeting in issuances to approximately $800 million year to date. However, the kingdom had two initial public offerings during the period, the most by any nation in the territory.

The major one was Alkhorayef Water & Power Tech’s IPO in initial March on the Saudi Arabia’s Tadawul Stock Exchange, floating around $144 million. The second one was Theeb Rent-a-Car, which recorded 30 percent of its shares in an IPO on Riyadh’s Tadawul exchange, floating around $137.6 million.

The only other IPO in the territory was through the Egypt-backed developed education management firm Taaleem Management Services, which recorded a staggering $131 million.

ADNOC Delivery had also a follow-on private assignment of 375 million shares for gross proceeds of $445 million.

The core issuing business in MENA was energy and power, braced by the ADNOC issues. This was surveyed by client merchandizes and services. Citibank surpassed the MENA Equity capital markets league table within the initial half of 2021, directing on $1.4 billion in related proceeds, Refinitiv data displayed.


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