Dubai Spurned for London as U.A.E. Companies Sidestep IPO Rules - Bloomberg

Dubai Spurned for London as U.A.E. Companies Sidestep IPO Rules - Bloomberg:

"Dubai and Abu Dhabi are finding that outperforming stocks markets aren’t enough to lure initial public offerings as restrictive regulations and a lack of trading volume persuade local companies to list in London.
Damac Real Estate Development Ltd. plans to raise $500 million when it sells depositary receipts in London this week in the first IPO by a Dubai-based developer since the sheikhdom’s property crash in 2008. That follows the London listing of Abu Dhabi-based health-care provider Al Noor Hospitals Group Plc (ANH) in June and an IPO for the emirate’s NMC Health Plc last year.
Higher oil prices and government spending have led to a rally in Persian Gulf stocks and encouraged firms to sell shares. They’re opting to go abroad as rules such as the Dubai Financial Market’s requirement that at least 55 percent of a company must be offered have deterred IPOs in that emirate since 2009. Neighboring Abu Dhabi hasn’t had a new public offering in two years."

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