Page 34 - SALIK PR REPORT FEBRUARY 2024

Dubai's Parkin to sell 24.99% stake

in IPO, Gulf News reports

Feb 27, 2024 at 4:55 am GMT

Adds details, background in paragraphs 3-9

By Federico Maccioni

DUBAI, Feb 27 (Reuters) -The Dubai government is selling a 24.99% stake in Parkin, which
oversees public parking operations in the emirate, through an initial public offering in the
emirate's first privatisation deal this year, local newspaper Gulf News reported on Tuesday.

The offering begins on March 5, with a price range to be announced on the same day, and the
subscription period ends on March 12.

Reuters was first to report in June last year that the Roads & Transport Authority (RTA) was
considering strategic options for its parking business and invited banks to pitch for roles in a
potential IPO.

Parkin operates 175,000 parking spaces across Dubai, in addition to another 4,000 or so spaces
at multi-storey car parks, and about 18,000 spaces at developer-owned facilities, according to
the Gulf News report.

The RTA is monetising assets on behalf of the Dubai government as part of a wider privatisation
programme to list state-linked companies to boost attention to its exchange.

The RTA raised $1 billion from the sale of a 25% stake in toll-road operator Salik in 2022 and
another $315 million in December from the sale of another 24.99% stake in Dubai Taxi
Corporation, its public taxi business.

https://www.xm.com/research/markets/allNews/reuters/dubais-parkin-to-sell-2499-stake-in-ipo-
gulf-news-reports-53774957