Growing Rivalry Hasn’t Put Lid on Saudi Appetite for UAE IPOs - Bloomberg
Intensifying competition with the United Arab Emirates hasn’t stopped Saudi investors from pouring cash into Abu Dhabi’s listing boom, with Dubai’s anticipated deals also in their sights.
The historically friendly relationship is showing signs of fraying, with Saudi officials pressuring international companies to set up shop in Riyadh rather than in Dubai. The UAE responded by easing business and cultural restrictions to position itself as the more attractive place to live and work.
That hasn’t curbed Saudi investor demand for the flurry of Abu Dhabi IPOs last year.
“We’ve seen more investors from Saudi Arabia invest in the UAE,” says Christian Cabanne, Bank of America Corp.’s head of equity capital markets in Central and Eastern Europe, the Middle East and Africa. Saudi buyers got meaningful allocations in recent deals and will also look at Dubai, he said.
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