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US$ 4.72 billion in capital raised showing strong economic sentiment.

The Middle East markets raised US$ 4.72 billion from 13 IPOs in the second quarter of 2008 compared to US$ 3.9 billion in the same period in 2007.

The capital raised was 20% higher than amounts raised in the first quarter of 2008.

The figures were today announced by Ernst & Young today.

Saudi Arabia's Al Inma Bank was the largest IPO in the Middle East in the second quarter of 2008 raising US$ 2.8 billion which amounted to 60% of the total funds raised.

Saudi Arabia's Rabigh Refining and Petrochemical Company and Mobile Telecommunications Company Saudi Arabia combined accounted for 75% of the capital raised in the first quarter of 2008.

Other large IPOs in the region included Mohammad Al Mojil Patrice nhl hockey jersey Group with US$559.94 million.

The UAE's DEPA United Group raised US$432.3 million and was followed by two Egyptian companies - Palm Hills Developments with US$348.22 million and Maridive and Oil Services with US$272.93 million.

According to Azhar Zafar, Head of Mergers & Acquisitions, Ernst & Young Middle East, "There were 52 IPOs Patrice nhl hockey jersey during 2007 and in the first half of 2008 there have been 26. The total capital raised in the first half of 2008 amounted to US$8.69 billion compared to US$4.83 billion from 33 IPOs during the same period last year.

The trend in the market is fewer but larger IPOs. IPOs continue to be oversubscribed in most instances, which reflects the continued appetite for IPOs in the market, for now."

Phil Gandier, Head of Transaction Advisory Services for Ernst & Young Middle East, added, "although the drop in number and amount of capital raised in IPOs has been more severe in mature global markets, the region has shown some resilience as a result of liquidity created on the back of continuously increasing oil prices.

Less uncertainty in the East

Gandier said expectations for the rest of the year remain optimistic due to the large number of announced and to-be-announced IPOs. Companies that Patrice nhl hockey jersey have either withdrawn or postponed their IPOs would revisit going public once they realize that market conditions in the Middle East region are less fraught with the uncertainty that is persisting in other regions.