Dubai intends to list 10 state-own companies on its stock market, making this to be the largest IPO ever. In interview with Asharq TV, Sheikh Ahmed bin Saeed Al Maktoum, the CEO of the aviation giant and Group chairman told the Emirates and its sub-units might be listed on Dubai’s stock exchange. The statement comes after Dubai tries to level up with Abu Dhabi and Riyadh ( the best market’s for IPOs in middle east)
Emirates Airlines, city’s most known assets was earlier hit hard by pandemic and for first time in decades the business faced major downfall. Over the past year, government ploughed around $3.7 billion to keep the Emirates going.
Sheikh Ahmed mentioned, Emirates may consider listing their units, including Dnata, businesses catered around in cargo along with ground handling, catering and retail plus travel services even though its demand accelerated post pandemic after restrictions eased.
Last year Dnata unit faced huge loss of $396 million, and surged to profit of $23 million later the same year. The revenue at Dnata unit swung 55% to $1 billion, meanwhile the main Emirates airline business faced huge loss of of $1.6 billion, and revenue rose to 81 %.
Dubai’s focus is to expand beyond public sector, with aim to revive trading.