A rich vein of finance

Companies from the Middle East and North Africa raised a total of £1.37 billion in AIM initial public offerings (IPOs), according to a report from Business XL’s sister title, Growth Company Investor.

Of the 94 IPOs, the three biggest were all for investment funds seeking to capitalise on emerging market growth. Turkish real estate-focused The Ottoman Fund raised £150 million in 2005, while Tau Capital, which is primarily focused on Kazakhstan, brought in £125.5 million through its flotation last year.

The third largest float was that of Epicure Qatar Equity Opportunities, with £83.7 million raised.

Almost a quarter of the companies featured in the report are mining businesses, with roughly the same number from the oil and gas industry.

The remaining companies cover a diverse range of sectors, from support services to media (see chart). Canaccord Adams is the leading AIM broker for the region, raising £145.7 million for nine of the companies in the report.

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Middle East and Beyond on AIM 2008 is available in PDF format priced £295 + VAT. To order a copy, call Andy New on 020 7250 7039, email him, or order online.