Dubai: Dubai is ready for more IPO listings from state-owned and private enterprises, driven in part by the recently launched Dubai Economic Agenda (D33) goals.
“Despite the many challenges faced, we saw robust GDP growth and several other positive indicators, including growth in trade and tourism sectors,” said Helal Saeed Al Marri, Director-General of Dubai Department of Economy and Tourism. “Ultimately, the majority of the progress in any economy comes from growth within the private sector. However, the government still plays a role, and Dubai has defined several projects to aid this growth.”
He was speaking at the first MENA IPO Summit, which began on Monday (January 23).
Last year, Dubai accounted for 40 per cent of IPO activity in the Gulf region, representing Dh673 billion. Al Marri said the D33 has set a clear roadmap for companies and investors. Dubai is one of the few cities in the region helping companies accelerate their growth from SMEs to large-scale companies by giving them easy access to capital markets, he added.
DFM’s target - as part of D33 - is to identify 400 high-potential companies to support the capacity building capabilities of SMEs, and help them develop into global brands.
Speaking at a session Mohammad Al Bastaki, CEO of Emirates NBD Capital, said he is confident international companies will also be listing on Dubai financial markets soon. While he did not share timelines for when this would begin, Dubai’s robust logistics capabilities and the access the emirate has to great talent will drive international firms to seek local listings.