Dubai's initial public offering of 10 state-owned companies will be a catalyst for growth as the emirate looks to double the size of its capital market to Dh3 trillion ($817 billion) and attract foreign investment, analysts say.
The move to list government-related entities will broaden sectors of the economy represented on the Dubai Financial Market, increase liquidity, which will in turn boost investor confidence.
“Dubai’s proposed listing of 10 state-owned companies can be a positive catalyst for the DFM,” said Tarek Fadlallah, chief executive of Nomura Asset Management in the Middle East.
Dubai Water and Electricity Authority (Dewa), the government-owned utility company, will be the first government entity to IPO on the DFM in the “coming months”, Sheikh Maktoum bin Mohammed, Deputy Prime Minister and Minister of Finance said on Twitter on Tuesday.
The Dewa IPO plans come a day after Sheikh Maktoum announced Dubai's intention to list 10 companies as well as set up a Dh2bn market maker fund to encourage more private companies to list from sectors such as energy, logistics and retail to broaden the emirate’s bourse.
The DFM exchange is currently dominated by financial services and real estate companies.
“The strategy of the UAE government overall, especially after the pandemic, was to expand the capital markets and make them reflect the actual GDP,” said Ali El Adou, head of asset management at Dubai-based Daman Investments.
“This is the most important element, as a healthy stock market reflects a healthy economy. This is what is key here in what the [Dubai] government is trying to do.”
The UAE has bounced back strongly from the pandemic that tipped the global economy into its deepest recession since the 1930s. The Arab world’s second-largest economy — which is expected to expand 2.1 per cent this year, central bank data shows — is improving financial and commercial sector regulations as part of its drive to boost foreign investment.
Dubai, the commercial and tourism hub of the Middle East, has also rebounded from the global slowdown that disrupted the travel and tourism sectors — two of the main contributors to the emirate's economy.
The mass inoculation drive, government support measures and the hosting of the six-month Expo 2020 trade fair is reaping dividends for the emirate’s economy. Dubai's economy is expected to grow 3.1 per cent this year, government data shows.
By broadening the representation of economic sectors on the DFM, the government will “narrow” the “deviation between the market and the economy”, said Mazen Al Sudairi, head of research at Al Rajhi Capital in Riyadh.
“Adding the new businesses” is a step in the right direction, which has happened in Saudi Arabia with listings of Acwa Power and Solutions by STC, the internet arm of Saudi Telecom, he said.
“This is a global trend; it’s happening everywhere,” Mr Al Sudairi said.
IPOs in the six-member economic bloc of the GCC have picked up pace as the region recovers from the economic slowdown and government and private sector companies tap capital markets for funds.
Acwa Power, which raised $1.2bn from investors through its public float, and Solutions by STC are among this year's prominent listings on Saudi Arabia's Tadawul, the Arab world’s biggest bourse.
In Abu Dhabi, the emirate's bourse has seen record trading performance this year, with its market capitalisation rising beyond Dh1.48tn. It is among the best-performing global exchanges, with the benchmark rising more than 51 per cent since the beginning of the year.
The ADX has also attracted high-profile listings in the past few months, including the public float of Al Yah Satellite Communications and Adnoc Drilling. Abu Dhabi Ports Company, which operates ports, industrial cities and free zones in Abu Dhabi, is also expected to list before the end of this year.
Mr Adou expects at least one IPO on the Dubai bourse this year and more state-owned entities to list in the first six months of 2022.
“What’s interesting about the UAE is the execution [of the plan] and this is what the UAE is known for,” he said.
“Towards the end of the year, you might see an IPO coming [on the DFM], at least one, and in the next year, most of the [IPO] pipeline, a very good portion of the pipeline … by the first half,” he added.
Dubai’s proposed listing of 10 state-owned companies can be a positive catalyst for the DFM
Tarek Fadlallah,
chief executive, Nomura Asset Management, Middle East
The proposed listings will also help the government unlock value in the state-owned companies and open up more channels for foreign investors, Mr Adou and Mr Al Sudairi said.
