The country also expressed condolences to the families of the victims
uae2 hours ago
who were leveraged up to their eyeballs with multi-million dollar credit lines from the friendly neighbourhood banker.
It was the new Arabian gold rush, symbolised by the Dana Gas IPO, a feeding frenzy that saw countless GCC investors fly into DXB waving application forms and storming the bank branches of Nasser Square in their eagerness to bid for a pipeline deal about whose fine print nobody knew or cared. It was enough that Dana Gas’s shareholders included Saudi princes, big hammour bankers and financiers, brand name Dubai merchants, the big time market punters of the GCC. While acting as receiving agents, banks laughed all the way to the, well, bank as the dumb money routinely bid 100, 200 and 500 times the size of the IPO in its earness to own a piece of paper El Dorado.
Banks made a killing, a Pharoah’s ransom in the float of untold billions sloshing around the banking system as Joe and Jane Habibi concluded that filling out an application form guaranteed IPO profits up the wazoo. It was not unusual for banks to make more money on the float from the public’s subscription funds than the equity capital the issuer raised in the first place. Things went from the sublime to the ridiculous when the Abu Dhabi property fund Addar was oversubscribed 700 times, a tsunami of money whose value was $100 billion, almost the entire GDP of a petrodollar state, yes you guessed it, like UAE.
The country also expressed condolences to the families of the victims
uae2 hours ago
Capital Delhi records a "very poor" air quality index of 364
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The authorities appreciate employees or members of the public who contribute to community service, and uphold public safety standards
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New form distinguishes between transactions with related parties and those with connected persons
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