BAGHDAD: Iraqi Parliament speaker calls for elections repeat after ballot boxes fire.
(Developing)
DERA ISMAIL KHAN: A group of militants used kerosine to set fire to a girls’ school in a former Pakistani Taliban stronghold, destroying furniture, computers and books, police said Wednesday, in the latest in a surge in such attacks.
No one was hurt in the overnight attack in North Waziristan in Khyber Pakhtunkhwa province, local police official Rehmat Ullah said. Two other girls’ schools in the region were bombed earlier this month.
No one has claimed responsibility for the attacks, but authorities suspect Islamic militants, who targeted girls’ schools years ago, saying that women should not be educated.
North Waziristan is a former stronghold of the Pakistani Taliban, who are also known as Tehreek-e-Taliban Pakistan. It is a separate group but a close ally of the Afghan Taliban, who seized power in neighboring Afghanistan in 2021. The Taliban’s takeover in Afghanistan has emboldened the Pakistani Taliban.
PESHAWAR: Unidentified gunmen on a motorbike shot dead a police officer headed to duty in the northwestern city of Peshawar early morning on Wednesday, police said, bringing the total number of officers killed in ambushes and targeted attacks to 55 this year.
The latest killings come at a time of renewed militant violence in Pakistan’s northwestern and southwestern regions, especially after the banned Tehreek-e-Taliban Pakistan (TTP) called off its fragile, months-long truce with the government in November 2022.
While no group immediately claimed responsibility for the latest killing, suspicion is likely to fall on the TTP, which has claimed dozens of recent attacks in Khyber Pakhtunkhwa province in the country’s militancy-ridden northwest.
“An Assistant Sub-Inspector (ASI) Hajji Akbar Khan of Peshawar police was going on his motorcycle to duty in HayatAbad [neighborhood] when gunmen riding a motorbike shot him dead and fled the scene,” Zaffar Khan, a police officer at the Sarband Police Station, told Arab News.
The killing is part of a wave of attacks on policemen in Khyber Pakhtunkhwa in recent weeks.
According to Muhammad Shabbir Khan, the police superintendent at the research wing of Peshawar police, over 200 policemen have been killed in targeted killings and ambushes by unidentified gunmen in the last two years.
“In 2024, almost 55 police personnel have been martyred in targeted killings so far,” Khan said.
“Similarly, last year, as many as 185 policemen were martyred in ambushes and targeted attacks elsewhere in KP.”
Last month, unidentified gunmen shot dead a policeman in the restive North Waziristan tribal district, while six people, including five officials of the customs department, were killed and another wounded when gunmen opened fire on their vehicle in the southern Dera Ismail Khan district in KP.
Both Pakistan and Afghanistan have traded blame in recent months over who is responsible for the recent spate of militant attacks in Pakistan.
Islamabad says the attacks are launched mostly by TTP members who operate from safe havens in Afghanistan. Kabul denies this and blames Islamabad for not being able to handle its own security challenges.
RIYADH: Saudi companies have garnered SR659 billion ($176 billion) in orders for their initial public offerings, with investors eager to capitalize on the returns processed over the past two years.
According to Bloomberg, this surge in demand for IPOs has surpassed the record set by Saudi Aramco in 2019 and is affecting the broader market.
The Tadawul All Share Index, which tracks the Kingdom’s stock market, has fallen nearly 8 percent from its peak in March, lagging behind other emerging markets. This dip is partly due to investors holding onto cash for these new offerings, Bloomberg reported.
Marwan Haddad, lead portfolio manager for Middle East and North Africa equities at Azimut, noted: “There is a notable surge in demand and a rush to the market.”
Saudi Arabia is poised to lead the IPOs in the Middle East and North Africa region in 2024, with 27 companies aiming to list on the Kingdom’s main market, according to an analysis by Dubai International Financial Center.
A report by DIFC, in association with the London Stock Exchange Group, said that the IPO pipeline in the MENA region seems promising this year, as several companies postponed their listings from 2023 to early and mid-2024 in anticipation of more favorable market conditions.
