UAE set to witness flood of share offers in 2010

A slew of mothballed IPO plans are expected to be relaunched next year, as the level of activity and interest picks up in the UAE's equity markets, experts told Emirates Business.

The IPO market froze globally in the aftermath of the collapse of Lehman Brothers in September last year and, mirroring global inaction, IPO activity on the Emirates' exchanges ground to a halt.

There has not been one public stock offering on the UAE exchanges this year, with two listings – Drake and Scull International on Dubai Financial Market and Green Crescent Insurance Company on Abu Dhabi Securities Exchange – in March 2009, both of which raised capital in June/July 2008.