Companies based in the Middle East and North Africa raised close to $15 billion in 2007 through initial public offerings (IPO), according to statistics from Zawya Investor. This equals almost 6% of the global IPO market which raised around $255 billion by the end of November 2007. According to a report published by Ernst & Young in early December, this IPO performance for the incomplete year already has surpassed the previous full-year record of $246 billion set in 2006. Analysts say it is good news because it shows a new spirit of innovation in the region and a continued momentum by local companies to become global players. But wait, what about fears of a recession in the US and a global slowdown, uncontrollable swings on global stock markets and tightening credit conditions across the world. Would this perhaps create a sense of pessimism about the year ahead for the Middle
