Dubai may sell shares in its flagship carrier Emirates, which helped transform the city into a global hub for commerce, just as coronavirus restrictions ease and the outlook for travel brightens.
Emirates and its units may be listed on Dubai’s stock exchange, Chairman Sheikh Ahmed Bin Saeed Al Maktoum told Asharq TV. The comments come as the city ratchets up efforts to draw level with Abu Dhabi and Riyadh, which have been the hottest markets for IPOs in the Middle East.
Dubai plans to list 10 state-owned companies on its stock market. It kicked things off with its main utility, likely to be its largest IPO ever, and the Salik road toll-collection system -- described by one analyst as a cash machine.
Emirates, however, is one of the city’s most well known assets. The airline was hit hard by the pandemic, and a collapse in its main business of long-haul travel led to its first loss in decades. The government plowed in about $3.7 billion over the past year to keep it going.
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