Subscriptions by foreigners (both individuals and institutions) in the initial public offerings (IPOs) of Emaar Malls and Marka exceeded AED 117 billion from a total of AED 183 billion raised in the two issuances. Such figures reflect the growing interest in this investment level in national companies, which are being listed on the stock exchanges, thus supporting diversified investment opportunities for investors both inside and outside the UAE.

The intense activity on the two stocks since their listing has also reflected investors’ and markets’ appetite for new listings. The two firms concluded deals exceeding AED 2.5 billion, raising market capitalisation by AED 42.8 billion to AED 847 billion, with AED 42.6 billion for Emaar Malls and AED 600 million for Marka, according to Al Bayan newspaper.

Opening gains

Emaar Malls’ share succeeded in achieving 12% gains during its first trade session on the Dubai Financial Market (DFM) compared to its subscription price of AED 3.25, while Marka’s share rose by 33% to AED 1.36, one week after its listing on DFM.

Foreign demand for investment in Emaar Malls reached AED 112 billion out of a total of AED 173 billion, whereas for Marka, foreign investments accounted for AED five billion out of a total of AED 10.5 billion.

It is worth noting that Emaar Malls was oversubscribed 30 times for institutions and 20 times for individuals and 36 times for a company in the first issuance of a retail trade company.