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Markaz: Kuwait’s non-oil sector is expected to grow by 4.4% in 2023
Kuwait Financial Centre “Markaz” recently released its Monthly Market Review report for the month of May 2023. Kuwait’s All Share Index declined in May, posting a monthly loss of 4.8%. Among Boursa Kuwait’s sectoral indices, Telecom and Banking sector lost 6.7% and 6.0% respectively for the month. Among Premier Market stocks, Mezzan Holding and Ali Alghanim Sons saw the biggest gains for the month, up by 12.4% and 7.7% respectively, on account of stronger earnings growth in Q1 2023. National Investments Co. fell the most for the month, down by 23.4%.
Markaz receives momentous accolades at MENA Banking Excellence Awards 2023
Kuwait Financial Centre 'Markaz' announced receiving two prestigious awards, namely “The MENA Investment Bank of the Year” and “The Excellence in Real Estate Investment Award”, at the MENA Banking Excellence Awards 2023. The event was organized in Dubai this May by MEED, a prominent business intelligence and information platform focused on the Middle East region. The Awards serves as a platform to acknowledge and celebrate the remarkable achievements and contributions of leading financial institutions and professionals across the Middle East and North Africa region.
Markaz concludes webinar on how GCC equities are evolving as an important opportunity within Emerging Markets
Kuwait Financial Centre “Markaz” concluded its recent webinar titled ‘GCC Markets: An Attractive EM Allocation Play,’ presented by Mr. M. R. Raghu – CEO, Marmore MENA Intelligence, the research arm of Markaz. The webinar brought out key attributes that differentiate GCC from other Emerging Markets (EMs) and highlighted how they stand out as an attractive investment opportunity.
Markaz organizes webinar on how GCC is evolving as an important emerging market opportunity
Kuwait Financial Centre “Markaz” announced its upcoming webinar that sheds light on the unique attributes that differentiate GCC countries from other Emerging Markets (EMs), as well as the lucrative opportunities available throughout. Titled ‘GCC Markets: An Attractive EM Allocation Play,’ the webinar will be held on 29 May 2023 and will be presented by Mr. M. R. Raghu – CEO, Marmore MENA Intelligence, the research arm of Markaz.
Sultan Center For Food Products Company Successfully Completes the Issuance of the First Convertible Bond in Kuwait
Sultan Center Food Products Company K.S.C.P. (“Sultan”), as the Issuer, and Kuwait Financial Centre (“Markaz”), as the Structuring advisor and Lead Manager, announced in a joint statement the success of completing the first KD-denominated convertible bond issuance for Sultan with a nominal value of 9.65 million Kuwaiti Dinars for a 10-year term. The securities were issued through a private placement with a total fixed coupon rate of 8.0% per annum, payable partly in cash and partially deferred, on a semi-annual basis; the convertible bonds can be converted at the option of the bondholder during the first five years of the bonds’ terms into common ordinary shares in the capital of the issuer.
Markaz: GCC Fixed Income markets sees slower issuing activity in Q1 2023 with total issuance of USD 28.3 billion marking a decline of 22% year-on-year
Kuwait Financial Centre “Markaz” released its research report titled “GCC Bonds and Sukuk Market Survey for Q1-2023”. In its quarterly Fixed Income Report, Markaz explains that Primary debt issuances in the GCC were off to the slowest start in three years during the first quarter of the year due to the tightening of monetary policy as well as continued macro volatilities. Primary issuances of Bonds and Sukuk in the GCC amounted to USD 28.3 billion in the first three months of 2023 compared to USD 36.3 billion raised during the same period in 2022, a decline of 22.1% year-on-year. In terms of the number of issuances, there were 62 primary debt issuances in the GCC during Q1-2023 compared to 76 issuances for the same period in 2022.
Markaz sets foundation for solid year with three award wins from Global Finance & Euromoney in Q1 2023
Kuwait Financial Centre “Markaz” announced that it has won three prestigious awards in the first quarter of 2023. Markaz was recently named the ‘Best Private Bank in Kuwait’ by Global Finance, as part of the magazine’s eighth annual World’s Best Private Banks Awards for 2023, which was held in New York City on March 16. The Company was also honored by Euromoney with two awards – the ‘Middle East's Best for Investment Research’ and the ‘Best Domestic Private Bank in Kuwait’, awarded at the Global Private Banking Awards 2023 ceremony, held in London on March 29.
Markaz: GCC and Global Markets were positive in anticipation of a pause in Fed Rate Hikes
Kuwait Financial Centre “Markaz” recently released its Monthly Market Review report for the month of April 2023. Kuwait’s All Share Index witnessed an increase in April, posting a monthly gain of 1.3%. Among Boursa Kuwait’s sectoral indices, Insurance sector gained the most at 10.7%, while the Technology sector lost 8.5% for the month. Among Premier Market stocks, Gulf Cables and Electrical Industries Co. and Alimtiaz Investment Group gained the most for the month, rising by 16.0% and 14.9% respectively. Ali Al-Ghanim Sons Automotive Co. fell the most for the month at 4.1%.
GCC IPOs raise USD 3.5 billion in Q1 2023
Kuwait Financial Centre “Markaz” released its research report titled “Initial Public Offerings (IPO) in the GCC markets”, which raised total proceeds of USD 3.5 billion through 12 offerings during the first three months of 2023, marking a year-on-year decline in value by 25% compared to the first quarter of 2022, where issuers raised USD 4.6 billion through 13 offerings.