Gulf IPOs: Public prestige

Middle Eastern capital markets are thriving. In the first quarter of 2008, the likes of Qatar’s Gulf International Services and Petro Rabigh in Saudi Arabia helped push total equity issuance to $4.1bn, a four-fold increase over the same period last year. There’s also a huge pipeline, with estimates ranging between $100bn to $300bn over the next few years. It’s a stark contrast to European capital markets, where total funds raised fell 95% in the first quarter, to a measly $700m. Social and demo...