DUBAI: The capital markets in the Middle East and North Africa (MENA) region raised $177 million in the third quarter of 2010, according to Ernst & Young's quarterly IPO update. This is down 79.7 percent from the $871.8 million raised in the third quarter of 2009 and a decline of 70pc from the $590.6 million raised in the second quarter of 2010. It led to the total of all IPO funds raised from the beginning of 2010 till date to $1.2 billion. "IPO markets continue to demonstrate a flat trend," Ernst & Young MENA managing partner transaction advisory services Phil Gandier said. Saudi Arabia's Al Jouf Cement and Syria's Becco Exchange were the only two IPOs in the third quarter of 2010 and raised $173.3 million and $3.7 million respectively. "Companies in Saudi Arabia and Syria have consistently shown the willingness to go in for initial offerings as they have been relatively sheltered from the impact of the negative investor sentiment seen elsewhere in the region," he said.
