The initial public offering of government-controlled ports operator DP World expected at the end of November is a landmark event partly aimed at boosting Dubai's fortunes as a regional financial center. It could also be the first of a wave of privatizations that would be welcomed by cash-rich Middle East investors. About 20% of DP World is expected to be listed on Nov. 26 on the Dubai International Financial Exchange (DIFX), giving the company a market capitalization of $18 billion. "It will be the only pure-play port asset of this size in the world to be listed," says Mustafa Abdel-Wadood, a partner in Dubai private equity firm Abraaj Capital. "It is operating in the highest -growth markets in the world."
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