DUBAI, (Reuters) – Gulf Arab companies are expected to raise about $10 billion in 83 initial public offerings over the next three years, Abu Dhabi-based investment bank Gulf Capital said on Wednesday.

The Gulf IPO market is recovering from a stock market crash in 2006 when four of the seven bourses in the world’s biggest oil-exporting region lost more than 35 percent of their value.

The seven stock markets rose more than 24 percent last year.

Gulf companies raised a record $10.5 billion IPOs in 2007, the best year on record, compared with $7.5 billion in 2006, Gulf Capital said in the report.

Dubai port operator DP World DPW.DI accounted for half the 2007 total, raising about $5 billion in the Middle East largest IPO.

Still the average size of the share sales shrank for the first time to $319 million from $327 million the previous year, Gulf Capital said.

That would increase to an average of $401 million in 2008-2010, it said.