Saudi Arabia is encouraging more stock market participation as the kingdom continues its economic diversification. Reuters
Saudi Arabia is encouraging more stock market participation as the kingdom continues its economic diversification. Reuters
Saudi Arabia is encouraging more stock market participation as the kingdom continues its economic diversification. Reuters
Saudi Arabia is encouraging more stock market participation as the kingdom continues its economic diversification. Reuters

PIF-owned digital security provider Elm gets regulatory approval for IPO


Alvin R Cabral
  • English
  • Arabic

Elm, a Saudi Arabian information security company, received regulatory approval from the kingdom's Capital Markets Authority for an initial public offering to sell 24 million shares, which represents 30 per cent of Elm's share capital.

The prospectus for the Riyadh-based company, which is owned by the kingdom's Public Investment Fund, will be published before the start of the subscription period, the company said in a filing to the Saudi stock exchange on Thursday.

Elm did not say when it plans to list its shares.

The CMA’s IPO approval will be valid for six months and the application will be cancelled if the offering and listing of the company's shares are not completed within that period, the statement said.

The number of listings on the Saudi Arabia’s bourse, the biggest in the Arab world by market value, has risen sharply this year as as companies seek to tap public markets for liquidity and expand operations as the kingdom continues to diversify its economy under the Vision 2030 programme.

In December, Saudi Tadawul Group, the owner and operator of the kingdom’s stock exchange, listed on the stock exchange, raising $1 billion in what was one of the biggest exchange IPOs in the region. Riyadh utility developer Acwa Power also raised $1.2bn in a listing on Tadawul earlier this year.

Investcorp, the alternative asset manager whose biggest shareholder is Abu Dhabi's Mubadala Investment Company, last month launched a $500 million fund to invest in high-growth Saudi companies. The Pre-IPO Growth Vehicle is dedicated to investing in companies that are at the pre-initial public offering stage of development.

Elm offers a wide range of ready-made and customised digital solutions in several sectors. It was established in 1986 as a research company investing in localising technology, setting the stage for its introduction to the e-security sector in 2002, according to its website.

It was transformed into a joint-stock company owned by the PIF in 2007, which helped it to expand beyond technology in 2009 and globally in 2016.

In October, Elm joined a Series A funding round for tele-health start-up Cura, which raised $15m and also drew the participation of Saudi Aramco's entrepreneurship arm Wa'ed.

Start-ups in the kingdom posted their best quarter for fund-raising in the quarter ending September 30, attracting $205m across 34 deals, according to data platform Magnitt. Venture capital investments in start-ups in the kingdom more than quadrupled in the three-month period compared with the same period last year.

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

COMPANY PROFILE
Name: ARDH Collective
Based: Dubai
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Sector: Sustainability
Total funding: Self funded
Number of employees: 4
PSL FINAL

Multan Sultans v Peshawar Zalmi
8pm, Thursday
Zayed Cricket Stadium, Abu Dhabi

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How to apply for a drone permit
  • Individuals must register on UAE Drone app or website using their UAE Pass
  • Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
  • Upload the training certificate from a centre accredited by the GCAA
  • Submit their request
What are the regulations?
  • Fly it within visual line of sight
  • Never over populated areas
  • Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
  • Users must avoid flying over restricted areas listed on the UAE Drone app
  • Only fly the drone during the day, and never at night
  • Should have a live feed of the drone flight
  • Drones must weigh 5 kg or less
While you're here
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AndhaDhun

Director: Sriram Raghavan

Producer: Matchbox Pictures, Viacom18

Cast: Ayushmann Khurrana, Tabu, Radhika Apte, Anil Dhawan

Rating: 3.5/5

A MINECRAFT MOVIE

Director: Jared Hess

Starring: Jack Black, Jennifer Coolidge, Jason Momoa

Rating: 3/5

The specs

Engine: 6.2-litre supercharged V8

Power: 712hp at 6,100rpm

Torque: 881Nm at 4,800rpm

Transmission: 8-speed auto

Fuel consumption: 19.6 l/100km

Price: Dh380,000

On sale: now 

SEMI-FINAL

Monterrey 1 

Funes Mori (14)

Liverpool 2

Keita (11), Firmino (90 1)

Groom and Two Brides

Director: Elie Semaan

Starring: Abdullah Boushehri, Laila Abdallah, Lulwa Almulla

Rating: 3/5

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The specs

Engine: 2.0-litre 4-cyl turbo

Power: 247hp at 6,500rpm

Torque: 370Nm from 1,500-3,500rpm

Transmission: 10-speed auto

Fuel consumption: 7.8L/100km

Price: from Dh94,900

On sale: now

The specs

Engine: 1.5-litre turbo

Power: 181hp

Torque: 230Nm

Transmission: 6-speed automatic

Starting price: Dh79,000

On sale: Now

WHAT IS GRAPHENE?

