ABU DHABI: The UAE construction market size was $94 billion in 2023 and the market will achieve an AAGR of more than 3% during 2025-2028, according to a report released by GlobalData, a data analytics and consulting company, headquartered in London.
The growth is attributed to the increase in investments in transport and renewable energy infrastructure, with improvements in the electric vehicle market, according to the report.
Residential construction captured the highest share of the UAE’s construction market last year, according to the report, which indicated that the real estate sector continued its growth momentum with expectations that the sector will maintain good growth rates during the current year 2024 supported by the launch of qualitative infrastructure projects and investments by the government and the private sector.
Source: Emirates News Agency
DUBAI: Parkin Company PJSC today announced an increase in the number of shares offered in the UAE Retail Offer of its initial public offering (IPO) following an exceptional level of over-subscription and demand from retail investors.
Following the approval of the Securities and Exchange Authority (SCA), the UAE Retail Offer has been increased to 89,964,000 ordinary shares from 74,970,000 ordinary shares.
Based on the previously announced price range of AED 2.00 to AED 2.10 per share, the size of the Retail Tranche will now be between c. AED 179.93 million and c. AED 188.92 million, representing 12 percent of the Offer Shares, compared to the 10 percent previously announced.
The total offering size remains unchanged at 749,700,000 ordinary shares representing 24.99 percent of the company’s total issued share capital. Following the increased allocation to the UAE Retail Offer, the Qualified Investor Tranche will be allocated 659,736,000 shares, instead of 674,730,000 ordinary shares, representing 88 percent
of the Offer Shares, compared to the 90 percent previously announced.
The subscription period of the Offering remains unchanged, closed today, 12th March 2024 for UAE Retail Investors and tomorrow, 13th March 2024 for Qualified Investors.
Parkin is expected to commence trading on the DFM on 21st March 2024, under the symbol ‘PARKIN’ and ISIN AEE01370P249.
Source: Emirates News Agency