Dubai Expecting A Busy 2023 In Developing An International IPO Market

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Dubai is ready for more IPO listings from state-owned and private enterprises, driven in part by the recently launched Dubai Economic Agenda (D33) goals. Helal Saeed Al Marri, Director-General of Dubai Department of Economy, has stated that “Despite the many challenges faced, we saw robust GDP growth in 2022 and several other positive indicators, including growth in trade and tourism sectors. Ultimately, the majority of the progress in any economy comes from growth within the private sector. However, the government still plays a role, and Dubai has defined several projects to aid this growth.”

Al Marri was speaking at the first MENA IPO Summit, which began on Monday (January 23). Last year, Dubai accounted for 40% of all IPO activity in the Gulf region, representing Dh673 billion (US$183 billion). Al Marri said the D33 has set a clear roadmap for companies and investors. Dubai is one of the few cities in the region helping companies accelerate their growth from SMEs to large-scale companies by giving them easy access to capital markets, he added.

DFM’s target – as part of D33 – is to identify 400 high-potential companies to support the capacity building capabilities of SMEs and help them develop into global brands.

Mohammad Al Bastaki, CEO of Emirates NBD Capital, said he is confident international companies will also be listing on Dubai financial markets soon. While he did not share timelines for when this would begin, Dubai’s robust logistics capabilities and the access the Emirate has to great talent will drive international firms to seek local listings.

Dubai is poised to become a Middle Eastern financial hub, offering services such as available in Hong Kong and Singapore, but for the Gulf region. Professional services and financial firms wishing to avail themselves of these opportunities may discuss them with Dezan Shira & Associates Dubai office at dubai@dezshira.com. The firm has over 30 years’ experience of advising foreign investors into Asia.

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Middle East Briefing is produced by Dezan Shira & Associates. We provide foreign investment market intelligence about doing business in the region as well as provide updates on investments into Asia for Middle eastern based international companies from our offices in Dubai. Our firm was established in 1992 and has 28 offices and several hundred research, legal, tax and compliance professionals in our offices through the Asian region.

For assistance with establishing business in the Middle East, or for assistance in analyzing and entering markets elsewhere in Asia, please contact us at dubai@dezshira.com or visit us at www.dezshira.com.

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