Axiom Telecom’s decision to cancel its initial public offering in Dubai - what would have been the first in two years - casts a shadow over plans for future listings in the emirate, not least the debt-laden government’s privatisation programme.
In spite of Dubai’s reviving economic confidence, the opening of debt markets and the proposed asset sales, the mood in the local equity markets is decidely gloomy.
From the outset, plenty were sceptical about this issue from the region’s largest phone distributor, which is 40 per-cent-owned by Dubai World, the troubled company controlled by the emirate’s ruler.
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