Saudi and UAE lead IPO action in the region

Ernst & Young raised $2b in IPO capital last year

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Dow Jones: Saudi Arabia and the UAE will likely see the bulk of initial public offerings in the Middle East and North Africa in 2013, according to Ernst & Young. “We are confident that Saudi Arabia and the UAE will continue to be the regional hubs of IPO activity for investors in 2013,” E&Y’s Phil Gandier. Regional capital markets raised around $2 billion in 2012 up from $843.9 million in 2011, the report says, adding Saudi Arabia accounted for $1.4 billion. Companies in the fourth quarter raised $339.8 million through three IPO’s compared to $226.1 million in the fourth quarter of 2011. “It’s been an eventful year for the region, with mixed implications for the capital markets,” Gandier says, adding the numbers hint “that markets are inching towards better results.”

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