Page 197 - AAE PR REPORT - June 2024

5/29/24, 3:51 PM DIFC publishes report on regional outlook for banking, capital markets | Emirates News Agency
IPOs will continue to contribute to the dynamic

evolution of global finance.”

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

US$22 billion, 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 US$71 billion 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 US$315 million

and was 130 times oversubscribed, while Saudi Arabia’s

wider plans to privatise US$55 billion in assets by 2025

https://wam.ae/en/article/b3d3wwj-difc-publishes-report-regional-outlook-for-banking 3/6