Dubai’s Damac Rises on First Trading Day in Home Market - Bloomberg:
"Damac Properties Dubai Co., the developer working with Tiger Woods and Donald Trump on a golf course in Dubai, climbed in debut trading in the emirate.
Damac added as much as 21 percent before trading 1.8 percent higher at 2.84 dirhams at 11:57 a.m. local time. The company received regulatory approval to list in Dubai last month and offered to exchange each London-listed global depository receipt, known as GDRs, for 23.077 ordinary shares in Dubai until Jan. 9. The stock declined 11 percent in London last year compared with a 2.7 percent drop in the FTSE 100 Index. (UKX)
“Many of these companies that went and looked for international recognition through listings in London are coming back amid low trading volumes there,” Mohammed Ali Yasin, managing director of NBAD Securities LLC in Abu Dhabi, said by phone. “They are finding out that people who will pay premiums for the shares are those who are familiar with it in its home market.”"
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