National Bank of Abu Dhabi (NBAD) expects to manage eight United Arab Emirates initial public offerings this year, with three aiming to raise at least Dh4 billion ($1.09 billion) by the end of June.

'Our reading is we might do eight IPOs this year,' Majd Maaitah, senior manager for securities services at NBAD, said on Tuesday.

'These three IPOs and their value could exceed Dh4 billion.' Two of the three are Abu Dhabi-based and the third is in Dubai, Maaitah said.

Their businesses are real estate, financial services and education, he said, declining to be more specific.

NBAD, the UAE's second-largest bank, managed three IPOs last year and one so far this year.-Reuters