Dubai: Dubai government has approved a new plan to list the emirate’s Traffic toll system "Salik" on the Dubai Financial Market (DFM).
The new plan was approved on Saturday by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, during a meeting for the committee overseeing the stock market's development in Dubai.
The intended listing on DFM is part of the Dubai Securities and Exchange Higher Committee’s strategy to increase the size of the stock market in the Emirate to Dh3 trillion in the coming period.
The Salik toll system is one of Dubai’s premier infrastructure assets, with robust traffic volumes. The system, introduced by the Roads and Transport Authority (RTA) in 2007, utilises the latest technologies to facilitate smooth traffic flows.
The eight Salik toll gates, Al Barsha, Al Garhoud, Al Maktoum, Al Mamzar South, Al Mamzar North, Al Safa, Airport Tunnel and Jebel Ali, aim to reduce traffic congestion, encourage the use of public transportation and the use of alternative roads.
The number of vehicles registered in the Salik toll system is 3 million, out of which 1.8 million are registered in Dubai.
The Securities and Exchange Higher Committee’s strategy seeks to list government and state-owned companies on the Dubai Financial Market (DFM) as part of accelerating new listings in various sectors including energy, logistics and retail, in addition to adopting innovative financial tools and instruments that can respond to the current needs of investors.
Listing of governemnt companies
Earlier this month Sheikh Maktoum Bin Mohammad announced the listing of 10 government and state-owned companies on the Dubai Financial Market (DFM) as part of accelerating new listings in various sectors including energy, logistics and retail.
Sheikh Maktoum bin Mohammed also announced the formation of a Dubai Markets Supervisory Committee and specialised courts for capital markets in Dubai. The Deputy Ruler of Dubai said that as part of the vision of His Highness Sheikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, the emirate aims to increase the total volume of its stock markets to Dh3 trillion.
He had also launched funds worth Dh2 billion and Dh1 billion to encourage technology companies to list in the Dubai financial markets and its stock exchange.
As part of the plan to list government companies on DFM, the government has already annunced flotation of utility Dubai Electricity & Water Authority (Dewa).
The listing plans are aimed at making Dubai a more competitive stock market in the region.