“We are part of the emerging market indexes globally and when you list such entities, you will have additional flows from institutional investors,” Mr Adou said.
“This will help in increasing exposure of international investors to the market”, bringing the market on the radar of both passive and active portfolio managers, he added.
On Monday, Sheikh Maktoum said the emirate will also set up a Dh1bn fund to attract more technology companies to list on the DFM, which will encourage more innovation.
“The quality of an index depends on the quality of the companies listed and the impact will depend on which companies are listed,” said Scott Livermore, chief economist at Oxford Economics Middle East.
“The key will be to make sure that the index has a sustained improvement in performance.”
Dubai’s Securities and Exchange Higher Committee has also approved the formation of Dubai Markets Supervisory Committee and specialised courts for capital markets, Dubai Media Office said on Monday.
The committee will study a regulatory framework to attract new digital assets to operate from Dubai and will support environmental, social and governance factors as well as reporting on operations.
MATCH INFO
Uefa Champions League, last 16, first leg
Ajax v Real Madrid, midnight (Thursday), BeIN Sports
COMPANY PROFILE
Name: Lamsa
Founder: Badr Ward
Launched: 2014
Employees: 60
Based: Abu Dhabi
Sector: EdTech
Funding to date: $15 million
Poacher
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Recipe
Garlicky shrimp in olive oil
Gambas Al Ajillo
Preparation time: 5 to 10 minutes
Cooking time: 5 minutes
Serves 4
Ingredients
180ml extra virgin olive oil; 4 to 5 large cloves of garlic, minced or pureed (or 3 to 4 garlic scapes, roughly chopped); 1 or 2 small hot red chillies, dried (or ¼ teaspoon dried red chilli flakes); 400g raw prawns, deveined, heads removed and tails left intact; a generous splash of sweet chilli vinegar; sea salt flakes for seasoning; a small handful of fresh flat-leaf parsley, roughly chopped
Method
▶ Heat the oil in a terracotta dish or frying pan. Once the oil is sizzling hot, add the garlic and chilli, stirring continuously for about 10 seconds until golden and aromatic.
▶ Add a splash of sweet chilli vinegar and as it vigorously simmers, releasing perfumed aromas, add the prawns and cook, stirring a few times.
▶ Once the prawns turn pink, after 1 or 2 minutes of cooking, remove from the heat and season with sea salt flakes.
▶ Once the prawns are cool enough to eat, scatter with parsley and serve with small forks or toothpicks as the perfect sharing starter. Finish off with crusty bread to soak up all that flavour-infused olive oil.
The biog
Favourite food: Fish and seafood
Favourite hobby: Socialising with friends
Favourite quote: You only get out what you put in!
Favourite country to visit: Italy
Favourite film: Lock Stock and Two Smoking Barrels.
Family: We all have one!
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
Timeline
2012-2015
The company offers payments/bribes to win key contracts in the Middle East
May 2017
The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts
September 2021
Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act
October 2021
Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence
December 2024
Petrofac enters into comprehensive restructuring to strengthen the financial position of the group
May 2025
The High Court of England and Wales approves the company’s restructuring plan
July 2025
The Court of Appeal issues a judgment challenging parts of the restructuring plan
August 2025
Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision
October 2025
Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange
November 2025
180 Petrofac employees laid off in the UAE
The%20specs%3A%202024%20Mercedes%20E200
%3Cp%3E%3Cstrong%3EEngine%3A%20%3C%2Fstrong%3E2.0-litre%20four-cyl%20turbo%20%2B%20mild%20hybrid%0D%3Cbr%3E%3Cstrong%3EPower%3A%20%3C%2Fstrong%3E204hp%20at%205%2C800rpm%20%2B23hp%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETorque%3A%20%3C%2Fstrong%3E320Nm%20at%201%2C800rpm%20%2B205Nm%20hybrid%20boost%0D%3Cbr%3E%3Cstrong%3ETransmission%3A%20%3C%2Fstrong%3E9-speed%20auto%0D%3Cbr%3E%3Cstrong%3EFuel%20consumption%3A%20%3C%2Fstrong%3E7.3L%2F100km%0D%3Cbr%3E%3Cstrong%3EOn%20sale%3A%20%3C%2Fstrong%3ENovember%2FDecember%0D%3Cbr%3E%3Cstrong%3EPrice%3A%20%3C%2Fstrong%3EFrom%20Dh205%2C000%20(estimate)%3C%2Fp%3E%0A
UAE currency: the story behind the money in your pockets
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Founders: Abdulmajeed Alsukhan, Turki Bin Zarah and Abdulmohsen Albabtain.
