Frenzy On The Floors

On several days last month, airlines had no seats left to sell on flights from Saudi Arabia to the Sharjah and Dubai airports. The surprise shortage was caused neither by recreational nor religious travel but by an unprecedented wave of investment tourism. From September 20 and during the first week of autumn, Saudi investors were queuing up outside of banks in the United Arab Emirates hoping to get a slice of the Initial Public Offering of Dana Gas, the largest IPO in the UAE to date.  With $560 million in shares available for subscription, the Dana Gas offering represented but 34.33 % of the new company’s capital. After five days, less than half of the subscription period, analysts speculated that over-subscription could already have reached between 150 and 200 times, or the wealth of a not to poor nation.   To be listed on the Abu Dhabi Securities Market, Dana Gas