Page 213 - AAE PR REPORT - June 2024

5/29/24, 3:53 PM DIFC publishes Regional Outlook for Banking and Capital Markets | mea-finance.com
that drive capital markets and provide advisory services for IPOs will continue to

contribute to the dynamic evolution of global finance.”

Arif Amiri, CEO, DIFC Authority

Multifactor IPO Growth

Following two years of moderate IPO activity, 2024 shows signs of a rebound

supported by the postponement of several 2023 deals in anticipation of more

favourable market conditions. Based on data published by EY, 51 IPOs took place

in 2022, raising USD 22bn, including a mix of both family businesses and the
public sector.

The privatisation of state-related entities is leading to greater economic

diversification, private sector development and sovereign liquidity creation. As of

March 2024, Dubai had followed through on six out of the ten government

entities it plans to take public, including Parkin, which was 165 times covered and
attracted USD 71bn in orders – a new record for the emirate.

Another recent example includes the November 2023 listing of Dubai Taxi Co., a

unit of Dubai’s Roads and Transport Authority (RTA), which raised USD 315mn

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