Dubai will host the inaugural Mena IPO Summit on Monday, which will bring together regional and international industry professionals and issuers as IPOs gather momentum in the UAE.
The three-day summit and workshops will be held at the Museum of the Future in Dubai from Jan. 23-25, the Dubai Media Office announced on Sunday.
The event, co-organized by Dubai Financial Market (DFM) and Dubai World Trade Center (DWTC), will underscore the IPO growth to date in the emirate and the prospects for Dubai, driving further growth in listings in the six-strong economic bloc are used by GCC and the winding region of Mena.
“Last year, Dubai accounted for 40 percent of IPO activity in the Gulf region,” said Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Finance Minister and Deputy Ruler of Dubai.
“Driven by the ambitious goals of the Dubai Economic Agenda (D33), Dubai will continue to accelerate its economic growth and consolidate its position as a major international financial hub,” says Sheikh Maktoum, who is also the Chair of the Higher Committee for the Development of Financial Markets and Stock Exchanges in Dubai , said.
The UAE and the wider region have seen a spate of IPOs amid strong investor demand as economies recover faster from the coronavirus-induced slowdown and liquidity has been bolstered by high oil prices.
A total of 12 companies in the UAE are listed last year and raised US$11 billion, in addition to the Abu Dhabi and Riyadh joint listing of Mena Food franchisee Americana, which raised US$1.8 billion at the end of 2022, according to EFG Hermes Research has.
Dubai, the hub of trade and commerce in the Middle East, has been particularly active over the past year. The March listing of Dubai Electricity and Water (Dewa) was the largest GCC IPO of 2022, raising $6.1 billion. The offering size was more than doubled to 8.5 billion shares. The utility is now the largest publicly traded company by market cap in the DFM.
State-controlled companies Salik, Empower and Tecom collectively raised $2.2 billion in June, September and November respectively.
School operator Taaleem has also listed its shares in Dubai after raising $205 million from its public offering in November.
Dubai plans to boost the size of its capital markets, with plans to list 10 state-owned companies and increase the size of the emirate’s financial market to around Dh3 trillion.
The emirate is also aiming to set up a Dh2 billion market-maker fund to encourage the listing of more private companies from sectors such as energy, logistics and retail.
The Mena IPO Summit provides a platform for industry-shaping discussions, allowing institutional investors, family businesses and start-ups to explore the latest regulations and market trends in Dubai’s capital market.
The event also offers delegates the opportunity to connect with key IPO issuers and thought leaders from the investment and capital markets industry, according to the Media Office.
Updated January 22, 2023 6:33 p.m
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