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20 May 2024

Abu Dhabi's Insurance House plans $18 mln IPO in Q1

By Reuters

Abu Dhabi's Insurance House said on Saturday it plans to raise 66 million dirhams ($18 million) through an initial public offering in the first quarter of this year, which may mark the first IPO in the United Arab Emirates in two years.

The UAE markets have not seen an IPO in about two years as the global economic downturn and Dubai's debt crisis dented investor appetite.

Abu Dhabi-listed Finance House is a principal founder of Insurance House with about 40 percent of its capital, a statement said.

The capital of the company is 120 million dirhams, 45 percent of which will be contributed by founders.

"The launch of Insurance House is another major milestone for Finance House as a group, and shall complement our range of financial products and services," Mohammed al Qubaisi, chairman of Finance House, said in the statement.