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Wednesday, 26 January 2011

Insurance firm IPO to test battered UAE market | Reuters

Abu Dhabi-based Insurance House is planning a small initial public offering (IPO) in February, banking sources said, the latest company to test investor demand after a drought of stock market listings.

The United Arab Emirates has not seen an IPO in about two years as the global economic downturn and Dubai's debt crisis dented investors' appetite.

Insurance House, a unit of Abu Dhabi-listed Finance House FH.AD, is planning to raise 66 million dirhams ($18 million) by listing on the Abu Dhabi Securities Exchange (ADX), the sources said.