Emaar Development’s first day of trading got off to a rocky start with shares trading sharply lower to start the session, according to The National. The stock closed the day down 4.3%, regaining some ground after diving 7% at the opening bell. Bloomberg reported last Saturday that the company had trouble completing the USD 1.3 bn IPO due to GCC stock markets falling victim to political turbulence in the region, and a massive corruption probe in Saudi Arabia. BofA Merrill Lynch, EFG Hermes, Emirates NBD Capital, First Abu Dhabi Bank and Goldman Sachs International were joint global coordinators for the offering. Emirates NBD and First Abu Dhabi Bank were the lead receiving banks.

On that front, a number of Saudi business leaders detained as part of the corruption probe have begun making payments to settle cases in exchange for their freedom, people with knowledge of the matter tell Bloomberg. “The government is looking to send a firm message in the recent sweep,” said Emad Mostaque, London-based co-chief investment officer of emerging-markets hedge fund Capricorn Fund Managers. No word yet on whether Alwaleed Bin Talal is among the businessmen settling.