IPOs for UAE financial markets

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IPOs and new listings on Dubai and Abu Dhabi financial markets

On 29 Aug 2007, WAM (the UAE news agency) reported that family run businesses in the UAE could now launch an IPO for a minimum of 30% of their share capital. This means they can keep a majority ownership of 70%. Previous minimum was 55% which meant such companies were reluctant to go for an IPO (Initial Public Offering) since they would lose majority ownership.

Any questions? Visit the Dubai Share Talk UAE IPO forum or Beginners Investment forum.

Possible IPOs - with market (DFM, ADSM, DIFX) if known
Company Size Market When Notes
Abraaj Capital IPO AED 3.67 bn     Reuters report 17 Oct 2007
ADSM IPO   ADSM?   Acting DG comments 12 June 2007, denied next day
Ajman Islamic Bank IPO AED 0.55 bn DFM 17-27 Feb 2008 Reuters report 07 Feb 2008
Al Benaa IPO   ADSM? end 2008 GN report 17 April 2008
Al Emarat Insurance IPO AED 82.5 m   23 March 2008 GN report 11 March 2008
Al Fahim IPO       Property or Rmal Hospitality subsidiary
Al Habtoor IPO       maybe some subsidiaries in 2008
Al Habtoor hospitality IPO       first mentioned in Sep 2005
Al Hilal Islamic Bank IPO       See Hilal Bank IPO
Al Mansoori Engineering IPO       mentioned in Emirates Today 12 Mar 2007
Al Nahda Education IPO   ADSM   announced 18 Mar 2007 for Jun 2007 but no IPO yet
Al Noor Islamic Bank IPO       See Noor Bank IPO
Al Qudra Holding IPO   ADSM?   Early 2007...early 2008...Mar 2008...later in 2008
Al Rayan IPO   ADSM?   Chairman comment Feb 2008, IPO later in 2008?
Al Sayegh IPO       maybe a subsidiary by end 2008
Al Yousef Motors IPO       Aug 2008 report, IPO by end 2008
Alpha Tours IPO   DFM?   maybe early 2008
Amlak Jordan IPO   ASE 19 May - 01 Jun 08 Amman Stock Exchange listing
Aswaaq IPO       first reported 10 Feb 2008
Axiom Telecom IPO       maybe 2010
Belhoul Lifecare IPO   DIFX    
Bin Hendi IPO       CEO comment in EB 27 June 2008
Borse Dubai IPO       CEO comment in Reuters report 14 Sep 2007
Burooj IPO   ADX? 2009 GN report 14 May 2008
CERT IPO       Center for Excellence in Research and Technology. Possible IPO mentioned in 2006?
Crescent Bank IPO       Same as Al Hilal Bank, reported by WAM as a possibility, July 2007
Damac IPO       Chairman said Jun 2006 listing within 3 yrs. DFM preferred to DIFX.
Damas IPO   DIFX   MD said 'near future' in Jul 07. Jan 08 report said by end 08. Jun 08 news said by Jul 08.
Dar Takaful IPO     01 Jul 2008 Press Release 26 May 2008
Depa IPO   DIFX/LSE 06-18 Apr 2008 Depa United Group DIFX listing April 2008
DIFX IPO       brief mention in Emirates Business 24/7 in Jan 2008
DME IPO       11 June 2007 Dubai Mercantile Exchange (DME) IPO under consideration
Dubai Holding IPO       Speculative only, no firm indications, but subsidiaries might
Drake & Scull IPO   DFM 08-17 Jul 2008 See topic for several reports, conflicting IPO amounts seen (02 Jun 2008).
Dubai Aerospace IPO       Aug 2007 "debt financing" interpreted as possible IPO by Bloomberg/Arabian Business
Dubai Drydocks IPO       CEO said in Jan 2008 that an IPO might happen one day
Dubai Ports World IPO   DIFX 04-15 Nov 2007 Announced 21 Oct 2007. See also DP World IPO discussion topic.
Dubai Properties IPO       Reported 06 Sep 2008, denied 08 Oct 2008
Dubai World IPO       Not happening but some subsidiaries might IPO
Dubal IPO   DIFX?   Dubai Aluminium. Mentioned briefly in 2005, and again Jan 2008
Emaar Bank IPO AED 33 bn BSE   Nothing to do with Emaar Properties, reported March 2007. See updated Umar Bank IPO May 2008.
Emaar Malls IPO AED 4 bn   2007? Mentioned in 21 Sep 2005 news, secondary listings in New York & London
Emaar MGF IPO   India Feb 2008 Part owned by Dubai based Emaar, cancelled Feb 08
Emirates Airlines IPO       Probably. See Emirates Airlines and Emirates Group forum
Emirates Post IPO       First 2006, then Q2 2007, then Q4 2007, then late 2008. Maybe 40% sale of Empost. See Emirates Post IPO prospectus. Dual listing on ADSM and DFM unconfirmed.
Escan Properties IPO       (or Escan Real Estate) mentioned in Nov 2005 when founded, possibly by end 2007
Esdarat IPO   DIFX end 2009? Kuwait company planning a primary listing in Dubai
Future Pipes IPO   DIFX   April 2008 but listing cancelled May 2008
GAC IPO       No IPO says CEO to Emirates Business in May 2008
Giad IPO   DFM   Sudan auto company Dubai IPO cancelled according to Aug 2008 report
Green Crescent IPO   ADX?   IPO in June 2008
Gulf Capital IPO   ADSM   Jan 2008 report of CEO comments
Gulf Merchant Group IPO       mentioned by CEO in Sep 2007, aiming to list in 2009 on an international market.
GPS Group IPO   London Feb 2007? possible secondary listing on UAE markets, subsidiary of Al Jaber Group.
Gulf Energy Maritime IPO        
