MENA IPO Eye Q4 2014 - EY - United StatesFIL… · MENA IPO Eye Q4 2014 | 2 Key trends in 2014 Saudi Arabia and the UAE were the most active IPO markets in 2014 Saudi Arabia and the

MENA IPO EyeQ4 2014

Inside 2014 highlights 1

Key trends in 2014 2

2015 outlook 3

Q4 2014 4

Key trends impacting MENA IPOs 6

Q1 2015 outlook 8

Key events to look out for 12

Contacts 12

1 | MENA IPO Eye Q4 2014

2014 was a watershed year for a number of reasons. We saw the largest MENA IPO with the National Commercial Bank (NCB) in Saudi Arabia, Emaar Malls

activity on the Dubai Financial Market (DFM) and the return

Despite the volatility in the markets, driven by dropping oil prices, the fundamentals in the MENA region are still strong and supported

for 2015.

The outlook for 2015 is positive and we expect that, once oil prices stabilize, companies will come to the MENA markets to IPO.

For feedback, please email [email protected].

Mayur Pau MENA IPO Leader

2014 highlights2014 has been a good year for Middle East and North Africa (MENA) IPO markets, moving closer to the pre-crisis levels of 2008, despite a backdrop of volatility.

Companies in the MENA region raised US$11.5 billion in 2014 against US$3.0 billion in 2013 as the MENA markets become increasingly more attractive to companies looking to IPO.

IPO activity in 2014 is almost comparable with the levels of capital raised in 2008 (US$13.2 billion), after averaging only US$2.2 billion during 2009–13.

Growing IPO activity in 2014 was underpinned by positive market performance and sentiment, increasing investor appetite, government initiatives to redistribute wealth and higher valuations.

MENA IPO activity (2008–14)

0

2

4

6

8

10

12

14

Capital raised

Capi

tal r

aise

d (U

S$b)

Volu

me

(num

ber o

f IPO

s)

201420132012201120102009200810

20

30

40

50

60

Number of IPOs

54

18

25

15 14

2627

13.2 2.1 2.7 0.8 2.0 3.0 11.5

Source: Zawya

US$8.5 billion increase in capital raised in MENA compared with 2013

Capital raised in 2014 was almost four times the capital raised in 2013, while the number of IPOs increased by 1 to 27 companies in 2014.

The IPO of the NCB of Saudi Arabia during Q4 2014 was the largest IPO in MENA, raising capital of US$6 billion. The second-largest IPO was in the UAE, with Emaar Malls Group raising US$1.6 billion in Q3 2014.

Company Domicile Sector Amount raised (US$ million)

Exchange**

NCB KSA*** Financial services 5,998.1 Saudi SEEmaar Mall Group UAE Real estate 1,579.0 Dubai FMMesaieed Petrochemical Holding Company Qatar Oil and gas 905.3 Qatar SEDubai Parks and Resorts PJSC UAE Leisure and tourism 695.4 Dubai FMAmanat Holdings PJSC UAE Health care 381.8 Dubai FM

Sources: Zawya IPO Monitor; Mergermarket; ThomsonOne **Exchange SE — stock exchange,***KSA — Kingdom of Saudi Arabia.

2MENA IPO Eye Q4 2014 |

Key trends in 2014Saudi Arabia and the UAE were the most active IPO markets in 2014

Saudi Arabia and the UAE had the highest number of IPOs in the MENA region during 2014, driven by strong macroeconomic

and announced regulatory reforms. Both markets have collectively raised proceeds of approximately US$10 billion in IPOs.

A reduced number of outbound listings for MENA companies

In 2014, only two small outbound listings were executed (Gulf Marine Services and RAK Petroleum), which represented only 2.4% of the total capital raised for 2014, highlighting the shift in the largest IPOs now being executed in MENA.

Industrial manufacturing, real estate, and oil and gas were the most active sectors

Industrial manufacturing was the most active

in the food and beverages, oil and gas, and real estate sectors.

