Dubai to List 10 State Firms in Bid to Reverse Falling Trade
- Timeline for IPOs of state-owned firms is not yet clear
- Dubai’s stock exchange has lagged Gulf peers this year
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Dubai plans to offer stakes in 10 state-owned companies in what may prove to be a test of confidence in a stock market dogged by falling volumes at a time when regional rivals are stepping up sales.
The emirate will sell the shares as part of a move aimed at boosting trading volumes on the city’s financial markets to 3 trillion dirhams ($817 billion), the Dubai media office said in a tweet late Monday without elaborating. It didn’t name the companies or provide a timeline for the offerings.