Dubai' stock exchange is to become the first in the Arab world to sell its own shares when a $435 million private and public offering opens on Sunday. Dubai's government is selling a 20 per cent stake, or 1.6 billion existing shares, in the Dubai Financial Market (DFM), one of two bourses in the United Arab Emirates.200 million shares in the offering are reserved for UAE nationals. Another 720 million shares have been reserved for a private share sale to government employees, brokerages and listed companies. The remaining 880 million shares will be sold in an initial public offering, with 680 million of them open to foreign investors.
The sale values the exchange at 8 billion dirhams ($2.18 billion).