Based on capital raised, the top three IPO sectors

the IPO of the NCB, real estate (US$1.9 billion), and oil and gas (US$1.2 billion).

in MENA because of the authorities’ unfamiliarity with such a structure, due to the IPO not being directly backed by an asset or based on historical performance. The IPO of Marka, Dubai Parks

and participate in these companies.

companies in Q4 2014 has prompted the UAE Securities and Commodities Authority to consider banning listings of start-up IPOs in saturated sectors, as reported by Bloomberg news.

Q4 2014 was the most active quarter for IPOs in MENA against a backdrop of falling oil prices

The MENA IPO market was highly active in the last quarter

improvement in the capital raised during 2014 was against a backdrop of high volatility in the second half of the year.

0

20

40

60

80

100

120

0

2,000

4,000

6,000

8,000

10,000

12,000

OPEC basket price Abu Dhabi SE Dubai FM

Kuwait SE Saudi SE Europe Brent Spot Price

Oil

pric

es (U

S$ p

er b

arre

l)

Inde

x pr

ices

Jan 2

014

Feb 2

014

Mar 20

14Apr

2014

May 20

14Ju

n 201

4Ju

l 201

4Aug

2014

Sep 2

014

Oct 20

14Nov

2014

Dec 20

14

Oil price and regional indices movements (monthly, 2014)

Source: EIA and Zawya Note: as on 18 December 2014

Other sectorsIndustrial manufacturing

Health careLeisure and tourism

Oil and gasReal estateFinancial services

US$5,998m(1)

US$1,183m(3)

US$915m(3)

US$423m(5)

US$534m(11)

US$550m(2)

US$1,882m(3)

IPOs by sector (by capital raised and no. of IPOs)

1.3 1.1 1.7 7.4

5

11

3

8

024681012

012345678

Q1 14 Q2 14 Q3 14 Q4 14 Volu

me

(num

ber o

f IPO

s)

Capi

tal r

aise

d (U

S$b)

Capital raised Number of IPOs

MENA IPO activity (Q1 2014–Q4 2014)

Falling oil prices increasing volatility

Key regional stock indices declined toward the end of 2014, wiping off much of the gains in the year. This was primarily driven by declining oil prices and geopolitical uncertainly in the region.

Other countriesQatarUAESaudi Arabia

US$6,726m(6)

US$905m(1)

US$669m(13)

US$3,186m(7)

IPOs by country (by capital raised and no. of IPOs)


Strong fundamentals to drive growth in 2015

The outlook for 2015 is positive, with several factors supporting strong fundamentals in the MENA region, including the following:

• Continuing investor appetite

• Gradual liberalization of key MENA markets through regulatory changes in certain key markets (particularly the UAE and Saudi Arabia)

• Continuing impact of MSCI’s upgrade of Qatar and the UAE to “emerging market” status

• Government initiatives to share wealth with their population

• Social infrastructure investments

• Upcoming global events in the region

These factors have combined as key facilitators to drive the market momentum seen during 2014. The potential roadblocks to this momentum include global equity trends, geopolitical unrest and continued volatility from oil prices.

Companies preparing for IPO and waiting for the right time to strike, once oil prices stabilize

Although the IPO pipeline in the region is strong, with more than 60 announced IPOs, we expect some to be deferred until oil prices stabilize and volatility in the markets improve.

A monthly survey by Reuters highlighted that crude oil prices

to grow gradually over the next year. According to a recent Bloomberg survey, the price of Brent oil is expected to reach US$82 by the end of 2015.

2015 outlookExpected regulatory change — “freedom”

The announced regulatory changes in 2014 are likely to be implemented in 2015 to help drive the number of IPOs in the MENA region and aid investment.

The Saudi Stock Exchange’s recent announcements to open

institutions and the regulatory reform announced in the UAE

than the current 55% requirement (as reported in The National), among announcements in other MENA markets are all part of the recent reforms that will improve investor sentiment in the new year.

