Dubai 'mulls listing key state firms'
London, March 2, 2014
Dubai is considering listing some of its prized state-controlled companies, including Emirates Airline, a report quoting a senior official said.
Mohammed Al Shaibani, Dubai’s finance chief, was quoted by the report in UK's The Telegraph as saying some of the state-owned companies could also be partially floated on the London Stock Exchange.
He told the newspaper that there are a lot of entities in Dubai that can go public and "that should be a fantastic way to raise capital if we need it."
Al Shaibani, who is the chief executive of the Investment Corporation of Dubai, said Emirates, Fly Dubai, Dubai Airports and the emirate's aluminium smelting company were among a list of government related entities (GREs) that could all be sold to the public at some point to raise funds.
Emirates, with annual revenues exceeding $21 billion, is the jewel in Dubai’s business empire, the report said.
“We are dead serious. I cannot list it [Emirates] now because there is still value to be created there. We don’t want to give away value just like that,” he said.