To Catch Up With Rivals, Dubai Eyes IPOs Of 10 State-Owned Companies

As the Middle East’s economic capital tries to catch up with Abu Dhabi and Riyadh, the government aims to list 10 state-owned companies on its stock exchange, increasing the size of its financial market to $817 billion.

The move is intended to make Dubai a more competitive market in comparison to the region’s main bourses, which are witnessing larger listings and high liquidity.

As revealed by the emirate’s Deputy Ruler Maktoum bin Mohammed bin Rashid during his first meeting as the head of the securities and exchange higher committee, there is no timetable for the listings. He also approved a $2 billion market-making fund to improve liquidity and a $1 billion fund to support IT IPOs.

While it is unclear which state-owned companies would be public, several major assets include Dubai Electricity & Water Authority and Emirates Airline, whose top officials have previously stated that the choice to IPO is in the hands of the government.