Dubai plans to list its Salik road toll system on the Dubai Financial Market to boost its stock market and attract more listings amid the growing -petite for IPOs in the region, Sheikh Maktoum bin Mohammed, deputy prime minister and minister of finance, said on Twitter on Saturday.
“In the Dubai Financial Markets and Exchanges Development Committee we have -proved a plan to include the Salik transport tariff system in the Dubai Financial Market,” said Sheikh Maktoum in the tweet.
“The Salik system is successful and there are great opportunities to invest in it. The aim is to diversify the state-owned companies we list in order to achieve the best return for investors in our markets. “
In the Dubai Financial Markets and Exchanges Development Committee we have -proved a plan to include the “Salik” transport tariff system in the Dubai Financial Market. The Salik system is successful and there is great opportunity to invest in it, the aim is to diversify the state-owned companies we list in order to get the best return for investors in our markets.
– Maktoum Bin Mohammed (@MaktoumMohammed) November 13, 2021
The Salik electronic system was introduced by the Roads and Transport Authority in 2007 to reduce congestion on Sheikh Zayed Road and increase government revenue.
In January of this year, Abu Dhabi introduced its own toll system, which is switched on during rush hour during the week except on Fridays.
Dubai is looking to boost its stock market and pull in more listings to satisfy the growing -petite for IPOs in the region.
On November 2, the emirate announced plans to list ten state-owned companies as part of its strategy to double the size of its c -ital market to Dh3 trillion ($ 816.88 billion) and attract foreign investment.
The Dubai Water and Electricity Authority, the state utility company, will be the first government agency in the DFM to go public in the “coming months”, Sheikh Maktoum said on Twitter at the time.
The government also -proved a Dh2 billion market maker fund to boost listings from sectors such as energy, logistics and retail.
Since the beginning of the year, the DFM-Börse has grown by more than 24 percent.
It is dominated by financial services and real estate companies.
Updated: November 13, 2021, 3:52 p.m.