Dubai Holding is the multinational reform billions of dirhams of debt. It could elevate as much as US$110.1 million (Dh404.3m) from the public contribution of stock from Axiom Telecom.

It is expected that Axiom's share sale to proceed on NASDAQ Dubai on December 9. It would be the first primary public offering in the country in two years and more than the past two months it pursues a healing in equity markets after the sharp sell-off last year.

Yesterday the company declared that Axiom will advertise 332 million shares at a price series of 80 US cents to $1.15. The rates has a 40 per cent stake in Axiom, Dubai Holding would raise between $76.6m and $110.1m.

Analysts said that there is a public planning together offering this year of stock from Tunisie Telecom, Dubai Holding has owned 35 per cent of it. The company should be capable to promote more than $300m.

In public Dubai Holding has divulged debts of more than $9 billion, however including private bank loans and other instruments its total debt could be still higher.