On the basis of the pipeline of companies considering an IPO, we believe the industrial manufacturing, real estate and construction sectors will be the most active in 2015 as market conditions drive the need for raising capital.

in 2015, given they are likely to be the hardest hit in times

IPO funds as an attractive option for investments

of either high demand or foreign ownership limits.

A number of IPO funds have entered the MENA market in 2014 because of improved valuations and as a result of a strong IPO pipeline. This included Al-Masah Capital Management Delta Insurance Company. In Q4 2014, Saudi Arabia’s Capital Markets Authority (CMA) approved one IPO fund each from Saudi Hollandi Capital and Oman-based Bank Muscat’s subsidiary Muscat Capital.

IPO funds may continue to be an attractive option to investors in 2015 and become increasingly popular.


The largest listing in MENA’s history and the second-largest globally in 2014

The NCB, Saudi Arabia’s biggest bank by asset size, is 80% owned by the Saudi Government and was oversubscribed by 23 times ahead of its IPO in November 2014.

As reported by Bloomberg, the main driver for the IPO was to redistribute wealth by issuing 15% of the 25% equity offered for the IPO to Saudi nationals, at US$45 per share. The share price jumped on listing and currently trades at US$56, indicating the desired value transfer was achieved. This IPO also represents

activity in the sector for the year.

It is anticipated that international institutional investors will be very attracted by the NCB shares once announced reforms come into force in 2015.

Company Domicile Sector Amount raised (US$m)

Listing date Exchange

NCB KSA Financial services 5,998.0 12 November 2014 Saudi SE

Dubai Parks and Resorts PJSC

UAE Leisure and tourism 695.3 10 December 2014 Dubai FM

Amanat Holdings PJSC

UAE Health care and education

381.8 29 November 2014 Dubai FM

Electrical Industries Company

KSA Industrial manufacturing 194.3 07 December 2014 Saudi SE

Résidences Dar Saada SA

Morocco Real estate 127.8 19 December 2014 Casablanca SE

Total 7,397.2

Q4 2014

Q4 2014 saw a surge in IPO activity, which helps close a positive year

MENA IPO activity picked up in Q4 2014 after a traditionally quiet summer period, with eight IPOs across the region that collectively raised a total capital of US$7.4 billion.

compared with Q4 2013.

Malls, which raised US$1.6 billion in Q3 2014.

of Amanat and Dubai Parks and Resorts, following on from the IPO of Marka earlier in the year. These IPOs added new sectors to the UAE bourses.

Both Amanat and Dubai Parks and Resorts were oversubscribed, as was Marka; however, both companies have lost value since their IPO (16.5% and 20% at year-end, respectively), while Marka’s value remained stable.

Volatility in the markets

The recent fall in global oil prices has resulted in volatility in the MENA markets. Stock exchanges in Dubai, Kuwait, Saudi Arabia, Qatar and Bahrain have tumbled due to falling oil prices. Investors have become cautious, resulting in losses in Q4 2014, despite other market fundamentals remaining largely unchanged.

Therefore, amid all positive signs that indicate growth of the IPO market, there exists the need for caution and a sense of timing.

Sources: Zawya IPO Monitor, Mergermarket; ThomsonOne

The MENA IPO Eye is a quarterly publication covering the MENA IPO markets.

Through the publication, we intend to highlight the latest developments, market trends and outlook of IPO activity in the region that are valuable insights for those companies

For feedback, please email [email protected].


Insights on the largest MENA IPO of 2014: NCB IPO

The NCB IPO forms part of a government plan to redistribute wealth among the population of the largest Gulf state amid regional political turmoil.

— US$6 billion (SAR22.5 billion)

— 25% stake — 500 million shares (300 million shares allocated to Saudi individual investors and the remainder to the country’s Public Pension Agency)

— SAR45 per share

— 19 October 2014 to 2 November 2014

— 12 November 2014

at SPT Investors LLC.

• “The pricing of SAR45 per share came below expectations, as analysts expected it to be between SAR50 and

Consultancy in Riyadh.

to the market, which is a huge positive. We would generally see a re-rating of banking stocks going forward on the back of the interest seen in NCB’s IPO.” — Saleem Khokhar, Head of Equities at NBAD Asset Management Group.

