LONDON/ABU DHABI: Emirates Global Aluminium’s (EGA) stock market listing is likely to slip to 2019 because of turmoil in global aluminum markets after the US imposed sanctions on Russian aluminum group Rusal, three sources familiar with the deal said.
“The IPO (initial public offering) is delayed to 2019 due to market conditions,” one of the sources said.
EGA, which produces 2.6 million tons of cast metal a year and is the third-largest producer of primary aluminum outside China, announced plans to float last year.
But aluminum prices have been volatile since Washington, in response to what it called “malign activities” by Russia, imposed sanctions on Rusal and shareholder Oleg Deripaska. Benchmark prices on the London Metal Exchange surged to their highest in seven years.
They dropped back by around 9 percent when the US Treasury Department said Rusal’s American customers would have more time to comply with the sanctions. The US Treasury also said it would consider lifting them if Russian tycoon Oleg Deripaska ceded control of the company.
In April, just after the sanctions on several Russian entities took hold, EGA’s chief executive said the company was on track for a listing in the second half of 2018.
“We maintain what we’ve said earlier that it will be 2018, subject to market conditions and we continue to monitor the markets,” an EGA spokesman said on Thursday.
EGA’s IPO would be the second major listing by a state company in the United Arab Emirates since Abu Dhabi National Oil Co. (ADNOC) listed shares in its retail petrol station business in 2017.
The sources said no final decision had been taken on whether the listing would take place in Abu Dhabi or Dubai, while a secondary listing in London was still a possibility. About 10 to 15 percent of the company is likely to be floated, they said.
Sources had previously said that Bank of America Merrill Lynch, Goldman Sachs and J.P. Morgan had been hired to run the IPO.
EGA, owned by Mubadala and Investment Corp. of Dubai, was created in 2013 when state-owned companies Dubai Aluminium and Abu Dhabi’s Emirates Aluminium merged. Its enterprise value was put at $15 billion at the time.
In February, EGA reported a 59 percent rise in 2017 profit to 3.3 billion dirhams ($900 million) on stronger aluminum prices and record production levels.
Emirates Global Aluminium likely to delay float after market turmoil
Emirates Global Aluminium likely to delay float after market turmoil
PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025
RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.
According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.
Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries.
The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.
AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.
AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.
Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”
He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”
Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.
AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance.
Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.
