Saudi companies to attend energy conference in Dubai

Saudi companies to attend energy conference in Dubai
Saudi companies to attend energy conference in Dubai

Thank you for reading the news about Saudi companies to attend energy conference in and now with the details

Jeddah - Yasmine El Tohamy - RIYADH: UAE-based grocery store operator Spinneys 1961 Holding PLC has announced its intention to proceed with an initial public offering on the Dubai Financial Market. 

Al Seer Group, Spinney’s parent company and the selling shareholder, expects to sell 25 percent of the total issued share capital of the firm, equivalent to a total of 900 million shares. 

The IPO’s subscription period will begin on April 23 and the DFM listing is set for May 9, the company said in a release. 

The offering will be made available to UAE retail investors with 5 percent or 45 million shares in the first tranche, while the second tranche will provide professional stakeholders with 855 million shares. 

Ali Saeed Juma Al-Bwardy, founder and chairman of Spinneys, said: “Ours is a brand with huge ambition, positioned to flourish in the GCC’s most attractive and fast-growing markets. Our IPO represents an opportunity for investors to be part of our next stage of growth and we are excited to embark on a new chapter, bringing our fresh opportunity to a wider shareholder base.” 

The release stated that the price per share, or offer price, will be denominated in Emirati dirhams and will be announced before the offer period. 

Rothschild & Co Middle East Limited has been selected as the independent financial advisor for the IPO, while Emirates NBD Capital PSC has been appointed as the listing advisor. 

The UAE firm operates 75 premium grocery retail supermarkets under the Spinneys, Waitrose, and Al Fair brands in the UAE and Oman. Additionally, it plans to open its first store in Saudi Arabia in the first half of 2024. 

The company aims to leverage the UAE’s robust economic landscape, with the economy projected to grow at an annual rate of 3.4 percent from 2022 to 2028, and high average disposable income per capita expected to increase by 2.3 percent over the same period. 

While the UAE’s population is forecasted to grow by 0.7 percent from 2022 to 2028, the supermarket chain expects its target market of affluent individuals to increase at an annual rate of 4.3 percent over the same period.

This growth is anticipated to drive sustained demand for premium food in the UAE. 

Similarly, the group’s expansion into the Saudi market, the Gulf Cooperation Council’s largest economy, will concentrate on opening stores in Jeddah and Riyadh, the Kingdom’s most populous cities. 

“We have much to be excited about this year as we celebrate the 100th anniversary of the Spinneys brand in the region, with plans to enter the thriving Saudi market, where we see immense potential for our business,” said Sunil Kumar, CEO of Spinneys. 

The company said the market for affluent shoppers in the grocery retail segment is surpassing overall grocery market growth in the Kingdom, with a projected growth rate of 6.7 percent in Riyadh and Jeddah. 

This announcement marks the second DFM listing this year, following the $429 million IPO of public parking operations company Parkin last month. 

Parkin’s IPO set a record-breaking debut for Dubai, being oversubscribed 165 times and attracting $71 billion in demand. 

These were the details of the news Saudi companies to attend energy conference in Dubai for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

PREV Moody’s affirms Kingdom’s A1 credit rating with positive outlook
NEXT Saudi Arabia, China discuss collaboration in urban development during Beijing meeting

Author Information

I have been an independent financial adviser for over 11 years in the city and in recent years turned my experience in finance and passion for journalism into a full time role. I perform analysis of Companies and publicize valuable information for shareholder community. Address: 2077 Sharon Lane Mishawaka, IN 46544, USA Phone: (+1) 574-255-1083 Email: [email protected]