• Q4 2014 saw a surge in IPO activity, which is traditionally a busy period for IPOs, raising a total of US$7.4 billion — nine times higher

• The NCB was the largest listing in MENA’s history and the second-largest globally in 2014, raising US$6 billion capital.

• against a backdrop of volatility driven by declining oil prices.

• Three IPOs from the MENA region raised US$1.7 billion, representing an increase of 11 times in terms of value compared with Q3 2013.

• The UAE leads the MENA region in terms of capital raised, followed by Tunisia and Bahrain.

• The largest issue was from the UAE’s Emaar Malls Group, which raised US$6.0 billion in September 2014.

MENA IPO activity (Q1 2011–Q4 2014)

Capital raised (US$m) Volume

24.1 374.8 218.9 226.1 82.8 1,297.1 252.3 339.8 1,621.0 482.6 150.7 817.7 1,283.8 1,104.8 1,671.2 7,426.3

3

6

24 4

6

13

5

9

2

10

5

11

3

8

0

2

4

6

8

10

12

0

2,000

4,000

6,000

8,000

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14*

Volu

me

(num

ber o

f IPO

s)

Capi

tal r

aise

d (U

S$m

)

Source: Zawya


3.3%

13.3%

3.8%

16.5%

2.3%

12.5%

3.6%

12.8%

3.8%

14.1%

5.2%

9.6%

3.7%

14.6%

2.6%

11.4%

8.1%

10.7%

3.5%

10.3%

0% 5% 10% 15% 20%

DY

P/E

Abu Dhabi SE

Bahrain SE

Dubai FM

Kuwait SE

Muscat SM

Qatar SE

Saudi SE

Egypt SE

Casablanca SE

Tunis SE

Stock market Market cap (US$ billion) YTD return (%)

Saudi SE 497.6 –3%

Qatar SE 182.9 6%

Abu Dhabi SE 124.7 0.1%

Kuwait SE 98.7 –17%

Dubai FM 94.4 –1%

Egypt SE 68.9 23%

Bahrain SE 53.8 11%

Casablanca SE 53.7 7%

Muscat SM 23.8 –17%

Tunis SE 9.3 15%

Source: Zawya Note: as on 18 December 2014

Key trends impacting MENA IPOs

Equity market trends

• of Kuwait, Muscat, Saudi Arabia and Dubai have been highly volatile, with much of the gains in the year being wiped out as of December 2014. The Egyptian Stock Exchange had the highest year to date (YTD) returns (23%) compared with other stock markets.

• Moreover, the regional stock markets remain attractive, with an average price-to-earnings (P/E) ratio of 12.6% as of December 2014. The average dividend yield (DY) of regional stock exchanges at the end of December 2014 was 4%.

Sources: Zawya Note: as on 21 December 2014

Macroeconomic fundamentals

2.2

4.1

2.3

2.5

4.4

2.6

3.9

4.5

3.8

0 2 4 6

MENAP oil exporters

GCC

MENA

2015f 2014f 2013

Source: IMF, October 2014

020406080

100120

Dec 2

013

Jan

2014

Feb

2014

Mar

201

4

Apr 2

014

May

201

4

Jun

2014

Jul 2

014

Aug

2014

Sep

2014

Oct

201

4

Nov

2014

Dec 2

014

Europe Brent Spot Price OPEC basket price

Oil

price

s (US

$ pe

r bar

rel)

Source: OPEC and EIA

1136.1 1159.9 1207.7

569.4 576.8 600.7

0

200

400

600

800

1,000

1,200

1,400

2014f 2015f 2016fMENA government expenditure (US$b)

GCC government expenditure (US$b)

Gove

rnm

ent e

xpen

ditu

re

Source: BMI

• According to IMF, the MENA region is expected to register a GDP growth of 3.8% by 2015, compared with 2.6% in 2014.

