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EFG Hermes advises on $449m Almoosa Healthcare IPO on Saudi Exchange

The healthcare company began trading publicly on Tuesday and rose 15 per cent on debut as it hovered around the SAR139.60 mark

Gulf Business
Gulf Business

07 January, 2025

EFG Hermes advises on $449m Almoosa Healthcare IPO on Saudi Exchange
Image: Supplied

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EFG Hermes, the investment banking arm of EFG Holding, said on Monday it had completed its advisory role on the $449m initial public offering (IPO) of Almoosa Healthcare Company on the Saudi Exchange (Tadawul).

Almoosa Health, a leading healthcare provider in Saudi Arabia, offered 30 per cent of its total issued share capital, comprising 9.3 million new shares and 4 million existing shares at SAR 127 ($33.87) per share. The offering valued the company at SAR 5.6bn ($1.5bn).

The IPO saw strong investor interest, with an oversubscription rate of 103 times. The company began trading under the ticker ALMOOSA on Tuesday and rose 15 per cent on debut as it hovered around the SAR139.60 mark.

“We are honoured to have played a pivotal role in the successful IPO of Almoosa Specialist Hospital, a key milestone for Saudi Arabia’s thriving healthcare sector,” Saud Altassan, CEO of EFG Hermes KSA, said in a statement.

Karim Meleka, co-head of investment banking at EFG Hermes, said the strong demand highlighted investor appetite for high-quality healthcare assets in the kingdom.

“We are proud to have played a role in the second Saudi healthcare group IPO this year and look forward to building on this momentum in 2025,” he said.

Based in Saudi Arabia’s Eastern Province, Almoosa Health operates two hospitals in Al Ahsa with a combined capacity of 730 beds. It serves around one million patients annually and employs 326 physicians across various specialties.

The company reported SAR 979m in revenue and SAR 98m in net income in 2023. For the first nine months of 2024, it posted SAR 870m in revenue and SAR 40m in net income.

EFG Hermes acted as a joint bookrunner and underwriter on the transaction.

Saudi Arabia taps debt markets with $12bn three-part bond

The kingdom sold $5bn, $3bn and $4bn in tenors of three, six and 10 years, respectively, and the total order book reached around $37bn

Kudakwashe Muzoriwa
Kudakwashe Muzoriwa

07 January, 2025

Saudi Arabia taps debt markets with $12bn three-part bond
Image credit: Salem Altimani/ Getty Images

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Saudi Arabia raised $12bn from global debt markets in a three-part bond sale, attracting strong investor demand, the National Debt Management Center (NDMC) said on Tuesday. The proceeds are expected to help plug the kingdom’s budget deficit, repay maturing debt, and fund its vast economic diversification projects.

The NDMC said that Saudi Arabia sold $5bn, $3bn and $4bn in tenors of three, six and 10 years, respectively, and the total order book reached around $37bn.

The pricing on the shortest tranche of the $5bn issuance was tightened by 35 basis points (bps) from the initial guidance, settling at 85 bps over US Treasuries, resulting in a yield of 5.18 per cent. The $3bn notes were issued with a spread of 100 bps, yielding 5.44 per cent. Meanwhile, the $4bn bond offered a yield of 5.73 per cent.

“The bid-to-cover ratio reflects the strong demand for the kingdom’s issuances, confirming the investors’ confidence in the strength of the kingdom’s economy and its future investment opportunities,” the NDMC said in a statement.

On Sunday, the NDMC estimated Saudi Arabia’s funding needs in 2024 at $37bn (SAR139bn). Over SAR100bn will cover the budget deficit, while the rest will repay maturing debt.

Saudi sovereign wealth fund, the Public Investment Fund (PIF), which is driving many of the Vision 2030 projects, secured a $7bn Murabaha credit facility, a form of Islamic financing, on Monday.

The Arab world’s largest economy expects a fiscal deficit of $27bn in 2025. To address this, the government plans to explore a diverse range of funding options, including private investments and accessing new international markets and currencies.

Saudi Arabia is likely to issue loans. Last week, the kingdom secured a $2.5bn three-year revolving credit facility from Abu Dhabi Islamic Bank, Credit Agricole and Dubai Islamic Bank.

