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The Dubai government will stage an initial public offering (IPO) of 20 per cent of Dubai Financial Market (DFM) in the first quarter of 2006, according to a decree issued in late December. The shares will be listed on the DFM, with more than half offered to the public, including institutions, and will be open to all nationalities as well as non-residents. Government employees and pensioners will be allocated 25 per cent of the offering; 10 per cent will be set aside for brokers; and another 10 per cent for listed companies. Future listed companies and brokers will be offered stock options in the exchange.