Initial public offerings (IPOs) in the Middle East raised Dh306.8 million ($83.6 million) in the first quarter, 2.1 per cent of the amount raised in the same period last year.
A first quarter global IPO update by Ernst & Young revealed that there was a significant drop in capital raised, as only two IPOs were launched. The first quarter of 2008 saw 13 IPOs raising a total of Dh14.6 billion ($3.98 billion).
The two IPOs launched were Saudi Arabia's Etihad Atheed Telecommunications Company that raised Dh293.6 million ($80 million) on the Riyadh Stock Exchange, was the largest IPO in the Middle East.
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