It was a fast start for ACWA Power on the Tadawul, with its share price shooting up its 30% limit to SAR 72.80 within ten minutes of the company’s debut yesterday. The price stayed there until the closing bell. ACWA’s debut comes as the Gulf appears to be beckoning a so-called “IPO rush” thanks to high liquidity in the region and skyrocketing oil prices, which together have pushed Saudi’s main exchange up 33% YTD.

MORE FROM ACWA- The energy giant is expected to finalize in 1Q2022 USD bns in financing for a green hydrogen JV at megacity Neom, the company’s CEO told Reuters.

And speaking of Saudi, MbS has announced a plan to set up special economic zones, revamp regulations, and offer new incentives as part of a bid to boost FDI and sway multinationals to base their regional HQs in the kingdom. State-owned Saudi Press Agency has the story.

BTC has quietly gained 30% so far into the month, rising above USD 57k apiece after having rallied to nearly USD 57.8k mid-day, its highest level since May. Expectations seem to be pointing to an imminent all-time high over the coming weeks, according to CNBC.

THE CLOSING BELL-

The EGX30 rose 0.5% at today’s close on turnover of EGP 1.18 bn (23.5% below the 90-day average). Foreign investors were net buyers. The index is down 1.2% YTD.

In the green: Aspire Capital (+98.1%), ElSewedy Electric (+1.9%) and Credit Agricole Egypt (+1.6%).

In the red: Pioneers Properties (-18.1%), Gadwa Industrial Development (-2.8%) and Raya Holding (-1.9%)

Asian benchmarks are solidly in the red this morning and futures suggest Wall Street and much of Europe will follow suit later today. The performance comes after US shares were hit with a wave of selling yesterday to start the week.