UAE Follow-On Share Sales Near $5 Billion Mark, Eclipsing IPOs

United Arab Emirates companies have stepped up follow-on equity offerings in recent weeks, with proceeds nearing $5 billion this year and surpassing initial share sales.

The surge reflects a push by firms to broaden their investor base and strengthen chances of inclusion in global emerging-market indexes, according to bankers. Abu Dhabi’s benchmark’s 6% gain this year and Dubai’s 15% rally have also helped lure international investors.