Andrew Jeffreys, Editor-in-Chief of Oxford Business Group (OBG), the UK-based publishing, research and consultancy services organization, publisher of The Report: Emerging Turkey 2007, chaired the 2nd Annual Middle East IPO conference held in Dubai.
The conference, whose attendees included Eng. Salah Salam Bin Omer Al Shamsi, Chairman of Al Qudra, Albert Momdjian, MD of MEAN Investment Banking, and Darren Smith, VP of GCC Capital, discussed the position of the IPO market during the current downturn in the local equity market.
It found a great deal of optimism, both in the ability of the markets to rebound, and through the continued growth in IPO figures through this year.
Jeffreys told at the conference: “The correction in the market over the last 12 months has masked the solid fundamentals that continue to exist in the market, backed by the fact that the local economies are still growing at impressive rates, liquidity levels are high, as are investment levels, and oil prices are not expected to fall dramatically in the short term.
“Also, international firms such as Halliburton and Goldman Sachs are continuing to arrive in the region.
“Although we do not expect to see IPOs oversubscribed to the levels we saw in 2005, the market for targeted, well placed IPOs is there, and is expected to improve over the next few months.
“IPO volumes in the region have continued to grow over the last three years, and we expect that trend to hold in 2007: this month alone we have seen seven insurance company IPOs in KSA.”
About Oxford Business Group
Oxford Business Group (OBG) is a UK-based publishing, research and consultancy services organisation. OBG publishes economic and political intelligence on the markets of The Middle East, Eastern Europe, North and South Africa, and Asia. Through its range of print and online products, OBG offers comprehensive and accurate analysis of political, macroeconomic and sectoral developments, including banking, capital markets, energy, infrastructure, industry and insurance.
Written by a team of seasoned analysts, based on the ground for six months, the critically acclaimed series of economic, political and business reports have become the leading source of intelligence on the rapidly developing countries in the regions they cover. OBG’s online economic briefings provide up-to-date in-depth analysis on the issues that matter for thousands of subscribers worldwide. OBG’s consultancy arm offers tailor-made market intelligence and advice to firms currently operating in these markets and those looking to enter them.
