Key $272m UAE IPO faces delay

The UAE's first IPO of 2010, scheduled for June by lead manager Shuaa Capital, will not take place before the fourth quarter due to the weak market, a banking executive familiar with the matter said.

Shuaa said in May it was lead manager for a 1 billion UAE dirhams ($272 million) IPO for an unnamed Abu Dhabi company.

A Shuaa spokeswoman declined to comment.