FacebookInstagramTwitterContact

 

Is Work Making You Stressed? Study Shows Aromatherapy Can Help           >>           Naturally Manage Your Blood Cholesterol With Fenugreek Seeds           >>           Stroke Patients Can Strengthen Their Brain Function With Ginseng           >>           Cat Swallows 5p Coin While Playing With It - And Is 'Lucky To Be Alive'           >>           Crocodile That Lunged At Children Caught And Cooked Into ‘Large Traditional Feast’           >>           Grab Your Notebook And Jot Down Ryan Gosling's Sweet Quotes About Fatherhood           >>           Grab Your Notebook And Jot Down Ryan Gosling's Sweet Quotes About Fatherhood           >>           Cheers To Anderson Cooper And Andy Cohen's Cutest Dad Moments           >>           Spacex Falcon 9 Rocket Suffers Rare Last-Second Abort During Starlink Satellite Launch (Video)           >>           Apple Reportedly Has Plans For A Thinner Iphone, Macbook Pro And Apple Watch           >>          

 

SHARE THIS ARTICLE




REACH US


GENERAL INQUIRY

[email protected]

 

ADVERTISING

[email protected]

 

PRESS RELEASE

[email protected]

 

HOTLINE

+673 222-0178 [Office Hour]

+673 223-6740 [Fax]

 



Upcoming Events





Prayer Times


The prayer times for Brunei-Muara and Temburong districts. For Tutong add 1 minute and for Belait add 3 minutes.


Imsak

: 05:01 AM

Subuh

: 05:11 AM

Syuruk

: 06:29 AM

Doha

: 06:51 AM

Zohor

: 12:32 PM

Asar

: 03:44 PM

Maghrib

: 06:32 PM

Isyak

: 07:42 PM

 



The Business Directory


 

 



World Business


  Home > World Business


Biggest Dubai IPO In 3 Years Has Worst Debut Since 2014


An Emaar Properties PJSC sign stands beside billboards promoting the Opera district developments near the Burj Khalifa tower in Dubai, United Arab Emirates. Photographer: Chris Ratcliffe

 


 November 24th, 2017  |  09:27 AM  |   1221 views

DUBAI

 

Geopolitical risk in the Middle East took a toll on the debut of a stock linked to one of the strongest brands investors can find in the United Arab Emirates market.

 

Emaar Development PJSC, the U.A.E. real estate developer that began trading in Dubai on Wednesday, fell 4.3 percent. That was the worst debut trading day since 2014 among the 10 biggest initial public offerings in the Middle East and Africa over that time span, Bloomberg data show. The company is the local development arm of Emaar Properties PJSC, a company that’s 30 percent owned by the government of Dubai and the developer of the world’s tallest skyscraper. It closed 0.4 percent lower on Thursday.

 

While the initial public offering was fully subscribed within half a day of the issue’s opening on Nov. 2, neither investors nor bankers could predict the events of the following two days. That Saturday, Saudi Arabia arrested princes, billionaires and ministers as part of crackdown on corruption and blamed Iran for an attempted missile attack on Riyadh’s airport, while Lebanon’s prime minister unexpectedly resigned from Riyadh. Just two weeks later, advisers scrambled to complete the offering in Dubai.

 

"There is generally a risk-off environment in the region, and that sentiment was reflected in the first day of trading, especially in the beginning of the day. There was this knee-jerk selling,” said Ayub Ansari, an analyst at Securities & Investment Co. in Bahrain. “As geopolitical concerns abate, investors will start looking back at fundamentals, the stock should find support,” adding that that the new stock is one of the best bets in Dubai at the moment.

 

Emaar Development dropped as much as 7.1 percent once trading started on Wednesday, before paring losses. The share sale is the largest offering in the emirate since Emaar Malls PJSC raised $1.6 billion three years ago. Emaar Properties finished up 2.6 percent, trimming a 5 percent decline in the previous six sessions.

 


 

Source:
courtesy of BLOOMBERG

by Filipe Pacheco

 

If you have any stories or news that you would like to share with the global online community, please feel free to share it with us by contacting us directly at [email protected]

 

Related News


Lahad Datu Murder: Remand Of 13 Students Extende

 2024-03-30 07:57:54

'I Feel Broken': Inside The Mind Of The Woman Who Ran 1,000km In 12 Days

 2024-06-17 00:48:13

Boeing Plane Investigated After 'Dutch Roll'

 2024-06-16 00:18:27