Hala,
It’s been amazing seeing so many of our customers at Forex Expo Dubai yesterday and today at the World Trade Center! 💼✨ If you haven’t visited yet, we’d love to welcome you today — just head to Hall 2 and look for the pink booth (№149). 🩷🎯 #ForexExpo #PinkPower
amana’s Take
- Nvidia just outpaced Microsoft, securing the #2 spot globally with a market cap of $3.13 trillion. AI demand is soaring, and Nvidia’s role as a GPU powerhouse is fueling the surge.
- With stock up over 100% this year, Nvidia is cementing its dominance in the semiconductor industry, thanks to booming AI-driven sales.
- Analysts are buzzing — Nvidia shares could keep climbing, powered by AI spending and favorable seasonal trends. Keep your eyes on this tech rocket.
Stock Market Update
📉↘️ US stocks wobbled on Monday as rising oil prices and climbing Treasury yields took the wind out of Wall Street’s sails. The Dow dropped 0.94% to 41,954.24, the S&P 500 fell 0.96% to 5,695.94, while the Nasdaq 100 lost 1.17% to 19,800.74.(1) Talk about a rough start to the trading week! 📊🗓️
⏬⬇️ Similarly, Gulf markets hit the brakes as geopolitical jitters spooked investors. Abu Dhabi slipped 0.4% to 9,147, and Dubai eased 0.3% to 4,395.(2) 📶↘️
🍽️📈 ADNH Catering’s IPO Set to Serve Up a Market Feast
Abu Dhabi National Hotels’ catering arm is preparing for a substantial market debut, setting the price range for its highly anticipated IPO at AED 0.91 to AED 0.96 per share.(3) The offering represents 40% of ADNH Catering’s issued capital, with 900 million shares up for grabs on the Abu Dhabi Securities Exchange (ADX). The IPO values the company at an impressive AED 2.05 billion to AED 2.16 billion, positioning it as one of the year’s big hitters. 💰📈
📊 Key Dates and Details:
- Subscription Period: Starts today, closing October 14 for retail and October 15 for institutional investors.
- Final Offer Price: Expected to be revealed on October 16, 2024.
🥘🚀 Expanding Horizons: ADNH to Cater to High-Growth Sectors and KSA
ADNH Catering has a strong presence in high-growth sectors like healthcare and education and is looking to expand further in Saudi Arabia, targeting Jeddah, Riyadh, and the Eastern Region. What’s next? Major financial institutions like Citigroup and First Abu Dhabi Bank are leading the charge as joint global coordinators, while BHM Capital has been appointed as the stabilization manager. Investors are now hungry to see how this high-profile IPO will unfold. So far, sounds yummy! 🍽️😋
Closer to Home
- 🚀 The GCC’s IPO momentum is set to stay strong in Q4 2024 despite geopolitical bumps. Experts expect bigger deals and new sectors, like tech, to shake up the market.(4) #IPOSurge! 💸
- 💰 ADNOC Logistics and Services (ADNOC L&S) approved a juicy AED 501.3M ($136.5M) dividend for H1 2024, or 6.78 fils per share, with a full-year payout of $273M in sight. Strong profits and growth kept shareholders smiling.(5) 🤑
- 🏢 Saudi’s Almarai cooked up a tasty SAR 1.88B ($480M) profit in the first nine months of 2024, thanks to higher sales, sharp cost control, and a recipe of stable commodity costs and a winning product mix.(6) 💰
What Else Is Trending
- 📲 A US judge ordered Google to offer alternatives to its Google Play store and stop anti-competitive payments, knocking Alphabet stock down 2%. Google’s Play store just got a lot less exclusive!(7) 🤖
- 🛢️ Meanwhile, oil prices spiked over 3% on Monday as markets anxiously eyed potential Israeli strikes on Iran. WTI rose 3.71% to $77.14, while Brent climbed 3.69% to $80.93.(8) ⛽
- 🌟 Lastly, gold prices lost their sparkle as a strong dollar and solid jobs data dashed hopes for a big Fed rate cut. Spot gold eased 0.2%, resting at $2,648.21 per ounce.(9) ✨
💬Quote of the Day
“We see significant potential in Saudi Arabia, especially in the Eastern Region, Jeddah, and Riyadh, where we are already making excellent progress on expanding our operations.” — Clive Cowley, Chief Executive Officer of ADNH Catering
Check out now: https://amana.app/interest
Sources:1) (7) (8) CNBC, (2) (9) Reuters, (3) (4) (5) (6) Zawya
