Dubai is preparing the first initial public offering in the United Arab Emirates in two years, amid pressure from creditors to bolster its finances by selling assets.
A year after the kingdom shook the world's financial markets by saying that it might not be able to pay its debts, Dubai Holding, the state-owned conglomerate, will receive up to $110m (£69m) of much-needed cash from the flotation of Axiom Telecom. The mobile phone retailer has about 750 outlets in the Middle East and India – and one in the UK, in Knightsbridge.
Dubai Holding, which is ultimately controlled by the kingdom's ruler, Sheikh Mohammed bin Rashid al Maktoum, owns 40% of Axiom, which today announced plans to float next month at a value of up to $1.1bn.
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