Dubai wants private and family-owned businesses to list on its stock market

accreditation
0:00
play article
Subscribers can listen to this article
Dubai sky line (Getty Images)
Dubai sky line (Getty Images)

Dubai plans to encourage private and family-owned businesses to list on its stock market as the business hub seeks to catch up with Abu Dhabi and Riyadh in the Middle East IPO rush.

The city merged its economic and tourism departments on Saturday, and one of the new entity’s main tasks is to prod private and family-owned businesses to sell shares on the Dubai bourse, according to a statement.

In the past week, Dubai has made a series of moves designed to attract listings to the city and catch up with regional rivals that have drawn billions of dollars over the past year. That included overhauling the board of the local stock exchange and plan to list state-owned utility DEWA -- one of 10 planned over the coming months.

Some of the well-known private firms and family-owned businesses in Dubai include Majid Al Futtaim Holding, the operator of Carrefour SA stores in the Middle East, and Al Khaleej Sugar Co., owner of the world’s largest port-based sugar refiner.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For only R75 per month, you have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today.
Subscribe to News24
Rand - Dollar
16.14
+0.9%
Rand - Pound
21.52
+0.2%
Rand - Euro
18.21
+0.4%
Rand - Aus dollar
11.52
+0.2%
Rand - Yen
0.14
-0.4%
Gold
1,795.62
+0.1%
Silver
23.40
+1.1%
Palladium
1,792.50
+2.3%
Platinum
956.00
+0.1%
Brent Crude
72.72
-11.6%
Top 40
62,411
0.0%
All Share
68,615
0.0%
Resource 10
64,074
0.0%
Industrial 25
92,909
0.0%
Financial 15
12,995
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot