Dubai announces intention to publicly list SALIK

Published: Updated:
Read Mode
100% Font Size
2 min read

Dubai has announced its intention to list toll operator SALIK as a public company on the Dubai Financial Market (DFM), the official WAM news agency reported on Saturday.

For the latest headlines, follow our Google News channel online or via the app.

The listing follows a November 2 announcement that the emirate would be listing its utilities company Dubai Electricity and Water Authority (DEWA) on the DFM.

A Reuters report citing three unnamed sources on Wednesday also said that Dubai was weighing an IPO of business park operator TECOM Group.

The latest listing is part of Dubai’s strategy to boost the size of the emirate’s stock market to $800 billion (AED 3 trillion).

Dubai Ruler Sheikh Mohammed bin Rashid announced earlier this month that a total of ten state-backed companies would be listed on the DFM.

SALIK was introduced by Dubai’s Roads and Transport Authority (RTA) in 2007 to control traffic and raise funds.

There are currently eight SALIK toll gates in al-Barsha, al-Garhoud, al-Maktoum, al-Mamzar South, al-Mamzar North, al-Safa, Airport Tunnel, and Jebel Ali.

Around three million vehicles are registered under SALIK, including 1.8 million from Dubai, according to WAM.

SALIK uses Radio Frequency Identification (RFID) to detect stickers placed on drivers’ windshields and automatically charge the $1 (AED4) toll without drivers having to stop at a toll booth.

Sheikh Mohammed also announced that Dubai would form a market supervisory committee and specialized courts for capital markets in the emirate.

A spate of de-listings and an absence of big initial public offerings have put the stock market under pressure.

With Reuters

Read more:

Dubai to list DEWA as public company: Deputy ruler

Dubai Holding weighing IPO of TECOM Group: Sources

Saudi Tadawul Group to offer 30 pct of company’s capital in IPO

Top Content Trending