The GCC’s largest initial public offering (IPO) markets are on the rebound as a receding pandemic paves the way for diversified recovery.

The IPO of 40 per cent of Abu Dhabi-owned Al-Yah Satellite Communications Company (Yahsat) on the Abu Dhabi Securities Exchange on 14 July is the GCC’s biggest market listing of the year so far. But its importance is not simply its estimated $731m valuation. It marks a turning point in the regional economy after six years of gloom.

Following the uncertainty of the pandemic, global equities are soaring on a surge in liquidity from government stimulus and monetary easing, pent up disposable income, an increase in mergers and acquisitions, and attractive valuations.

In the coming months, the GCC will see more listings as firms seek to raise capital to fund development plans. IPOs are expected from Acwa Power, Tanmiah Foods, Saudi Tadawul Group and Berain Water.

The August 2021 edition of MEED Business Review takes an in-depth look at this important test of the standing of the region’s corporate sector in the eyes of investors. Read our lead feature – The GCC goes to market – here. 

Our latest edition also features MEED's annual banking report, and finds divergent trends among GCC banks. Desite this, the general feeling across the six member-states’ banking sectors is that the headwinds that confronted them in 2020 and into 2021 are starting to abate.

Arab banks outside the Gulf, meanwhile, face multiple crisis.  

This month's bumper 25-page Market Focus offers an exclusive look at the Maghreb region, where Covid has worsened regional fiscal imbalances and debt trends.

MEED's August 2021 Maghreb market report includes:

Tunisia

> Tunis faces destabilising Covid-19 surge
> Tunis falls prey to Covid complacency
> Tunisia faces wave of oil firm departures
> Tunisia struggles with renewable targets
> Tough times for Tunisia construction

Algeria

> Algeria faces ongoing crisis of government
> Energy sector struggles amid global challenges
> Algeria restarts solar programme
> Algerian construction enters reboot mode

Libya

> Libya tentatively steps towards peace
> Libya labours to hit oil production target 
> Foreign focus shifts to Libya reconstruction
> Tripoli takes steps to stem electricity shortage

Morocco

> Rabat heads towards critical post-Covid poll
> Morocco takes dual energy security approach
> Morocco secures hydrogen footing
> Transport projects make progress

Subscribe to MEED Premium

Other must-read sections in the August 2021 edition of MEED Business Review include:

> AGENDA:
      • The GCC goes to market    
      • Regional stock listings gather pace
      • Stimulus spending leads to bourse bounce

> INDUSTRY REPORT: Banking (GCC banks; wider region)

> CURRENT AFFAIRS: Business feels the heat from intra-Gulf friction

> HEALTHCARE: UAE backs genomics in medical R&D push

> LEGAL: Saudi Arabia’s new regime for privatisation

> ROAD TO EXPO:
      • Tackling world poverty with smartphones
      • The most connected place on Earth

> GULF PROJECTS INDEX: Gulf projects market declines

> JUNE 2021 CONTRACT AWARDS: Saudi Arabia tops regional rise in award values

> BUSINESS OUTLOOK: Finance, oil and gas, construction, power and water contracts

We hope you enjoy the August 2021 edition of MEED Business Review.