Read: Saudi’s PIF secures $7bn murabaha credit facility

Renowned authors Jay Shetty, Steven Bartlett set for Dubai debut at Mindvalley’s Future Human 2025

More than 20 global thought leaders will deliver transformative keynotes, workshops and insights for personal and professional growth

Gulf Business
Gulf Business

07 January, 2025

Renowned authors Jay Shetty, Steven Bartlett set for Dubai debut at Mindvalley’s Future Human 2025
Image credit: Supplied

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World renowned personal transformation learning platform, Mindvalley, is gearing up to present its three-day Future Human 2025 event at Expo City Dubai from January 10-12.

The programme is set to equip attendees with tools to excel in their careers, boost their health and accelerate their journey to an extraordinary life.

Steven Bartlett, the creator of Europe’s No. 1 podcast, The Diary of a CEO, and bestselling author, and Jay Shetty, the globally renowned author of Think Like a Monk and host of the award-winning podcast On Purpose, will headline the event. Speaking in Dubai for the first time, the bestselling authors will share profound insights on thriving in an ever-evolving world, making this event an unmissable opportunity for anyone seeking to uplift their future.

“Future Human 2025 is a call to action for humanity. This is a time to reclaim our innate potential and create a future where technology enhances, not overpowers, our humanity. By gathering some of the brightest minds in personal transformation, we want to inspire people to create lives of meaning, impact, and connection,” said Vishen Lakhiani, founder and CEO of Mindvalley.

The event boasts an extraordinary lineup of speakers in addition to Bartlett and Shetty. Regan Hillyer, a serial entrepreneur and founder of Regan Hillyer International, will share insights on manifestation and personal alignment through her unique Energetic Architecture Method, empowering attendees to create soul-aligned lives.

Maejor, a Grammy-nominated singer, songwriter, and producer, will share his journey of healing through music, winning the personal battle with cancer. Dariush Soudi, an entrepreneur, mentor, and CEO of ARENA Capital, will also be featured, bringing his wealth of knowledge in business strategy and personal development to inspire attendees to achieve lasting success.

Future Human 2025 promises attendees an extraordinary three-day journey filled with inspiration and connection. Participants will benefit from thought-provoking keynotes, hands-on workshops, and exclusive networking events. The program also features cutting-edge tools for well-being and success, equipping attendees with actionable strategies to enhance both their personal and professional lives.

Each day of the event follows a distinct theme. The first day, ‘A Smarter You,’ centres on using AI, brainpower, and productivity tools to drive success. The second day, ‘A Healthier You,’ offers a comprehensive health blueprint grounded in the latest advancements in personalised science. The final day, ‘Manifest Your Dream Life,’ provides valuable insights into mindsets and practices that foster deeper connections and empower participants to live with intention and purpose.

Tickets are available in three categories: the Silver Ticket ($399) grants general admission to all keynote sessions, the Gold Ticket ($499) includes priority seating and access to premium networking opportunities, and the Platinum Ticket ($1099) provides VIP seating, exclusive workshops, and access to private receptions with keynote speakers.

Mindvalley offers innovative programs designed by world-renowned experts, fostering a more conscious and connected global community. Its pioneering learning platform, Quest, redefines education through a blend of advanced technology, captivating storytelling, exceptional educators, and dynamic community engagement, resulting in significantly improved personal transformation outcomes.

Abu Dhabi sets up ADRA to streamline business registration

The authority will develop a unified database consolidating data on economic establishments across Abu Dhabi’s mainland and its non-financial free zones

Kudakwashe Muzoriwa
Kudakwashe Muzoriwa

07 January, 2025

Abu Dhabi sets up ADRA to streamline business registration
Image credit: Christopher Pike/ Getty Images

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The Abu Dhabi Department of Economic Development (ADDED) has set out measures to simplify processes for businesses as part of the emirate’s broader strategy to diversify its economy away from oil.

The department launched the Abu Dhabi Registration Authority (ADRA), a centralised business registry authority that will be the single point for business registration.

ADRA will develop a unified database consolidating data on economic establishments across Abu Dhabi’s mainland and its non-financial free zones. The move is aimed at facilitating the management of the commercial registry, streamlining licencing procedures, managing regulatory affairs and ensuring compliance.

The authority will introduce new types of licences, creating opportunities to attract talents, investors, and entrepreneurs while opening a window to benefit from Abu Dhabi’s diverse and robust economy.

