A flood of petrodollars into the turbo-charged Qatari and UAE economies is driving a bumper year for equity listings in the Middle East and North Africa (MENA) region, resulting in the highest levels of equity fundraising since 2008.
Although the total value raised in the region – $3.1bn across 24 deals, according to figures compiled by data provider Dealogic – is fairly small in the scheme of global equities, it marks the busiest January to mid-May period in the region for six years.
Two years on, and Egypt is back in crisis. Mohamed Morsi, Egypt’s Islamist president, announced a month-long state of emergency on Sunday following violence in which nearly 50 have died.
For anyone hoping for a turnaround in Egypt’s economic fortunes, it’s another big blow and one that may hurt chances of a deal with the IMF.
Gulf banks are betting on Egypt despite anti-government protests continuing in several cities, writes Camilla Hall.
Hot on the heels of Qatar National Bank’s deal last week to buy Société Générale’s Egypt’s unit for $2bn, Dubai government-controlled Emirates NBD is looking to buy BNP Paribas’ Egyptian retail banking business, according to people familiar with the deal.
Construction of Tunisia’s first-ever privately owned oil refinery will begin later this year with an investment by Qatar, which has been busy buying up properties in north African states emerging from a year of political tumult.
The state-owned Qatar Petroleum Company agreed years ago to build the refinery, just outside of Tunisia’s industrial port city of Sfax. But the deal was only set to be finalised on Sunday, according to Kuwait’s official news agency.