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Milestone as Dubai unveils $20bn DP World flotation
Suzy Jagger

Dubai passed a major milestone yesterday in its attempt to become a serious global financial centre, announcing plans for the $20 billion (£9.7 billion) flotation on its stock exchange of one of the world’s biggest ports companies.

DP World, which bought the British company P&O last year, said it would sell a 20 per cent stake to global financial institutions and individual local investors in a move that is expected to raise $4 billion, representing the largest flotation in the Middle East.

The ruler of Dubai - Sheikh Mohammed bin Rashid Al Maktoum – has for years tried to establish the emirate as a major capital markets hub, to manouevre the nation away from its dependency on dwindling oil revenues towards financial services, tourism, real estate and shipping.

DP World, a subsidiary of Dubai World, a state-owned conglomerate, said yesterday that it had chosen the new Dubai DIFX exchange for its flotation. Merrill Lynch, Deutsche Bank, Shuaa Capital and Millennium Finance will start an institutional road-show to drum up interest for the float at the start of next month, with new shares priced on November 21.
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