The UAE's Peninsula Real Estate Company intends to list its shares on the Abu Dhabi Stock Exchange, as an alternative to its plan to offer its shares in London.
According to Arabiya Net, the company has selected Emirates NBD, First Abu Dhabi Bank, HSBC Holdings and Morgan Stanley to help manage the offering; According to Bloomberg sources.
This comes after Peninsula was initially considering listing a $1 billion real estate investment fund in London, which would have made it the first company with significant assets in the UAE to do so. Since 2019, it has chosen investment bank Evercore and law firm Clifford Chance to complete the listing.
The Peninsula's listing in Abu Dhabi will be the latest IPO in a region that has avoided the worst market volatility the world has seen, as high oil prices and ample liquidity helped boost the activity of the capital markets. Money in the Gulf region, which has seen a series of listings, including the second largest in the world this year.
Meanwhile, residential and office real estate prices have soared across the Middle East as regional economies recover from the pandemic.
