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Investment Bank EFG-Hermes Sees Expansion of Dubai IPOs

EFG-Hermes Holding SAE, the largest independent Arab investment bank, said it’s working on several mandates for initial public offerings in the United Arab Emirates next year as share sales increase in the country.

Certain sales will probably raise more than $750 million, Karim Awad, EFG’s chief executive officer, said in an interview yesterday in Dubai, declining to name the companies. The bank has worked on three public offerings this year in the U.A.E., including the $1.6 billion raised by Emaar Malls Group, he said.