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UAE to list Salik road toll system on Dubai financial market
Government to also disclose names of remaining eight state-backed companies in due course of time
File photo
The UAE on Saturday announced plans to list Salik road toll system on the Dubai financial market, its top official says.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, and Deputy Prime Minister and Minister of Finance of the UAE, said on Twitter that the Dubai's road toll system will be next to go in public after the Dubai Electricity and Water Authority.
“At the Committee for the Development of Capital Markets and Exchanges in Dubai, we approved a plan for the listing of the electronic toll road system (Salik) on the Dubai Financial Market. Salik is a successful project with huge investment potential,” Sheikh Maktoum tweeted.
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The UAE was taking the step in order to diversify the government companies which are listed on the market, he added.
Sets sight on Dh3t market
The Dubai Securities and Exchange Higher Committee said listing of Salik on Dubai Financial Market is part of the committee’s strategy to increase the size of the stock market in the Emirate to Dh3 trillion in the coming period.
Earlier, the government announced plan to list 10 state-backed companies on Dubai Financial Market to increase liquidity in the market.
Who comes next
Analysts said the latest initiative is aimed at making Dubai a more competitive market against bigger bourses in the region that are seeing larger listings and strong liquidity.
Inside market sources said Dubai government will also disclose the names of the remaining eight state-backed companies in due course of time.
“The government has developed some reputable brands over a period of time. Emirates airline, flydubai, dnata, Roads and Transport Authority (RTA), Enoc, and Jumeirah will be potential candidates for listing on Dubai Financial Markets and can attract investors,” sources said.
Salik holds premier infrastructure assets
The Salik toll system is one of Dubai’s premier infrastructure assets, with robust traffic volumes. The system, introduced by the RTA in 2007, utilises the latest technologies to facilitate smooth traffic flows.
The eight Salik toll gates, Al Barsha, Al Garhoud, Al Maktoum, Al Mamzar South, Al Mamzar North, Al Safa, Airport Tunnel and Jebel Ali, aim to reduce traffic congestion, encourage the use of public transportation and the use of alternative roads.
The number of vehicles registered in the Salik toll system is three million, out of which 1.8 million are registered in Dubai.
The Securities and Exchange Higher Committee’s strategy seeks to list government and state-owned companies on the Dubai Financial Market (DFM) as part of accelerating new listings in various sectors including energy, logistics and retail, in addition to adopting innovative financial tools and instruments that can respond to the current needs of investors.
— muzaffarrizvi@khaleejtimes.com
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