Dubai lists first new stock in four years, draws no trade | GulfNews.com:
"Dubai listed its first new stock in more than four years on Tuesday but the shares drew no trade, underlining the limits of the market’s recovery from its 2008 crash.
Bank of London and The Middle East (BLME), Britain’s largest stand-alone Islamic bank, was listed on Nasdaq Dubai, the smaller of the emirate’s two stock exchanges.
The bank said its choice of Dubai showed its commitment to expanding its business in the Middle East. Earlier this year, Dubai announced plans to become a top centre for Islamic finance.
But the stock did not trade on its first day, apparently because the size of the share float was modest and investors were not yet familiar with the bank. The Nasdaq Dubai website showed 100,000 shares in BLME offered at $2.20 (Dh8) each, below its price at listing of $2.61, but there were no takers."
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