Dubai thinking about listing assets including Emirates
The government of Dubai is thinking about listing assets including Emirates Airline, The Sunday Telegraph reported. The newspaper quoted the CEO of the Investment Corporation of Dubai, Mohammed al-Shaibani, who said the government could list stakes in state-controlled companies in London.
Shaibani said Emirates, Dubai Airports, Fly Dubai and Dubai’s aluminium smelting business are all candidates for flotations in the future.
The CEO added that Dubai considers the UK to be strategically important for investment in the future, according to the report. Secondary issues, including on the London Stock Exchange, are a possibility, Shaibani said.
The article noted that Emirates has annual revenues of more than USD 21bn (EUR 15.20bn). The airline is Dubai’s most prized asset, and would sell at a substantial premium in a partial listing, the report said.
Shaibani said Dubai cannot list Emirates now as the airline has value yet to be created, and the government does not want to give up that future value.
Ideally, the Dubai government would prefer to list in Dubai, but with a possible secondary listing in London, according to the report.
Source Sunday Telegraph