• the MENA economies by enabling the creation of more private sector opportunities.

• As of 15 December 2014, the Brent crude price has fallen as low as US$61.1 and the OPEC basket price has declined to US$57.9, compared with US$109.9 and US$105.9 respectively in 2013.

• The fall in oil prices may have caused volatility in the key MENA stock markets; however, the oil price is expected to stabilize and not have a long-term impact on the MENA economies due to expansion

reserves estimated at US$2.45 trillion (IMF estimates).

• Government expenditure in MENA is expected to grow by 2.1% to US$1,160 billion and, in the GCC, by 1.3% to US$577 billion in 2015.

• Falling oil prices are not expected to curb the government expenditure in the short term, as the MENA regional governments

if required, to meet domestic spending commitments.


Regional stock market performance — YTD 2014 (%)

0%

20%

40%

60%

80%

100%

120%

–30%

–20%

–10%

0%

10%

20%

30%

40%

50%

60%

2 Jan 14 2 Feb 14 2 Mar 14 2 Apr 14 2 May 14 2 Jun 14 2 Jul 14 2 Aug 14 2 Sep 14 2 Oct 14 2 Nov 14

Mar

ket r

etur

n (%

cha

nge)

Abu Dhabi SE Dubai FM Kuwait SE Qatar SE Saudi SE

2 Dec 14

Source: Zawya

MENA IPO activity improved in line with global IPO trend

Global IPO activity witnessed a growth of 50% in capital raised, which amounted to US$265.5 billion in 2014 compared with US$171.1 billion in 2013. The trend in the MENA IPO activity remained robust in 2014 and consistent with global IPO activity, as MENA witnessed a total of 27 IPOs (raising US$11.5 billion) compared with 26 IPOs (raising US$3.1 billion) in 2013. Strong market fundamentals continued in Q4 2014, as there were 336 global IPOs, raising close to US$69.3 billion.

Global IPO activity (Q1 2011–Q4 2014*)

46.6 65.6 28.6 29.1 18.0 43.8 29.6 37.2 24.4 46.3 25.6 74.9 47.2 72.6 67.4 69.3

296

383

291 255

204242

191 200163

205 202

325262

333 275336

0

100

200

300

400

500

0

20

40

60

80

Q1 11 Q2 11 Q3 11 Q4 11 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q4 13 Q1 14 Q2 14 Q3 14 Q4 14

Volu

me

(no.

of I

POs)

Capi

tal r

aise

d (U

S$b)

Capital raised (US$b) Volume (number of IPOs)

Source: EY *Updated 4 December 2014


Companies riding out the volatility

The MENA IPO market is expected to be cautious, given the current volatility levels. Regional companies are expected to watch the markets closely and wait for the oil price to settle down before launching new IPOs in Q1 and Q2 2015.

The decline in oil prices caused an emotional reaction from regional and international investors concerning the curtailment of future government and infrastructure spending.

However, annual budget announcements of several governments in MENA indicate the oil price movements have not materially impacted short-term spending plans.

Therefore, in the following quarters, we expect the markets to stabilize, with the fundamentals in place for a sustained period of steady IPO activity.

Crude oil price forecast (US$ per barrel)

0

20

40

60

80

100

120

Jun

14

Sep

14

Dec

14

Mar

15

Jun

15

Sep

15

Dec

15

US$

per

bar

rel

WTI spot average Brent spot average

Source: Energy Information Administration (EIA) Note: WTI — West Texas Intermediate

Firms preparing for an IPO in Q1 2015

According to Zawya IPO Monitor, more than 60 companies from the MENA region have announced plans of going public in 2015. The UAE is expected to have the highest number of IPOs.

to be listed in Egypt, the UAE and Oman, which are Edita Food Industries, Massar Solutions and TruckOman.

Other prominent names in the announced list include the Saudi Airlines Cargo Company, Oman Reinsurance company, Al-Sulaiman Holding and Arab Paper Manufacturing Company.

