Page 218 - AAE PR REPORT - June 2024
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5/29/24, 3:53 PM Dubai IPO boom expected with privatisation, family business listings and tech start-ups; 110,000 HNWIs grow investment pool - Ar…
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 $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 $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 $315m and was 130 times
oversubscribed, while Saudi Arabia’s wider plans to privatise $55bn in assets by 2025
reinforce the increasing regional trend towards privatisation.
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