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The first special purpose acquisition company to list in the Middle East soared in its Abu Dhabi trading debut as the region’s blank-check market gains traction.

ADC Acquisition Corp., backed by Abu Dhabi’s wealth fund ADQ and Chimera Investments, rose as much as 30% before trimming gains to trade at 11.48 dirhams as of 10:24 a.m. local time. The SPAC sold 36.7 million shares at 10 dirhams apiece.

Abu Dhabi is the first exchange in the Middle East to set up a legal framework for blank-check firms, with Dubai looking to follow suit. Saudi Arabia’s bourse said last year it’s still considering whether to open its doors to SPACs.

Read More: SPACs Gain Traction in Gulf While US Market Buckles: ECM Watch

While abysmal returns, tightening regulatory oversight and investor fatigue have led SPAC issuance to crater in the US this year, the trend is taking off in the Gulf. Initial public offerings in general have boomed in the Middle East, as high oil prices buoy regional stocks and international investors pile in.

Bloomberg News reported last week Investcorp is considering listing a SPAC in the United Arad Emirates that could raise as much as $250 million.

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