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Saudi Basic Industries Corp. (Sabic), the largest chemical company in Saudi Arabia, reported a profit of 1 billion riyals ($266 million) for the third quarter. This figure marks an improvement from a loss a year earlier but falls short of the 1.6 billion riyals expected by analysts and is down from the previous quarter, highlighting ongoing challenges in the industry.
Riyadh Air, Saudi Arabia's new airline, has secured a $1.3 billion credit facility from a consortium of Gulf banks to support its launch planned for summer 2025. The financing includes an Islamic revolving credit facility of 3 billion riyals, with an option for an additional 2 billion riyals, involving eight banks in the region.
Two exchange-traded funds (ETFs) focused on Hong Kong and China shares have launched in Saudi Arabia, reflecting growing financial ties between the regions. The Albilad CSOP MSCI Hong Kong China Equity ETF raised HK$10 billion ($1.3 billion) and closed its first day at 9.97 riyals, slightly below its listing price of 10 riyals. The SAB Invest Hang Seng Hong Kong ETF is set to debut with the same initial price.
Saudi Arabia's Public Investment Fund (PIF) is set to anchor Brookfield Asset Management's new $2 billion Middle East fund, enhancing the Canadian firm's capacity to invest in the Gulf region. Half of the fund will be allocated to projects within Saudi Arabia, reflecting a deepening partnership between the two entities, each managing around $1 trillion in assets. The announcement is expected during the Future Investment Initiative, the kingdom's annual investors conference.
United International Holding Co., a Saudi financial services firm, saw its $264 million initial public offering fully subscribed within minutes of opening. Demand spanned the price range of 120 to 132 riyals per share, with its parent company, United Electronics Co. (Extra), selling a 30% stake through 7.5 million shares.
Foreign investors are increasingly drawn to Saudi Arabia's Future Investment Initiative, yet face stricter conditions and a competitive landscape for capital amid lower oil prices. The kingdom's focus on domestic investment and a new headquarters law for foreign firms reflect a shift towards value-added partnerships. Despite regional tensions, local investor confidence remains strong, with the Tadawul All Shares Index up 16.48% over the past year.
Despite soaring stock markets, IPO activity remains sluggish, with many international exchanges experiencing a drought. The disconnect stems from a lack of compelling companies and a shift in investor preference towards stable cash flows over speculative ventures. While some emerging markets show signs of life, overall, the IPO landscape is parched, reflecting deeper systemic issues.
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