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| Firms are racing to establish themselves in Dubai |
Nasser Alshaali, the chief operating officer at Dubai's International Financial Exchange (DIFX), is happy to be a busy man. After months of slow activity, the success of the exchange's second initial public offering (IPO) has re-intensified public interest - so much so that he has just appeared on Sama Dubai TV to talk to an intrigued public about DIFX's prospects. The concerns created by limited trading in Investcom stock must now seem far away.
The Kingdom Hotel Investments IPO, which listed regular shares on the DIFX for the first time, was a coup for the exchange: many had predicted a launch on the more liquid and more established Saudi bourse. Potential issuers were able to see international investors' appetite for the stock, as well as the successful application of the exchange's regulatory and trading apparatus. This was critical after trading in stock from...