First Dubai IPO Since 2009 as Real Estate Fund Seeks $136m - Bloomberg:
"Emirates Reit, the United Arab Emirates-based real estate investment trust, will sell shares on Nasdaq Dubai in the first initial public offering in the sheikdom since 2009.
The company is seeking at least 500 million dirhams ($136 million) for acquisitions and investments, it said in Dubai today. Books will open in two weeks and build over 10 days, according to Karim Schoeib, chief executive officer of investment banking at Shuaa Capital PSC (SHUAA), one of the bookrunners on the deal. Drake & Skull International (DSI) was the last company to raise funds from a listing on one of Dubai’s two stock exchanges, with a sale in March 2009.
Emirates Reit wants to capitalize on resurgent interest in real estate in Dubai, where economic growth and property prices have rebounded since 2009. Home prices may jump as much as 40 percent this year, according to the emirate’s Land Department and the economy may expand 4.7 percent after recording the fastest growth in six years in 2013."
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