Hilal Bank IPO       Possible IPO mentioned March 2007
High Rise Real Estate IPO        
Inwan IPO   ASE   Company to be renamed as Amlak Finance (Jordan) after IPO
Ishraq IPO       report in EB 15 March 2008
Iskan IPO       report in EB 15 March 2008
Jazeera Airlines IPO       may list on DFM or DIFX after listing in Kuwait first in 2007
Jordan Telecom IPO   DIFX   An IPO and DIFX listing in March 2006, according to APD
Jumbo IPO       "a possibility" according to a GN report October 2008
Jumeirah IPO       mentioned in a Jan 2008 report about Dubai Holding IPOs for subsidiaries
Karachi Stock Exchange IPO   DFM/DIFX 2008? mentioned Mar 2007 with Dubai listing.
Kang Pacific IPO     2008? mentioned Sep 2007 by company founder
Khoie Properties IPO   DIFX 2010 EB-24-7 report 21 July 2008
Mada'in IPO   DFM? 2008? EB report April 2008
Manazel IPO   ADSM? 2008? reported 10 Feb 2008
Mawarid Finance IPO       reported Mar 2008 by Emirates Business
Mawarid Insurance IPO     Apr 2008/2010? reported Feb 2008 by Reuters, unclear IPO date
Methaq IPO   ADSM Jan-Feb 2008 ADX listing 11 May 2008
Metito IPO   ADSM/DIFX 2010? Gulf Capital CEO Dec 2007 comment, Reuters Apr 2008
M'Sharie IPO     2008? M'Sharie a subsidiary of Dubai Investments (DIC).
Nakheel IPO   DIFX?   Possible rather than probable
NanoDynamics IPO   DIFX Q1 2008 Cancelled Feb 2008
Noor Bank IPO       Mentioned in Aug 2008 CEO interview with Gulf News
Oger Telecom IPO   DFM/DIFX   Cancelled end of 2006, maybe retry in 2008.
Pharma World IPO   DIFX    
RAK Airways IPO       Private placement Feb 2007. Might list.
RAK Petroleum IPO   ADSM?   First mentioned in 2005?
Rasmallah Investments   DIFX    
Reem Aluminium IPO   ADX? 2009 Reuters report 14 May 2008
Rotana IPO       speculation in Arabian Business for 2007 IPO
Sama Dubai IPO       a possibility according to a Jan 2008 report about Dubai Holding subsidiary IPOs
Spinneys IPO       Comment in Jul 2007 announcement about expansion
Tahiya IPO       Comment from Nakheel CEO August 2008
Tasheyd IPO       See Tahiya IPO
Tasweeq IPO   ADX?   Chairman comment May 2008
Thuraya IPO     2008? IPO considered for 2008 says CEO Apr 2007
TNI IPO       CEO comment June 2008 - if companies law changes
UAE Central Bank IPO        
Ummar Bank IPO AED 33 bn BSE   First reported as Eamar Islamic Bank IPO in March 2007, new report June 2008
UNB Islamic subsidiary IPO       Union National Bank AED 500m Islamic Finance subsidiary IPO Gulf News report Feb 2005.
Velcan Energy IPO   DIFX Q1 2008?  
Yousef Motors IPO       See Al Yousef Motors IPO
Previous IPOs already completed
  • Aabar IPO - AED 496 m, 808x oversubscribed (collected AED 400 bn), ADSM listing.
  • AGTHIA IPO - Emirates Foodstuff and Mineral Water Company - late 2004, AED 294 million.
  • Air Arabia IPO - 18-27 March 2007. 55% of total shareholding floated, AED 2.57 billion, largest in the UAE to date, foreign ownership to 49%. See also Air Arabia IPO discussion. Listed on DFM 17 July 2007.
  • Aldar Properties IPO - 450x oversubscribed (collected AED 377 billion), ADSM listing.
  • Amlak IPO - Jan 2004, DFM listing Mar 2004, 45% owned by Emaar.
  • Arabtec IPO (ATCC IPO) - AED 220m, 14-23 Aug 2004, 65x oversubscribed, DFM listing 04? Jan 2005
  • Aramex IPO (Arab International Logistics) - Mar 2005, DFM listing Jul 2005, 550 million shares at 1 dh (55% of total capital).
  • Arkan Building Materials IPO May 2006 - AED 858 m, ADSM listing Mon 08 Jan 2007,
  • Dana Gas IPO - AED 2.06 bn, ADSM
  • Deyaar Development IPO (includes prospectus) - AED 3.2 bn, 55% of total capital, from 06-16 May 2007 (DIB subsidiary). UAE & GCC nationals only. See also Deyaar IPO discussion. Listing on DFM 05 Sep 2007.
  • DFM IPO Nov 2006 - AED 1.6 bn, DFM listing on DFM 07 Mar 2007, and DFM expansion plans (Nov 2006).
  • DP World IPO (DIFX) - 04-15 November 2007 with DIFX listing on 26 November 2007. Announced 21 October 2007.
  • DU IPO (Du Telecom) - DFM listing Sat 22 April 2006, AED 2.4 bn?
  • Emaar Economic City IPO (EEC) - listed in Saudi, no listing in the UAE.
  • Finance House IPO (FH IPO) - 2004, ADSM listing
  • Gulf Navigation IPO - AED 910 m, DFM listing
  • RAK Properties IPO - AED 1.1 bn, ADSM listing
  • TAMWEEL IPO - Feb 2006, DFM listing 10 Jul 2006 at 2.80 dhs per share.
New listings coming up ... maybe
Other PJSC listings or IPOs
  • ADSM - Abu Dhabi Securities Market
  • DFM - Dubai Financial Market
  • DFSA - Dubai Financial Services Authority
  • DIFX - Dubai International Financial Exchange
  • ESCA - Emirates Securities and Commodities Authority
  • IPO - Initial Public Offering
  • KSE - Kuwait Stock Exchange
  • PJSC - Public Joint Stock Company
  • PSC - Public Stock Company
  • SCA - Securities and Commodities Authority (same body as ESCA)
Subscribing for shares in an IPO