Based: Riyadh
Offices: UAE, Vietnam and Germany
Founded: September, 2020
Number of employees: 70
Sector: FinTech, online payment solutions
Funding to date: $116m in two funding rounds
Investors: Checkout.com, Impact46, Vision Ventures, Wealth Well, Seedra, Khwarizmi, Hala Ventures, Nama Ventures and family offices
Understand What Black Is
The Last Poets
(Studio Rockers)
Royal wedding inspired menu
Ginger, citrus and orange blossom iced tea
Avocado ranch dip with crudites
Cucumber, smoked salmon and cream cheese mini club sandwiches
Elderflower and lemon syllabub meringue
Generation Start-up: Awok company profile
Started: 2013
Founder: Ulugbek Yuldashev
Sector: e-commerce
Size: 600 plus
Stage: still in talks with VCs
Principal Investors: self-financed by founder
SPEC%20SHEET%3A%20APPLE%20M3%20MACBOOK%20AIR%20(13%22)
%3Cp%3E%3Cstrong%3EProcessor%3A%3C%2Fstrong%3E%20Apple%20M3%2C%208-core%20CPU%2C%20up%20to%2010-core%20CPU%2C%2016-core%20Neural%20Engine%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EDisplay%3A%3C%2Fstrong%3E%2013.6-inch%20Liquid%20Retina%2C%202560%20x%201664%2C%20224ppi%2C%20500%20nits%2C%20True%20Tone%2C%20wide%20colour%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EMemory%3A%3C%2Fstrong%3E%208%2F16%2F24GB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStorage%3A%3C%2Fstrong%3E%20256%2F512GB%20%2F%201%2F2TB%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EI%2FO%3A%3C%2Fstrong%3E%20Thunderbolt%203%2FUSB-4%20(2)%2C%203.5mm%20audio%2C%20Touch%20ID%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EConnectivity%3A%3C%2Fstrong%3E%20Wi-Fi%206E%2C%20Bluetooth%205.3%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBattery%3A%3C%2Fstrong%3E%2052.6Wh%20lithium-polymer%2C%20up%20to%2018%20hours%2C%20MagSafe%20charging%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ECamera%3A%3C%2Fstrong%3E%201080p%20FaceTime%20HD%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EVideo%3A%3C%2Fstrong%3E%20Support%20for%20Apple%20ProRes%2C%20HDR%20with%20Dolby%20Vision%2C%20HDR10%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EAudio%3A%3C%2Fstrong%3E%204-speaker%20system%2C%20wide%20stereo%2C%20support%20for%20Dolby%20Atmos%2C%20Spatial%20Audio%20and%20dynamic%20head%20tracking%20(with%20AirPods)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EColours%3A%3C%2Fstrong%3E%20Midnight%2C%20silver%2C%20space%20grey%2C%20starlight%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIn%20the%20box%3A%3C%2Fstrong%3E%20MacBook%20Air%2C%2030W%2F35W%20dual-port%2F70w%20power%20adapter%2C%20USB-C-to-MagSafe%20cable%2C%202%20Apple%20stickers%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EPrice%3A%3C%2Fstrong%3E%20From%20Dh4%2C599%3C%2Fp%3E%0A
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
Our legal consultant
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants
UAE currency: the story behind the money in your pockets
Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
