Saudi Crackdown Sent Shivers Through the Largest Middle East IPO - Bloomberg:
"A Dubai property developer managed to pull off the Middle East’s largest initial share offering this year, but only after it was almost derailed by the sweeping arrests in neighboring Saudi Arabia, where authorities say they’re rooting out corruption. Advisers to Emaar Properties PJSC scrambled to complete a $1.3 billion share offering in its United Arab Emirates development business after local investors reneged on hundreds of millions of dollars in demand on the last day of the sale, according to people familiar with the matter. The retreat was triggered by Saudi Arabia’s unexpected crackdown, they said. In the end, Emaar Development PJSC was able to pull off the listing within the original price range, with backing from some prominent regional investors and global funds, making it the largest deal in the Middle East this year. The top 10 buyers accounted for about 50 percent of the sale, and funds linked to the Abu Dhabi royal family also invested in the sale, two of the people said. The government of Dubai is the largest shareholder in parent Emaar Properties, while Abu Dhabi has close ties with the Saudi regime."
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