Dubai IPO gambit adds $2.3bn to bourse operator’s value

Dubai IPO gambit adds $2.3bn to bourse operator’s value

Dubai IPO gambit adds $2.3bn to bourse operatorق€™s value

November 14 2021 11:17 PM



An Emirati investor follows share prices by watching the screen board at the Dubai Financial Market in Dubai (file). A flurry of announcements since the start of the month have helped push Dubai Financial Marketق€™s market value to about 17bn dirhams ($4.6bn).



Bloomberg / Dubai

Dubai’s aggressive moves to grab a piece of the red hot Middle Eastern IPO market have helped double the value of its exchange operator over two weeks.

While Abu Dhabi and Riyadh drew in orders worth billions of dollars from marquee listings, Dubai was left behind. The new head of the city’s financial market has announced a series of steps this month to help reverse that.

A flurry of announcements since the start of the month have helped push Dubai Financial Market’s market value to about 17bn dirhams ($4.6bn). Including Sunday’s 10% rise, the shares have rallied 107% since November 1 after languishing for most of this year.

“Sometimes all investors want is to see serious steps on the right track,” Dubai’s former finance chief, Nasser al-Shaikh, said in a tweet. “This is what Dubai has given them through a series of