Middle East

Dubai’s Canoe Group sees opportunities to invest in India and China

Dubai-based conglomerate Kanoe Group is looking for opportunities to invest across the Middle East, and next year in India and China, as it seeks to capitalize on the growing economy to make big profits, according to chairman Mishal Kanoe.

The family-owned company, which spans shipping, real estate, financial services and energy, sees potential in areas such as artificial intelligence and clean energy, Kanu said in an interview with Bloomberg TV on Friday.

“Each country has its own industry.”

Canoe Group, which has benefited from a strong recovery in the UAE economy and rising oil prices earlier this year, is also in internal talks about whether to sell units of the business in an initial public offering.

“There are some advantages to going public because there is more structure, more governance and more regulatory oversight,” he said.

“On the other hand, we also have issues that we as a family can’t do any better, and many families may not be ready right now, so we need to be more transparent.”

If Kanoo Group goes ahead with the offering, the company will likely sell its shares in a split, he said. But a sale of shares is unlikely now, he said.

The Middle East has emerged as a hotspot for initial public offerings, fueled by rising oil prices and an influx of investors early in the year.

The region is on track for its second-best year on record, with more than $20 billion raised in equity sales so far, according to data compiled by Bloomberg, with Aramco’s $29.4 billion IPO It surpassed that by 2019 when we saw

read: Saudi Aramco refiner Luberef IPO raises up to $1.32 billion

https://gulfbusiness.com/dubais-kanoo-group-sees-opportunities-to-invest-in-india-china/ Dubai’s Canoe Group sees opportunities to invest in India and China

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