Capital markets continue to be severely depressed with just $219 million raised in only two IPOs, both in Saudi Arabia, across the whole of the Middle East and North Africa region in the third quarter.
No wonder investment banks like Dubai’s Shuaa Capital have just opted for a new wealth management strategy rather than traditional mergers, acquisitions and fund raising exercises like IPOs. The IPO business is dead.
Long gone are the days of the 2005 regional stock market boom when IPOs could attract more applications than the GDP of the UAE.
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