Page 219 - AAE PR REPORT - June 2024

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…

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 $210m

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.

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