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00:00 Capital markets in the last two years specifically have evolved very strongly.
00:05 We've seen a lot of landmark IPOs that have listed and have performed really well.
00:12 We're seeing that that's resulting in more issuers keen to come and list on regional exchanges.
00:21 DFM continues to do really well and we're seeing a huge sector diversity
00:27 away from historically real estate and financials and insurance companies
00:33 to a very diversified sector.
00:38 I think that trend we expect to continue going forward.
00:40 We're talking about opportunities in the capital markets in the region.
00:45 How do you assess these opportunities and what are you doing at the moment?
00:49 I think we want continuous diversity in terms of the industry that's coming.
00:53 The other key differentiation that we're seeing is there were a lot of government-owned companies that listed.
01:02 They had very steady and strong cash flows.
01:05 They had the ability to pay very high dividend.
01:09 We're also seeing a lot of growth companies come to list and Spinneys is a good example.
01:16 It's a private company with strong growth potential.
01:21 I think that will also change the mix of companies we have listed on the exchange.
01:26 Since you were pointed out to be listed on the Spinneys,
01:31 how much did you look at the coverage and liquidity that we've seen in the Emirates markets lately?
01:39 We're surprised at the higher end of the range that we announced, which we're very happy with.
01:44 More importantly, we've seen very strong over-subscription at the IPO,
01:50 both in the institutional tranche, being more than 60 times over-subscribed,
01:54 and on the retail tranche that, as you know, we increased very recently.
01:59 We're also seeing a very good mix between international and local investors.
02:04 It's roughly 65% local and 35% international.
02:09 We're seeing some new names come in as well into the book,
02:12 not only from Europe but also from Asia.
02:15 So overall, we're very, very happy with the outcome.
02:17 What about the number of companies that you're currently working with
02:21 to prepare and manage in the Emirates markets?
02:24 We're working on a few.
02:26 They'll be staggered over the next few quarters.
02:29 But I think the more important thing to point out is
02:32 we will continue to see a lot of activity on the regional exchanges.
02:36 What is the nature of the shares for these companies?
02:40 I think there's a few that will be new to the exchange
02:44 and a few that now have been listed.
02:46 So we'll see a bit more retail.
02:49 We might see something that's related to construction as well.
02:55 So there are a few that are in the pipeline right now.