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Dubai’s First IPO in Five Years as REIT Seeks $136 Million

Emirates Reit, the United Arab Emirates-based real estate investment trust, will sell shares on Nasdaq Dubai in the first initial public offering in the sheikdom in at least five years.

The company is seeking a minimum of 500 million dirhams ($136 million) for acquisitions and investments, it said in Dubai today. Books will open in two weeks and build over 10 days, according to Karim Schoeib, chief executive officer of investment banking at Shuaa Capital PSC, one of the bookrunners on the deal. Drake & Skull International was the last company to raise funds on one of Dubai’s two stock exchanges, listing in March 2009.