STOCKS NEWS MIDEAST-Possible DAMAC IPO seen positive for local mkts

Reuters Middle East

0559 GMT - Investors are eager for a new listing on UAE

markets and with increased interest in local equities, an IPO is

seen performing well.

DAMAC Properties, a privately-held Dubai developer, is

considering listing its shares on the stock market and has

approached banks with proposals for advisory roles.

"Property prices have picked up and DAMAC has restarted

projects (halted after the property bubble burst) so from that

perspective, sentiment towards the real estate sector is good,"

says Amer Khan, fund manager at Shuaa Asset Management. "Any IPO

in the UAE market would be very positive."

Khan, however, says fund managers would prefer listings in

sectors other than property and banking, which already dominate

the local exchanges. But a successful IPO could be a door-opener

for other family-owned companies considering raising capital

from the equity market.

Shares in heavyweight National Bank of Abu Dhabi

will be in focus after it appointed Alex Thursby from Australia

and New Zealand Banking Group as its new chief

executive on Wednesday.

Elsewhere, Kuwait Finance House's Turkish unit

Kuveyt Turk may consider an initial public offering in the

coming period after raising its capital by 960 million lira to

2.06 billion lira ($1.14 billion), Chief Executive Ufuk Uyan

said on Tuesday.

(Reporting by Nadia Saleem; Editing by David French)

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