Gulf Marine Services Plc, an Abu Dhabi-based operator of support vessels for the oil and gas industry, plans to raise $100 million from an initial public offering on the London Stock Exchange as it seeks to expand.
Dubai and Abu Dhabi are finding that outperforming stock markets aren’t enough to lure initial public offerings as restrictive regulations and a lack of trading volume persuade local companies to list in London.
GEMS Education Ltd., the world’s biggest privately-owned operator of schools, plans to raise about $500 million from a debut sale of perpetual Islamic bonds to fund expansion and tap demand for Shariah-compliant assets.
Abu Dhabi Islamic Bank PJSC , the United Arab Emirates’ second-biggest bank complying with Islamic banking rules, said it has updated its Islamic bond or sukuk program and has no immediate plans to sell bonds.
Dubai’s DFM General Index fell 0.3 percent to 1,351.09 at the 2 p.m. close in the emirate, the lowest since June 2004. The gauge has slumped 17 percent this year. Abu Dhabi’s ADX General Index declined 0.4 percent.