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what was the GCC's biggest IPO in 2024. Also that month, UAE retail major Lulu Group raised
Dh6.32 billion.

Other UAE IPOs in 2024 included NMDC Energy, a unit of Abu Dhabi contractor National Marine
Dredging Company, raising $877 million, and Alef Education, which raised $515 million.

Analysts say the pipeline of IPO deals in the UAE remains strong amid robust expansion of the non-
oil sector in the Emirate's economy. The UAE's government's push to unlock value in state entities
and part-sell stakes is also supporting deal flows.

Dubai Investments, a diversified company in which the sovereign wealth fund Investment
Corporation of Dubai holds a stake, last month said it plans to take four of its subsidiaries public.

Alpha Data is seeking to tap into the technology boom in the UAE, where the government has
continued to champion digital transformation and the adoption of emerging innovations as it
transitions to the economy of the future.

"Given the increasing importance of technology in every day life, not just in the UAE but globally,
Alpha Data is in a strong position to leverage its experience to take further market share," said Fayez
Ibbini, founder and chief executive of Alpha Data.

The listing will be an opportunity to provide investors "the chance to invest in one of the few
businesses in the UAE that is fully integrated into the digital economy", he added.

EFG-Hermes and Emirates NBD Capital are joint global co-ordinators and joint bookrunners for the
IPO, while Abu Dhabi Commercial Bank is a joint bookrunner. Emirates NBD is the lead receiving
bank, while ADCB, Abu Dhabi Islamic Bank, Emirates Islamic Bank and Wio Bank are the receiving
banks.

https://www.thenationalnews.com/business/markets/2025/02/13/alpha-data-pjsc-abu-dhabi-ipo/