Dubai Sky Line (Getty Images)
Dubai plans to encourage private and family-owned businesses to list on its stock market as the business hub seeks to catch up with Abu Dhabi and Riyadh in the Middle East IPO rush.
The city merged its economic and tourism departments on Saturday, and one of the main tasks of the new entity is to encourage private and family businesses to sell shares on the Dubai Stock Exchange, according to a statement.
Over the past week, Dubai has taken a series of measures aimed at attracting listings to the city and catching up with regional rivals which have attracted billions of dollars over the past year. This included the overhaul of the board of the local stock exchange and plans to list the state utility DEWA – one of 10 slated for the next few months.
Well-known private and family businesses in Dubai include Majid Al Futtaim Holding, the operator of Carrefour SA stores in the Middle East, and Al Khaleej Sugar Co., owner of the world’s largest port-based sugar refiner. .
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