UAE’S NEW WEALTH CREATORS: Abu Dhabi’s latest IPO has rolled in, with Borouge opening subscriptions at Dh2.45 a share. What’s been impressive is the line up of cornerstone investors, including Abu Dhabi’s powerhouses IHC, Alpha Dhabi and Multiply. No surprises there, because these are the names behind some of the biggest private and public investment plays in and out of Abu Dhabi in recent times. There is also one other name that could show up more frequently, India’s Adani and family; the billionaire is ramping up his presence here, including an investment in the T20 league. And the Borouge subscription comes just days after IHC completed a Dh7 billion stake buy in three Adani owned clean energy enterprises in India. The two-way investment flow between the countries is clearly picking up speed. [COMMENT BY: Manoj Nair, Business Editor]
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