Page 89 - ALEF EDUCATION PR REPORT SEPTEMBER 2024

9/6/24, 4:41 PM NMDC Energy's IPO oversubscribed 31 times in lead-up to UAE's biggest listing of 2024 | The National
For its future road map, NMDC Energy is looking at "pioneering solutions that power

industries" to assist communities both regionally and globally, Mr Zaghloul said.

The UAE, as well as the other members of the six-member economic bloc of GCC, have

seen a consistent rise in IPO activity over the past two years.

A growing number of companies have opted to list their shares on equity markets in the

UAE this year amid continued economic momentum in the Arab world’s second-largest

economy.

Companies in the UAE raised $890 million through IPOs in the second quarter of this year

alone.

The list of potential IPOs is also growing. In June, the UAE-based hospital operator NMC

Health appointed Rothschild as a financial adviser to help it explore strategic options for

its shareholders, including an IPO.

Abu Dhabi’s LuLu Group International is also planning to launch its IPO this year and list

its shares on the ADX, the region's second-largest bourse by market capitalisation.

Last week, Delivery Hero, the Germany-based food delivery platform, is preparing to list

shares of its UAE subsidiary Talabat on the Dubai bourse.

Etihad Airways, the UAE's flag carrier, is also preparing for a potential listing, which
would be a first for a major Gulf airline, as it pursues an ambitious growth

strategy between now and 2030, its chief executive Antonoaldo Neves told The

National in March.

Meanwhile, NMDC Group has “eyes on all active markets” as it charts its global

expansion, Mr Zaghloul had previously told The National.

https://www.thenationalnews.com/business/markets/2024/09/05/nmdc-ipo/ 2/3