Flags for property company EMAAR are seen in front of buildings in Dubai, UAE March 7, 2016. REUTERS/Ahmed Jadallah
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A Dubai property developer managed to pull off the Middle East's largest initial share offering this year, but only after it was almost derailed by the sweeping arrests in neighboring Saudi Arabia, where authorities say they're rooting out corruption. Advisers to Emaar Properties PJSC scrambled to complete a $1.3 billion share offering in its United Arab Emirates development business after local investors reneged on hundreds of millions of dollars in demand on the last day of the sale, according to people familiar with the matter. The top 10 buyers accounted for about 50 percent of the sale, and funds linked to the Abu Dhabi royal family also invested in the sale, two of the people said.The unprecedented Saudi crackdown this month has seen prominent royal family members and billionaire investors detained.Shares of parent Emaar Properties have fallen 6.8 percent since the IPO began.
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