- Dubai's Roads and Transport Authority (RTA) has invited investment banks to pitch for roles in the planned initial public offering (IPO) of its taxi and parking businesses. The potential public share sale is targeted around December to January, with the listing of the taxi business likely to occur first, followed by the parking division.
- The RTA is exploring options to monetize more of its assets after a successful IPO of the city's road-toll operator, Salik Co., in 2022. Salik's IPO drew $50 billion in orders and marked Dubai's drive to raise trading volumes in the stock market by selling stakes in state-owned companies.
Why it matters
Dubai accounted for 40% of IPO activity in the Gulf region last year, and this move to list the taxi and parking businesses further demonstrates the city's efforts to attract investments and expand its financial markets.
