Page 111 - ALEF EDUCATION PR REPORT NOVEMBER 2024

11/19/24, 1:51 PM UAE stock markets hit $1 trillion for the first time boosted by IPOs | The National
Its intention to list follows UAE retail major Lulu Group's successful IPO this month to

raise Dh6.32 billion, the country's largest listing so far this year. The hypermarket chain

operator priced its shares at the top of the indicated range amid strong investor demand.

Some of the other companies that listed in the UAE this year include ADNH Catering, a
unit of Abu Dhabi National Hotels, which raised Dh864 million through the sale of a 40

per cent stake; NMDC Energy, a unit of Abu Dhabi contractor National Marine Dredging

Company, which began trading on the ADX in September after raising $877 million; and

Alef Education that raised $515 million from its IPO in Abu Dhabi in June.

“The UAE was at the forefront of all IPO activity in the GCC region in third quarter of

2024, raising a substantial $1.1 billion in IPO proceeds,” Vijay Valecha, chief investment
officer at Century Financial, said. “As a result, the UAE accounted for 69 per cent of the

total IPO capital raised in the GCC during the quarter. Saudi Arabia came in second place,
raising $512 million, accounting for 31 per cent of the region’s total.”

https://www.thenationalnews.com/business/markets/2024/11/18/uae-stock-markets-hit-1-trillion-for-the-first-time-boosted-by-ipos/ 2/4