2023-07-07 18:17:43
the date
7/7/2023 2:17:43 PM (MENAFN- Al-Borsa News) Two informed sources said on Thursday that Dubai’s Roads and Transport Authority has chosen Rothschild & Co to advise on a strategic review of its assets.
The two sources, who asked not to be identified, added that the Transport Regulatory Authority is studying an initial public offering of the Dubai Taxi Corporation and its activities in the public parking sector.
The RTA and Rothschild & Co did not immediately respond to a request for comment.
The two sources said the authority is expected to choose Emirates NBD Bank to arrange possible initial public offerings.
Emirates NBD did not immediately respond to a request for comment.
The authority raised $1 billion last year and attracted $50 billion in applications for a public offering of a 24.9 percent stake in its traffic toll company, Salik.
Dubai raised regarding $8.5 billion from five public offerings last year, prompted by a government privatization plan to list 10 state-related companies in an effort to boost stock market activity.
Future IPO candidates might include Emirates National Oil Company (ENOC) and dnata Airport Services.
Archyde.com reported in June that the Roads and Transport Authority (RTA) had invited banks to apply for an advisory role in a strategic review of its assets, including a potential initial public offering (IPO) for its taxi business.
The authority is also looking into potential options for its assets in the public parking sector and the Nol card, which passengers use to pay public transport fares across the emirate.
Dealogic data shows that companies in the region raised $21.9 billion through initial public offerings last year, more than half of the EMEA total.
Archyde.com
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