To sign up or subscribe for shares in an IPO (Initial Public Offering), you'll need to do two things, in this order, if it's the first time subscribing for an IPO on one of the UAE financial markets. If you already have an investor card from the same market as the IPO company will list on, you just have to go to step 2.

    1. Go to the financial market (DFM or ADSM) where the company will be listing after going public, and get an investor number. You can either do this directly, or some of the brokers will do this for you. The new investors page has information about the sign up procedure, and the subscription forms page has a list of forms you need. For a list of brokers, visit the UAE brokers page, and the UAE broker discussion forum for opinions and comments about some brokers.
    2. Go to one of the receiving banks and collect the subscription forms. You should also be able to get a prospectus from the receiving bank. Fill in the forms and return them to one of the receiving banks with passport copies, investor card and copies, and any other requested paperwork.

The list of receiving banks should be included in the relevant discussion topic on Dubai Share Talk (see links below). It will be in the IPO prospectus, and probably in a press release or advertisement.

Non-UAE citizens can apply for IPO shares if foreign ownership is allowed (some companies restrict share ownership or sometimes just IPO subscription to UAE or GCC citizens only (e.g. DU Telecom IPO allowed foreginers to buy shares only after they'd listed on the stockmarket, not for the IPO). Usually GCC nationals have the same share ownership rights in the UAE as UAE nationals.

Foreigners without a valid UAE residence visa may be able to apply for IPO shares if foreign ownership is allowed. If it's not clear on the subscription forms, go to a receiving bank and try. Receiving banks may be inconsistent with information so if you are rejected at one, try at a different one.

  • Dubai and Abu Dhabi IPO discussion forum
  • IPO, subscription period, date of listing, % of total available for subscription, % available to retail investors, % available to foreign investors, number of times oversubscribed, funds collected, estimated profit from IPO, forecast earnings, DST link.


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This page last updated 22-Dec-2008. E & OE.