Arqaam plans two new IPOs on Dubai stock market this year

Emirates financial services firm, Arqaam Capital is seeking two initial share offerings for two UAE firms on Dubai market within the current year, its executive director said Sunday.

The planned IPOs are for two UAE firms worth 4 billion dirhams ($1.1 billion) operating in retail and financial sectors, Arqaam’s executive director Sherif El Helw told Amwal Al Ghad on Sunday.

The specialist emerging markets investment bank also plans to boost its total assets under management to $3 billion in the coming two years, by running more equity funds in the coming period.

Arqaam is currently assets estimated at around $1 billion represented in managing three mutual funds and a number of financial portfolios, El Helw added.

The company currently runs financial consulting, merger and acquisition transactions totalling $1 billion, amidst plans to conclude between five and eight deals before the end of 2016 in both Egyptian and Gulf markets.