Dubai Plans to List 10 State Firms as It Seeks to Join IPO Boom

Shaji Mathew
·1 min read

(Bloomberg) -- Dubai plans to list 10 state-owned companies on its stock market as the Middle East business hub seeks to catch up with Abu Dhabi and Riyadh on initial public offerings.

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The emirate’s Deputy Ruler Maktoum bin Mohammed bin Rashed announced the plan at his first meeting as the head of the securities and exchange higher committee, according to the Dubai’s media office. It didn’t provide a timeline for the IPOs.

Dubai has so far missed out on the IPO boom in the Middle East. It has only seen one small company go public since 2017, while its only prospect of a listing this year failed when logistics firm Tristar Transport pulled its deal in April.

  • Dubai Misses Out on the IPO Boom Sweeping Abu Dhabi and Riyadh

In other Gulf markets, demand for new stocks has been through the roof. Investors placed more than $34 billion of orders for Adnoc Drilling’s $1.1 billion IPO in Abu Dhabi, while Arabian Internet and Communications Services Co. attracted a whopping 471 billion riyals ($126 billion) in bids for its $966 million offering last month in Riyadh.

Other decision at Dubai deputy ruler’s meeting:

  • Approves setting up a 2 billion-dirham ($545 million) market-making fund to increase liquidity

  • To start a 1 billion-dirham fund to support tech company IPOs and encourage innovative financial products

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