“The establishment of ADRA marks a new milestone in Abu Dhabi’s remarkable economic journey. As an arm of ADDED, ADRA supports our initiatives to accelerate the emirate’s economic growth and diversification by offering streamlined procedures, expert guidance, and access to a thriving business ecosystem,” said Ahmed Jasim Al Zaabi, chairman of ADDED.

“ADRA plays a pivotal role in attracting new investments across key sectors, contributing to the realisation of Abu Dhabi’s economic vision. It ensures compliance with international standards and global regulations by all economic establishments in the emirate’s mainland and non-financial economic free zones.”

Abu Dhabi’s economy expanded by 3.9 per cent in the third quarter of 2024, as per preliminary government estimates. Notably, the non-oil GDP saw a significant surge of 5.9 per cent during the same period, driven by growth in the construction, manufacturing, and finance and insurance sectors.

The emirate has intensified its diversification efforts, focusing on key areas such as tourism, logistics, manufacturing, and industry to ensure sustained economic growth in the future.

Read: Abu Dhabi GDP grows 4.5% in Q3 ’24, led by non-oil sector

Zand Bank, Klickl International partner to advance digital finance

Zand Bank (Zand) has announced a strategic collaboration with Klickl International (Klickl), a Web3 open finance platform. The partnership aims to bolster Klickl’s operations by leveraging Zand’s banking solutions and products. The collaboration comes on the heels of Zand’s recent achievement of becoming the first UAE bank to offer digital asset custody services, following approval…

Gulf Business
Gulf Business

07 January, 2025

Zand Bank, Klickl International partner to advance digital finance
Image: Zand Bank

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Zand Bank (Zand) has announced a strategic collaboration with Klickl International (Klickl), a Web3 open finance platform.

The partnership aims to bolster Klickl’s operations by leveraging Zand’s banking solutions and products.

The collaboration comes on the heels of Zand’s recent achievement of becoming the first UAE bank to offer digital asset custody services, following approval from the Virtual Asset Regulatory Authority (VARA).

Additionally, the upcoming launch of Zand’s UAE dirham-backed stablecoin is set to further strengthen its efforts to bridge the gap between traditional finance (TradFi) and decentralised finance (DeFi), reinforcing the bank’s leadership in the digital assets space.

Klickl to benefit from Zand’s infrastructure

Klickl, headquartered in the UAE and established in 2017, will benefit from the digital bank’s infrastructure, which will streamline its financial management and enhance its business processes within the Web3 ecosystem.

The collaboration aims to meet the growing needs of the digital economy.

Michael Chan, CEO of Zand, emphasised the significance of the collaboration, saying: “We are pleased to announce our collaboration with Klickl International, aligning with the UAE’s bold vision to accelerate the digital economy. We are dedicated to delivering seamless and secure banking experiences through continuous innovation, forward-thinking, and a client-first approach.”

Klickl CEO Michael Zhao expressed his enthusiasm about the partnership, stating: “Partnering with Zand Bank marks a pivotal moment in our journey towards reshaping the digital finance landscape. With Zand’s support, we are unlocking new possibilities for businesses and consumers, driving meaningful change in the industry.”

Cyberhealth: How to protect your company’s systems in 2025

Failure to maintain proper cyber hygiene can lead to compromised sensitive data, operational disruptions, and significant financial losses

Rami Nehme
Rami Nehme

07 January, 2025

Cyberhealth: How to protect your company’s systems in 2025
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As we begin the new year, many of us take the opportunity to reflect on our resolutions, whether they pertain to personal finances, career goals, or health. While individuals can often take charge of their personal health independently, businesses, especially in the realm of cybersecurity, require a more collaborative approach.

In 2025, the security landscape will present numerous challenges, and it is crucial for organisations to recognise the need for teamwork and proactive strategies to ensure the health and resilience of their digital assets.

In the UAE, a Cyber Security Council survey, published in March 2024, uncovered more than 155,000 vulnerable assets in the country and found that 40 per cent of critical vulnerabilities had gone unaddressed for longer than five years. If the nation is to attain the resilience to stave off campaigns by increasingly sophisticated threat actors, every enterprise will need to practice rigorous cyber hygiene.

