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UAE bourses to see 8-10 IPOs in 2019 - Survey

UAE bourses to see 8-10 IPOs in 2019 - Survey
The IPOs are forecast to take place in various sectors

By: Mahmoud Gamal 

Dubai - Mubasher: The UAE's stock markets are expected to see eight to ten initial public offerings (IPOs) in 2019 and early 2020, according to Mubasher’s recent survey.

The IPOs are forecast to take place in various sectors that in return would attract new foreign investors, ten market experts told Mubasher.

Traders are looking forward to investing in new IPOs especially ADNOC Distribution, and Emaar Development.

By the end of 2017, Emaar Development fetched AED 2.4 billion in proceeds after selling 20% of its shares, while ADNOC Distribution collected AED 3.1 billion by offering 10% of its stocks.

The CEO of the Emirati Securities and Commodities Authority (SCA), Obaid Al Zaabi, recently announced that four more IPOs for major companies are projected in the UAE’s equity markets.

In July, the General Civil Aviation Authority called upon Fly Emirates, Etihad, and FlyDubai to go public.

Wadah Al-Taha, a member of the National Advisory Board of Chartered Institute for Securities and Investments (CISI), said that the listing of such major firms will end the current stagnation in the stock markets.

He noted that the fresh IPOs would support the UAE’s bourses and their position globally with more vital and diversified sectors.