Page 135 - SALIK PR REPORT JANUARY 2024

1/22/24, 2:11 PM Dubai's Salik could generate $33mln from the new toll gates

"Firstly, we expect significant, full-year impact from 2025 onwards. Secondly, the gate locations are at
key congestion points and should generate similar traffic to the existing ones." The brokerage said Salik
could generate an additional AED120 million from the two gates assuming 60 million passages per gate.

The brokerage assumes that Salik will pay a toll concession fee to the RTA for the new gates, as it did at

the time of the IPO for the existing ones.

"Salik paid AED 4 billion then, which is equivalent to AED 500 million per gate. We model an RTA
concession fee of AED 1 billion and further assume that this will be entirely debt-financed at the current
cost of debt."

Al Ramz Capital has revised their estimates and valuation on Salik. The stock has been upgraded to

'Overweight' with a new fair value of AED 3.85 per share.

(Reporting by Brinda Darasha; editing by Seban Scaria)

(brinda.darasha@lseg.com)

UAE
EQUITIES

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