It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.

Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.

By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.

In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics. 

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

UAE currency: the story behind the money in your pockets
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MATCH INFO

Uefa Champions League semi-final, first leg

Barcelona v Liverpool, Wednesday, 11pm (UAE).

Second leg

Liverpool v Barcelona, Tuesday, May 7, 11pm

Games on BeIN Sports

The specs

Engine: 5.2-litre V10

Power: 640hp at 8,000rpm

Torque: 565Nm at 6,500rpm

Transmission: 7-speed dual-clutch auto

Price: From Dh1 million

On sale: Q3 or Q4 2022 

The specs
Engine: 2.0-litre 4-cyl turbo

Power: 201hp at 5,200rpm

Torque: 320Nm at 1,750-4,000rpm

Transmission: 6-speed auto

Fuel consumption: 8.7L/100km

Price: Dh133,900

On sale: now 

Warlight,
Michael Ondaatje, Knopf 

Scorebox

Sharjah Wanderers 20-25 Dubai Tigers (After extra-time)

Wanderers

Tries Gormley, Penalty

Cons Flaherty

Pens Flaherty 2

Tigers

Tries O’Donnell, Gibbons, Kelly

Cons Caldwell 2

Pens Caldwell, Cross

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FULL%20FIGHT%20CARD
%3Cp%3EFeatherweight%20Bout%3A%0D%20Abdullah%20Al%20Qahtani%20v%20Taha%20Bendaoud%0D%3Cbr%3EBantamweight%20Bout%3A%0D%20Ali%20Taleb%20v%20Nawras%20Abzakh%0D%3Cbr%3EBantamweight%20Bout%3A%0D%20Xavier%20Alaoui%20v%20Rachid%20El%20Hazoume%0D%3Cbr%3EFeatherweight%20Bout%3A%0D%20Islam%20Reda%20v%20Adam%20Meskini%0D%3Cbr%3EBantamweight%20Bout%3A%0D%20Tariq%20Ismail%20v%20Jalal%20Al%20Daaja%0D%3Cbr%3EBantamweight%20Bout%3A%0D%20Elias%20Boudegzdame%20v%20Hassan%20Mandour%0D%3Cbr%3EAmateur%20Female%20Atomweight%20Bout%3A%0D%20Hattan%20Al%20Saif%20v%20Nada%20Faheem%0D%3Cbr%3EFeatherweight%20Bout%3A%0D%20Maraoune%20Bellagouit%20v%20Motaz%20Askar%0D%3Cbr%3EFeatherweight%20Bout%3A%0D%20Ahmed%20Tarek%20v%20Abdelrahman%20Alhyasat%0D%3Cbr%3EShowcase%20Featherweight%20Bout%3A%0D%20Mido%20Mohamed%20v%20Yazeed%20Hasanain%0D%3Cbr%3EShowcase%20Flyweight%20Bout%3A%0D%20Malik%20Basahel%20v%20Harsh%20Pandya%0D%3C%2Fp%3E%0A
MATCH INFO

Uefa Champions League semi-finals, second leg:

Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE

Game is on BeIN Sports

ENGLAND SQUAD

Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope 
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold 
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph 
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck

Score

Third Test, Day 2

New Zealand 274
Pakistan 139-3 (61 ov)

Pakistan trail by 135 runs with 7 wickets remaining in the innings

HOW TO WATCH

Facebook: TheNationalNews 

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'Lost in Space'

Creators: Matt Sazama, Burk Sharpless, Irwin Allen

Stars: Molly Parker, Toby Stephens, Maxwell Jenkins

Rating: 4/5

Shipping%20and%20banking%20
%3Cp%3EThe%20sixth%20sanctions%20package%20will%20also%20see%20European%20insurers%20banned%20from%20covering%20Russian%20shipping%2C%20more%20individuals%20added%20to%20the%20EU's%20sanctions%20list%20and%20Russia's%20Sberbank%20cut%20off%20from%20international%20payments%20system%20Swift.%3C%2Fp%3E%0A
BULKWHIZ PROFILE

Date started: February 2017

Founders: Amira Rashad (CEO), Yusuf Saber (CTO), Mahmoud Sayedahmed (adviser), Reda Bouraoui (adviser)

Based: Dubai, UAE

Sector: E-commerce 

Size: 50 employees

Funding: approximately $6m

Investors: Beco Capital, Enabling Future and Wain in the UAE; China's MSA Capital; 500 Startups; Faith Capital and Savour Ventures in Kuwait

Updated: December 23, 2021, 11:42 AM