Dubai’s ambitious IPO plans on course for 2023

• Dubai has defined several projects to aid this growth.
• Dubai accounted for 40% of IPO activity in the Gulf area last year, totaling Dh673 billion.
• The goal as part of D33 is to identify 400 high-potential enterprises.

Dubai: The recently published Dubai Economic Agenda (D33) goals have fueled the city’s readiness for more IPO listings from state-owned and private firms.

“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 the 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 inaugural MENA IPO Summit, which kicked off on Monday (January 23).

Dubai accounted for 40% of IPO activity in the Gulf area last year, totaling Dh673 billion. According to Al Marri, the D33 has established a clear route for businesses and investors. Dubai is one of the few cities in the area that helps companies grow from SMEs to large-scale enterprises by providing simple access to financing markets, he noted.

DFM’s goal as part of D33 is to identify 400 high-potential enterprises to enhance the capacity-building capacities of SMEs and assist them in becoming global brands.

Mohammad Al Bastaki, CEO of Emirates NBD Capital, stated during a session that he is certain that multinational companies will soon list on Dubai financial markets. While he did not provide a date for when this would begin, he did say that Dubai’s excellent logistics capabilities and access to exceptional people will lead multinational corporations to seek local listings.

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