Local markets continuing to attract large companies

Moreover, companies in the MENA region are considering domestic IPOs rather than a foreign listing.

DAMAC, which was listed in London Stock Exchange in 2013, applied for its registration and subsequent listing on the DFM, which was approved by the UAE Securities and Commodities Authority on 23 December 2014. This is a potential boost for the UAE stock market.

Q1 2015 outlook

• Falling oil prices will affect the MENA IPO markets in the short run, resulting in planned IPOs being deferred; however, we expect the markets will pick up as soon as the oil price stabilizes.

• IPO activity is expected to continue against a backdrop of unchanged government spending plans.

• Several IPOs are planned in Q1 2015 and include companies from Egypt, the UAE and Oman.


Date (quarter)* Issuer Size of offering (US$m) Sector Exchange

Q4 2014 — 12 December Cerealis 5.34 Food and beverages Tunis SE

Q4 2014 — 3 December Résidences Dar Saada SA 127.82 Real estate Casablanca SE

Q4 2014 — 30 November Dubai Parks and Resorts PJSC 695.35 Leisure and tourism DFM

Q4 2014 — 17 November Electrical Industries Company 194.30 Industrial manufacturing Saudi SE

Q4 2014 — 5 November RAK Petroleum Public Company Limited 2.91 Oil and gas Oslo SE (Norway)

Q4 2014 — 4 November Amanat Holdings PJSC 381.84 Health care DFM

Q4 2014 — 2 November NCB 5,998.08 Financial services Saudi SE

Q4 2014 — 15 October Al Maha Ceramics Company SAOC 20.62 Industrial manufacturing Muscat SM

Q3 2014 — 26 September Emaar Mall Group 1,579.00 Real estate DFM

Q3 2014 — 30 September Délice Holding 67.96 Food and beverages Tunis SE

Q3 2014 — 30 September Zain Bahrain 24.19 Telecommunications Bahrain SE

Q2 2014 — 3 June Abdul Mohsen Al Hokair Group 219.98 Leisure and tourism Saudi SE

Q2 2014 — 17 June Al Hammadi Company for Development and Investment

167.97 Health care Saudi SE

Q2 2014 — 13 May Arabian Cement Company — Egypt 109.43 Industrial manufacturing Egypt SE

Q2 2014 — 9 June Al Suwadi Power Company SAOG 99.38 Power and utilities Muscat SM

Q2 2014 — 9 June Al Batinah Power Company SAOG 95.11 Power and utilities Muscat SM

Q2 2014 — 24 April Marka PJSC 77.12 Retail DFM

Q2 2014 — 5 May Umm Al-Qura Cement Company 73.33 Industrial manufacturing Saudi SE

Q2 2014 — 30 May Lesieur Cristal S.A. 70.61 Food and beverages Casablanca SE

Q2 2014 — 16 May Tawasol Group Holding 12.40 Construction Tunis SE

Q2 2014 — 5 June Maghreb International Publicité 4.43 Services Tunis SE

Q2 2014 — 3 April Emirates REIT (CEIC) Ltd 175.00 Real estate Nasdaq Dubai

Q1 2014 — 19 March Gulf Marine Services 275.00 Oil and gas FTSE (London)

Q1 2014 — 11 March Sotipapier 25.57 Industrial manufacturing Tunisia

Q1 2014 — 28 January Saudi Marketing Company 71.99 Retail Saudi SE

Q1 2014 — 17 January Cellcom 5.91 Telecommunications Tunis SE

Q1 2014 — 21 January Mesaieed Petrochemical Holding Company 905.34 Oil and gas Qatar SE

