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)
- Investment & Company Information