Page 201 - SALIK PR REPORT JANUARY 2024

Dubai toll operator Salik was established as a public joint stock company in June 2022,
ahead of its initial public offering that September.

The company raised Dh3.73 billion from its IPO, which was more than 49 times
oversubscribed across all tranches, with total gross demand at Dh184.2 billion.

The Dubai government sold more than 1.867 billion shares in the company, or 24.9 per
cent, at Dh2 a share. The government retained a 75.1 per cent stake after the sale of the
stake.

Dubai announced plans in November 2021 to list 10 state-owned companies to increase
the size of its financial market to Dh3 trillion, as well as set up a Dh2 billion marketmaker
fund to encourage the listing of more private companies from sectors such as energy,
logistics and retail.

Four of the announced 10 state-owned enterprises listed on Dubai Financial Market in
2022.

The first was the listing of Dubai Electricity and Water Authority, which raised $6.1 billion
after its offering size was more than doubled to 8.5 billion shares in response to strong
investor demand.

State-owned Tecom and Empower collectively raised $2.2 billion in June and November
2022, respectively.

Last year, the fifth state-backed entity, Dubai Taxi Company, raised Dh1.2 billion from
its IPO in December after selling 624.75 million shares, equivalent to 24.99 per cent of
the company's total issued share capital.

The UAE markets have been recording strong listing activity amid increasing investor
interest and a public mandate aimed at supporting IPOs to boost liquidity in local
bourses.

There were a total of 29 IPOs with total proceeds of $5.8 billion in the first nine months
of the year in the Mena region, with all the listing activity taking place in the GCC,
consultancy EY said in its third quarter report.

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