Geopolitical risk in the Middle East took a toll on the debut of a stock linked to one of the strongest brands investors can find in the United Arab Emirates market.
Emaar Development PJSC, the U.A.E. real estate developer that began trading in Dubai on Wednesday, fell 4.3 percent. That was the worst debut trading day since 2014 among the 10 biggest initial public offerings in the Middle East and Africa over that time span, Bloomberg data show. The company is the local development arm of Emaar Properties PJSC, a company that’s 30 percent owned by the government of Dubai and the developer of the world’s tallest skyscraper. It closed 0.4 percent lower on Thursday.