ABU DHABI, 29 OCT. 04 (WAM)-- Economists and financial analystsexpect that subscription to the 825 million shares of the Abu Dhabi-basedADDAR Real Estate Services will draw a record response in the history of local public offerings that may reach a thousand folds of subscription volume.
They told WAM that a record subscription to ADDAR's shares, whichwill be placed on offer tomorrow, is worth 55 per cent of the company'scapital and as such is the greatest issue in the UAE for years. "Subscription to ADDAR's shares is expected to range betweenDh82 to Dh100 billion, that is 100 to 120 folds of shares on offer, shouldbanks fail to abide by Central Bank's instructions and grant sizable loans to prospective subscribers," said Ziad Dabbas, consultant, National Bankof Abu Dhabi. For his part, Dr Karim Al Saleh, a manager of an investment company,expects the value of subscription to exceed Dh50 billion. ADDAR is 40 per cent owned by Mubadala Development Corporation, whileAbu Dhabi Investment Company, Abu Dhabi National Hotel, National Investoreach hold 15 per cent stake. National Corporation for Tourism & Hotelshas a 5 per cent stake.ADDAR, which constructed the Al Jimi Mall in Al Ain last year, has plansto develop the real estate market in the Emirate, which has huge potential.
With ambitious projects like construction of a modern Souk under whichhuge old Souk will be replaced by a new modern complex on Khalifa andHamdan street.The company has several projects to fill the demand gap in the housingsector.