Source: Zawya *Date of IPO closing

MENA IPO Eye Q4 2014 |

Country Issuer Sector

UAE Al Bayader International Industrial manufacturing

Al Waseet International FZ LLC Media

Arabtec Construction (LLC) Construction

Aster DM Healthcare Health care

Burooj Properties LLC Real estate

Danube Building Materials FZCO Industrial manufacturing

Emaar Hospitality Group LLC Leisure and tourism

Gulf Capital PJSC Financial services

Ithmar Capital Financial services

Khidmah LLC Real estate

Massar Solutions PJSC Transport

Mawarid Finance PJSC Financial services

Shelf Drilling Oil and gas

Tasweek Real Estate Development and Marketing Real estate

Al Habtoor Group LLC* Construction

Al Habtoor Motors LLC* Transport

Al Qudra Holding PJSC* Financial services

Alpha Tours LLC* Leisure and tourism

Daman Investments PSC* Financial services

Future Pipe Industries Group Limited* Industrial manufacturing

Metito Overseas Limited* Power and utilities

Rotana Hotel Management Corporation PJSC* Leisure and tourism

Saudi Arabia ACWA Power International Power and utilities

Almana General Hospital — Hofuf Health care

Nas Holding Transport

Arab Paper Manufacturing Company Industrial manufacturing

Dr Sulaiman Al Habib Medical Center Health care

Murabaha Company Financial services

Saudi Airlines Cargo Company Transport

Oil and gas

Saudi Company for Hardware Industrial manufacturing

Saudi Ground Services Company Transport

Saudi Stock Exchange (Tadawul) Financial services

Taajeer Co. for machinery, real estate and vehicles trading Financial services

Al Aqeeq Real Estate Development Company* Real estate

Al Sawani Food and Industrial Supply Company* Retail

Al-Ittefaq Steel Products Co.* Industrial manufacturing

Qatar Barwa Bank Financial services

QIC International LLC Financial services

Al-Sulaiman Holding Conglomerates

Aljasr Takaful Insurance Company Financial services

Damaan Islamic Insurance Company Financial services

Qatar Airways* Transport

Source: Zawya *Delayed IPO


Country Issuer Sector

Kuwait Mezzan Holding Company Food and beverages

Housing Finance Company KSCP Financial services

Oman Sama Telecommunications Telecommunications

Connect Arabia Telecommunications

Al Khonji Real Estate & Development LLC (Aqar) Real estate

Jindal Shadeed Iron & Steel Co. LLC Mining and metals

Oman Reinsurance Company SAOC Financial services

TruckOman LLC Transport

Alargan Towell Investment Company LLC Real estate

Barr al Jissah Resort Company Real estate

Muscat Electricity Distribution Company SAOC Power and utilities

Oman Merchant Bank* Financial services

Bahrain Istikhlaf Bank Financial services

Khalifa bin Salman Port* Transport

Lebanon Middle East Airlines Transport

Patchi* Food and beverages

Egypt Raya Contact Center Services

Smart Villages Development And Management Company Real estate

Wadi Group Agriculture

Arabtec Egypt for Construction Construction

Edita Food Industries Food and beverages

Delta Cement Construction

Etisalat Misr SAE Telecommunications

Morocco Total-Maroc Oil and gas

Source: Zawya *Delayed IPO


Key events to look out for

MENA IPO Retreat — Dubai (by invitation only)

TBCStrategies for companies going public or raising capital through IPOs will be discussed, with guidance from a dedicated panel of industry experts and professionals.

Middle Eastern M&A and Private Equity Forum 2014 (Ritz Carlton, DIFC Dubai)

5 May 2015

Mergermarket’s Middle Eastern M&A Forum will provide an in-depth review of the deal activity in the region and consider future investment trends for dealmakers in the Middle East over the next 12 months.

Euromoney Saudi Arabia Conference — Opportunities and Capital Markets (Al Faisaliah Hotel, Riyadh, Saudi Arabia)

5–6 May 2015

The Euromoney Saudi Arabia Conference is the biggest

and international investors.

Mayur Pau

[email protected] + 971 4312 9446

Darrell Traynor


Shahzad Shaikh


Contacts

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MENA IPO Eye Q4 2014 - EY - United StatesFIL… · MENA IPO Eye Q4 2014 | 2 Key trends in 2014 Saudi Arabia and the UAE were the most active IPO markets in 2014 Saudi Arabia and the