Page 198 - AAE PR REPORT - June 2024

5/29/24, 3:51 PM DIFC publishes report on regional outlook for banking, capital markets | Emirates News Agency
reinforce the increasing regional trend towards

privatisation.

From the private sector, the listing of family-owned

companies is helping to drive business growth,

succession planning and enhanced governance and

transparency. For example, Al Ansari Financial Services,

one of the UAE’s largest remittance and foreign currency

exchange companies, owned by a local family group

raised US$210 million from its 2023 IPO, while Spinney’s

(Spinneys 1961 Holding PLC), which was incorporated in

DIFC to list its shares on DFM, thereby benefiting from

its extensive laws, regulations, and stability, listed in

April 2024.

Spurred on by the momentum of other, highly

anticipated listings, such as Lulu’s forthcoming IPO,

there is now an ever-growing list of demonstrable

incentives for other family businesses to follow suit. A

third wave of IPOs is expected through FinTech and

tech-enabled start-up exits, helping to stimulate new

industries with high-growth potential, while creating

strong demand from investors and viable exit options

for VC investors.

https://wam.ae/en/article/b3d3wwj-difc-publishes-report-regional-outlook-for-banking 4/6