(MENAFN) After recording its peakiest level of first public offerings by total worth last year for 14 years, the UAE is set to continue with the drive in 2023 with IPOs valued at over 8 billion dirhams (USD2.2 billion) in the pipeline, a head official stated.
While giving a speech at the MENA IPO Summit in Dubai, the deputy chief executive of the Securities and Commodities Authority, Mohammed Khalifa Al Hadari, asserted that last year had been a year of regain but there had been massive expansion in domestic capital markets last year.
“There are 11 new IPOs with a total value exceeding 8 billion dirhams, including four free zone companies and two special purpose acquisition companies, waiting in the pipeline currently,” he stated.
Al Hadari continued: “The current flurry of activity is more sustainable than the previous IPO booms as it is part of the wider well-defined government strategy to expand diversity to supply the markets.
Adding, “The Dubai government last year announced plans for 10 state-owned companies as part of their strategy to double the size of the capital markets to around 3 trillion dirhams and attract foreign investments.”
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