Page 105 - Salik PR Report July 2024

The new announcement comes as local companies continue to list their shares on the stock
exchanges following a public mandate to boost the capital markets.

In November 2021, Dubai said it would list 10 state-owned companies and establish a Dh2 billion
market maker fund to encourage listings from private companies in sectors such as energy,
logistics and retail.

The government aims to expand the size of the emirate's financial market to Dh3 trillion.

Abu Dhabi has also seen a spate of IPOs from public and private sector entities.

Companies including Parkin, Salik, Tecom, Empower, Dubai Taxi Company, Al Ansari Financial
Services, Pure Health, Adnoc Gas and Investcorp Capital have listed their shares on the UAE
bourses in the past two years.

Last month, Alef Education Holding, a UAE-based education technology company, listed its shares
on the Abu Dhabi Securities Exchange after raising Dh1.89 billion ($514 million) through an IPO.

The public offering to retail and institutional investors was 39 times subscribed by investors
receiving $20 billion in orders, according to the company.

Spinneys, the operator of premium supermarkets in the UAE and Oman, also went public with the
listing of shares on the DFM. It raised Dh1.37 billion through the IPO.

Companies in Dubai have raised Dh34.5 billion through selling shares in the past three years, with
aggregate investor demand for those listings reaching more than Dh1 trillion, the Dubai Securities
and Exchange Higher Committee said in March.
The UAE, the Arab world's second-largest economy, led the GCC in terms of funds raised last year
through IPOs.

Issuers secured $6.07 billion from eight listings on UAE exchanges, accounting for about 56.3 per
cent of total proceeds, according to data from Kamco.

Updated: July 18, 2024, 5:40 PM

https://www.thenationalnews.com/business/markets/2024/07/18/dubais-amanat-holdings-plans-
to-list-its-education-platform/