Today the first initial public offering since the global financial crisis goes on sale in Abu Dhabi. But you have to wonder why this tiny $18 million share listing, which is open until March 7th, is happening at all.
If the aim is to show that IPOs are still possible in the UAE – after the humiliating failure of the larger Axiom listing in Dubai in December – then there is some point to this exercise, although it still shows the weakness of the bourses in the Emirates in that they can only handle a small IPO with the backing of Abu Dhabi and all that inevitably means.
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