Cyber hygiene can be defined as a comprehensive set of best practices designed to prevent organizations from becoming vulnerable to cyber threats. This responsibility extends across all levels of the organisation, from end users to technical teams, including DevOps, IT, and security personnel. Everyone must adopt a daily routine of cybersecurity practices to collectively enhance the organisation’s security posture.

Much like personal hygiene, which requires regular attention to maintain health, cyber hygiene necessitates ongoing vigilance to safeguard against potential threats. Failure to maintain proper cyber hygiene can lead to compromised sensitive data, operational disruptions, and significant financial losses.

Practice makes perfect

Let’s start with five basic cyber-hygiene practices. First, software updates cannot be treated as optional, but as the UAE Cyber Security Council found, many updates are ignored, even though they are released to protect against known vulnerabilities. Attackers are always looking for these vulnerable assets.

Second, enforce password-strength principles.

Ensure users choose complex, unique strings of diverse characters (uppercase letters, numbers, and special symbols), and avoid birthdays, pet names, and other memory-friendly words that are easy to guess. Ensure each password is unique to an account. Third, implement multi-factor authentication because as strong as a password may be, it is just one layer of security and is vulnerable to theft.

Fourth, think about how data is backed up. Whether you opt for external hardware or a cloud storage solution, test your choice and make sure you perform restoration drills.

Lastly, fifth, stay vigilant. Make sure every user knows that nefarious parties are perfectly capable of sending emails, text messages, and other communications that appear genuine. Be sure they know that every link clicked, and every network joined, is a potential threat.

If security leaders have trouble getting buy-in from decision-makers, the business case for these practices is simple and strong.

Good cyber hygiene brings business continuity in the event of an incident and earns trust from customers, partners, investors, and regulators. In this way, basic cyber hygiene minimises risk by mitigating the impact of any potential breach.

Tools for tasks

Investment in the right tools can help address a range of problems. While many are targeted at specific industries, others have broader relevance. Continuously updated antivirus software still has a place in the organisation.

Multi-scanning — the technique of having multiple AV agents scanning resources — helps increase detection rates of malware, even zero-day threats. These solutions go beyond file hygiene to guard against fraudulent or malicious websites. They provide protection against ransomware. And their privacy features can even prevent tracking by advertisers.

The list of hygiene tools goes on. Virtual private networks (VPNs) encrypt data and mask IP addresses, leading to private, secure connections. Password managers allow the creation and storage of passwords and even allow strong (complex and unique) passwords to be shared via text or email, meaning they never have to be written down.

Software and hardware firewalls allow organisations to restrict outside access to home and business computers and a range of other connected devices. This protects data and accounts from compromise by blocking malicious traffic, but users still must be urged not to install unvetted software or click on unknown links.

Going further

These tools come together with best practices to protect organizations from the modern cyberthreat landscape, which is becoming more dangerous with every passing month. But basic digital hygiene is only the beginning. There are more advanced practices that allow individuals and enterprises to go further with their cyber hygiene.

You can start by conducting regular audits of your digital footprint. Review all the permissions granted to apps and websites. Many websites store payment data, for example. When we minimize permissions by only maintaining those that are necessary, we can greatly reduce our exposure to cyber-incidents or the unwanted collection of your data.

Make sure you have the visibility to monitor your environment for anything that looks suspicious. Leave no stone unturned. If you see something that appears out of place, then investigate. This could be a new device on your network or an unrecognised charge on your credit card. Be wary of these flags and investigate them early. If you do not, a minor incident could quickly become a major problem.

Carry out periodic diagnostics on your systems and clean up as appropriate. Ensure each of your devices runs optimally in terms of both performance and security, for both hardware and OS.

If needed, seek out the vendor’s guide on the correct configuration. Do not hesitate to run virtual machines in isolated environments for the testing of new software or to see what threats an untrusted website holds.

Using a secure, contained ecosystem means any malware will be trapped inside the virtual environment, and will be unable to have any impact on the live network. This approach adds another layer of security on top of those provided by security tools.

Ongoing vigilance is key

Cyber hygiene is a journey, not a destination. It is a process that calls for organisations’ ongoing commitment. It requires vigilance and consistency. The basic practices and some standard tools can certainly strengthen the digital immune system.

The writer is a regional sales director – UAE, South Gulf, Levant & Pakistan, OPSWAT.

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