The UAE Ministry of Finance has successfully issued AED 1.1 billion in Islamic T-Sukuk for May 2025
Equities
Aviation
Flynas prices IPO at top of the range after frenzied institutional interest
The first Middle East airline IPO in 20 years will be priced at $21.33 after institutional investors placed orders of $109bn for the $1.1bn sale
DFM
Dubai Residential REIT IPO price set with $3.9bn valuation
Dubai Holding has set the price for Residential REIT IPO on DFM
IPO
GCC sees $1.6bn of IPOs; Saudi Arabia leads strong start to year
PwC Middle East IPO report identifies share offerings at start of 2025
Ajman Bank
Ajman Bank lists $500mn debut sukuk on Nasdaq Dubai
Ajman Bank’s maiden sukuk issuance saw robust demand from over 100 investors and will mature in 2030
SABIC
Saudi chemical giant SABIC exploring IPO for its gas subsidiary
Bloomberg reports discussions held with Lazard, HSBC Holdings, JPMorgan Chase and Morgan Stanley on listing National Industrial Gases Company
Dubai
Dubai Holding increases the size of its Dubai Residential REIT IPO
The Second Tranche, open to qualified institutional investors, will now offer 1,787,500,000 units, which will increase the public float to 15% when the IPO closes on Tuesday
Abu Dhabi
TAQA raises the topline by 3.8% as Q1 revenue touches $3.87bn
However, company’s bottom line is affected amidst commodity price volatility and a decline in oil and gas production as net income fell 1.5%
Gulf Pharmaceutical Industries
Julphar grows revenue 6.7% in Q1 and reduces its debts
Revenue reaches $97.8mn; Company reduced total bank borrowings by $104.34mn, bringing its interest-bearing liabilities to $144.3mn
EMSTEEL
EMSTEEL overcomes global headwind as domestic demand stays strong
Despite a 6% YoY decrease in average steel prices, the UAE manufacturer reports $600mn in revenue; Finished goods steel sales volumes rise 21%
Abu Dhabi
Space42 focused on building for future growth with its Four Pillars
Abu Dhabi-based SpaceTech company reveals its strategy for growth after muted Q1 result in which revenue fell 13% to $115mn
Deyaar Development
Deyaar posts 54% increase in net profit before tax for Q1 2025
Revenue increases 32% to $117.9mn, compared to $89.26mn in Q1 2024; Net profit before tax surges to $32.62mn from $21.13mn
district cooling
Tabreed has a flat Q1 but excitement builds over its Palm Jebel Ali deal
Revenue for Q1 2025 falls marginally to $126.9mn as consumption decreased nearly 7% due to colder weather; EBITDA up 4% to $77.1mn
Abu Dhabi
Fertiglobe targets EBITDA of $1bn+ in its new ‘Grow 2030’ strategy
The Abu Dhabi company posts Q1 2025 revenues of $695mn, up 26% YoY and an adjusted EBITDA of $261mn, up 45%
Lulu
Five new stores push Lulu’s Q1 revenue to $2.1bn, up 7.3% YoY
EBITDA grows 6.4% to $214.1 million; EBITDA margin at 10.3%; Net profit reaches $69.7mn, up 15.8%; Net profit margin at 3.4%
DEWA
DEWA clocks its highest-ever first-quarter revenue and production numbers
Revenue of $1.62bn and cash from operations of $1.05bn for Q1 2025; Power generation reaches 10.50 TWh, and desalinated water production 35.61 BIG
Drake & Scull International
Restructured Drake and Scull International returns to profit for Q1
The company declares a net profit of $680,000 for Q1 2025, compared to a net loss of $11.6 million in corresponding period last year