Hadeel Al Sayegh

Dubai — Saudi Arabia began a secondary share sale in oil giant Aramco on Sunday, a landmark deal that could raise up to $13.1bn in a test of international appetite for the kingdom's assets.

The kingdom’s GDP shrank 3.7% in the fourth quarter of 2023. The decline in the first quarter was the third consecutive quarter of year-on-year contraction in the kingdom, hurt by cuts to oil production and lower crude prices.

The kingdom raised an additional $1 billion after exercising a so-called greenshoe option, according to the document, which allows banks to place more stock when there is demand from investors.

Abu Dhabi's Etihad Airways plans to make its stock market debut no sooner than 2025, two people familiar with the matter said, in potentially the first IPO of a major Gulf airline as the UAE's capital ramps up effort to become a global travel hub.

The sale of a stake in the Middle East, North Africa and central Asia Starbucks franchise operated by Kuwait's AlShaya Group is on hold, two people with knowledge of the process said.

Julie Zhu, Amy-Jo Crowley and Hadeel Al Sayegh 3 min read By Julie Zhu, Amy-Jo Crowley and Hadeel Al Sayegh

Lulu Retail Holdings of the United Arab Emirates plans to sell a 25% stake in its initial public offering, the firm that runs one of the Middle East's biggest hypermarket chains said on Monday.

Talabat, the Middle East business of Delivery Hero , plans to kick off its Dubai initial public offering next week, three people familiar with the plans told Reuters, in one of the UAE's biggest IPOs this year.

Saudi Arabia has scaled back lofty ambitions for its NEOM gigaproject to prioritize completing elements essential to hosting global sporting events over the next decade as rising costs weigh, three sources told Reuters a day after the sudden departure of the project's longtime CEO.

Saudi Arabia has scaled back ambitions for its Neom gigaproject, amid rising costs, in order to prioritise completing elements that are essential to hosting global sporting events, sources have told Reuters following the sudden departure of the project’s long-time CEO.