Abu Dhabi-based hedge fund group IHC surges

The hot new trend for hedge funds is finally female Founders.

After the listing, the holding company's shares surged, closing at 2 dirhams apiece Sunday, 80% higher than the launch price of 1.11 dirhams.

We have major local investors," said Syed Basar Shueb, IHC's chief executive officer. It was good for shareholders, good for the local investors and the company now has more cash to acquire businesses, he said.

The offering marks the latest stage in a drive by IHC, among the most valuable firms in the Middle East, to expand its clout on local exchanges. The firm is working on listing its healthcare group, including Pure Health, a company that has partnered with the United Arab Emirates to launch a screening initiative covering the nation's airports.

These are there for next year, Shueb said.

UAE nationals hold more than 92% of IHC, while foreigners hold about 7.6%, according to Abu Dhabi exchange data. The firm's second-biggest shareholder is Royal Group, a company headed by Sheikh Tahnoon Bin Zayed Al Nahyan, the country's national security adviser and brother of Abu Dhabi's crown prince.

The biggest shareholder, Pal Group of Companies LLC, is a subsidiary of Royal Group. They own more than 70% of IHC.

Shueb said that IHC is looking for investment opportunities in Central America, some African countries and Europe.

None of the Fall of a Russian Cyberexecutive Who Went Against the Kremlin