Abu Dhabi's Senaat shelves IPO plans - sources | Reuters

Abu Dhabi's Senaat shelves IPO plans - sources | Reuters:



"Abu Dhabi government-owned General Holding Corporation (Senaat) has shelved plans for a stock market debut, four sources aware of the matter said, as the emirate takes a cautious line on financial commitments in the wake of its bailout of Dubai.



Despite enjoying significant hydrocarbon wealth, the largest of the seven United Arab Emirates has been wary of its financial position since providing Dubai with a $20 billion bailout to avoid a full economic crisis at the end of the last decade.



That action prompted a widespread review of Abu Dhabi's economy and financial commitments, a process which has continued ever since, and while this has yielded institutional benefits - such as the setting up of a central debt management office - it has also stymied capital markets activity, such as bond issues from sovereign and state-linked entities."



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