“Deals will be driven mainly by Saudi Arabia, where 27 companies have expressed intent to list on the Saudi Exchange (Tadawul), in addition to expected follow-on issuances from Aramco and Savola,” said DIFC.
Bloomberg noted that among the recent IPOs, Dr. Soliman Abdul Kader Fakeeh Hospital Co. attracted SR341 billion in orders for its SR2.86 billion IPO. Saudi Manpower Solutions Co. saw orders worth SR115 billion, 128 times more than the shares available to fund managers.
Moreover, Rasan Information Technology Co., a pioneering fintech firm in Riyadh, received SR108.6 billion for its SR841 million IPO. Meanwhile, water treatment company Miahona drew SR94.4 billion in orders, 170 times its offering size.
“The high demand can be attributed to several factors: an influx of hedge fund managers, substantial appetite from retail investors facilitated by up to 10 times leverage from banks, and the ease of subscribing through digital channels,” Haddad said.
He added that the demand appears inflated as investors adapt to smaller allocations. The oversubscription levels have caused frustration among international and local investors due to reduced allocations. The strong performance of these IPOs also fuels the requests.
Data from Bloomberg shows that of the 61 companies that went public in the last two years, 17 hit the maximum allowed 30 percent increase on their first trading day.
Over half of these companies ended their debuts above the offer price, with an average return of 32 percent. By contrast, European IPOs raising at least $100 million have averaged a 5.2 percent return over the same period.
Faisal Hasan, chief investment officer at Al Mal Capital, said: “The good returns given by the IPOs in the recent past have attracted both retail and institutional investors, leading to the demand.”
He explained that investors tend to place larger orders, knowing their final allocations will be smaller due to the high request level.
The Kingdom’s initiative to diversify its stock exchange is another contributing factor.
“Demand for new listings is strong in Saudi because every other IPO is adding a new sector to a market hitherto dominated by banks and chemical companies,” said Christian Ghandour, senior portfolio manager at Al Dhabi Capital.
“Rasan, for example, adds the fintech and ‘insurtech’ flavors to the market,” he added.
The Capital Markets Authority revised book-building regulations in late 2022 to ensure order books reflected genuine demand and were not inflated by leverage. While this initially reduced oversubscription levels, the effect is diminishing.
Previously, IPOs such as ACWA Power Co. and solutions by stc received immense demand, with orders reaching $300 billion and $126 billion, respectively.
This contrasts with Saudi Aramco’s record $29.4 billion IPO in 2019, which drew $106 billion in orders. The recent figures highlight the sustained and growing interest in Saudi IPOs.
ISLAMABAD: More than 16,000 pilgrims have chosen the government’s new short duration Hajj package, state-run media said on Wednesday, an option that allows believers to complete the journey in up to 30 days.
Previously, the government Hajj scheme ran for 38-42 days, but a shorter package of 25-30 days has been made available for the first time this year.
Hajj 2024 is expected to take place from June 14-19, coinciding with the peak of sweltering summer temperatures in the region and raising concerns about the well-being of millions of pilgrims gathering in Makkah from around the world.
“Over 16,000 intending pilgrims have chosen a short Hajj package introduced by the government this year,” state-run Radio Pakistan said, quoting Director General Hajj Abdul Wahab Soomro. “The package is a gift for the busy people who intend to perform Hajj in a short duration.”
Soomro said numerous steps were being taken to facilitate pilgrims during their stay in Saudi Arabia, with space for pilgrims acquired timely in Mina and a train service made available to transport them to Mashayer.
Pakistan has a Hajj quota of 179,210 pilgrims this year. Of them, 63,805 pilgrims will be performing the pilgrimage under the government scheme, while the rest will be accommodated by private tour operators, according to the Pakistani religious affairs ministry.
Around 40,000 Pakistani Hajj pilgrims have so far arrived in Madinah and Makkah through 164 flights under the government scheme. The number of pilgrims who arrived under the private scheme stands at 5,500.
As many as 114 flights will be transporting another 34,422 Pakistanis to Jeddah till June 9.
This year, Pakistan is also due to send 550 Hajj assistants and 400 doctors and paramedical staff to Saudi Arabia to ensure that the pilgrimage process, including food, transportation and accommodation, is managed efficiently.