Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, has issued a regulation to turn the emirate’s road toll operator Salik into a public joint stock company before its potential initial public offering.
Under the Law No. (12) of 2022, the government of Dubai owns all the shares of Salik Company, the Dubai Media Office said in a statement on Wednesday.
“The Executive Council of Dubai is authorised to determine the percentage of shares that can be offered for subscription either through an IPO or private placement,” the statement said.
The company will have “legal, financial and administrative autonomy to carry out its activities and achieve its objectives”, it added.
It did not specify when or what percentage of shares the government plans to sell in Salik.
Dubai announced plans in November to list 10 state-owned companies to increase the size of its financial market to Dh3 trillion ($816.8 billion), as well as set up a Dh2bn market maker fund to encourage the listing of more private companies from sectors such as energy, logistics and retail.
Officials said last year that Salik will be among the public entities listed on the Dubai Financial Market.
Last week, the emirate announced the listing of 12.5 per cent of Tecom Group, the operator of business districts that are home to more than 7,800 companies, on the DFM.
Dubai Holding will sell 625 million shares in Tecom, which comprises 10 business districts that include Dubai Internet City, Dubai Media City and Dubai Design District, the company said at the time.
The price range for the listing will be announced on June 16, the same day when the IPO subscription starts.
The Tecom listing follows the share sale of the Dubai Electricity and Water Authority in April. The utility, with business activities including electricity generation, transmission and distribution, water desalination and district cooling, was the first government entity to list on the DFM.
Dewa raised Dh22.41bn from its IPO, making it the largest public float in the Middle East and Europe since Saudi Aramco went public in 2019.
Effective from the date of its issuance, the new legislation announced on Wednesday sets up Salik Company with a 99-year term, which renews automatically for the same period as per the company’s articles of association.
The company, which has its headquarters in Dubai, can open branches and offices inside and outside the emirate, according to the statement.
The Executive Council of Dubai is authorised to determine the percentage of shares that can be offered for subscription either through an initial public offering or private placement
The Dubai Government Media Office
The emirate’s Roads and Transport Authority (RTA) is authorised to outsource all or part of Salik’s functions related to the operation and management of toll gates.
“Pursuant to the law, proceeds from toll gates, including fees and fines, will be transferred to the company as per the concession contract signed between RTA and Salik,” the Media Office said.
Existing toll gates in Dubai can be removed or modified subject to a decree by the chairman of Dubai Executive Council. New toll gates can also be added subject to the council’s approval, once RTA conducts a “comprehensive traffic study in coordination with Salik”.
“Salik is exclusively authorised to operate, manage and develop the traffic toll system in Dubai,” the statement said.
The company is also responsible for implementing legislation related to toll gates and the development, operation and management of traffic systems as per contracts in Dubai and outside the emirate, it added.
Specs
Engine: 51.5kW electric motor
Range: 400km
Power: 134bhp
Torque: 175Nm
Price: From Dh98,800
Available: Now
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Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
UAE currency: the story behind the money in your pockets
FIXTURES
All kick-off times 10.45pm UAE ( 4 GMT)
Tuesday
Mairobr v Liverpool
Spartak Moscow v Sevilla
Feyenoord v Shakhtar Donetsk
Manchester City v Napoli
Monaco v Besiktas
RB Leipzig v Porto
Apoel Nicosia v Borussia Dortmund
Real Madrid v Tottenham Hotspur
Wednesday
Benfica v Manchester United
CSKA Moscow v Basel
Bayern Munich v Celtic
Anderlecht v Paris Saint-Germain
Qarabag v Atletico Madrid
Chelsea v Roma
Barcelona v Olympiakos
Juventus v Sporting Lisbon
GAC GS8 Specs
Engine: 2.0-litre 4cyl turbo
Power: 248hp at 5,200rpm
Torque: 400Nm at 1,750-4,000rpm
Transmission: 8-speed auto
Fuel consumption: 9.1L/100km
On sale: Now
Price: From Dh149,900
The specs
Engine: Four electric motors, one at each wheel
Power: 579hp
Torque: 859Nm
Transmission: Single-speed automatic
Price: From Dh825,900
On sale: Now
MATCH INFO
Uefa Champions League, last 16, first leg
Ajax v Real Madrid, midnight (Thursday), BeIN Sports
UAE%20set%20for%20Scotland%20series
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Killing of Qassem Suleimani
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Sole survivors
- Cecelia Crocker was on board Northwest Airlines Flight 255 in 1987 when it crashed in Detroit, killing 154 people, including her parents and brother. The plane had hit a light pole on take off
- George Lamson Jr, from Minnesota, was on a Galaxy Airlines flight that crashed in Reno in 1985, killing 68 people. His entire seat was launched out of the plane
- Bahia Bakari, then 12, survived when a Yemenia Airways flight crashed near the Comoros in 2009, killing 152. She was found clinging to wreckage after floating in the ocean for 13 hours.
- Jim Polehinke was the co-pilot and sole survivor of a 2006 Comair flight that crashed in Lexington, Kentucky, killing 49.
Naga
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COMPANY PROFILE
Name: Cofe
Year started: 2018
Based: UAE
Employees: 80-100
Amount raised: $13m
Investors: KISP ventures, Cedar Mundi, Towell Holding International, Takamul Capital, Dividend Gate Capital, Nizar AlNusif Sons Holding, Arab Investment Company and Al Imtiaz Investment Group
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Company profile
Date started: 2015
Founder: John Tsioris and Ioanna Angelidaki
Based: Dubai
Sector: Online grocery delivery
Staff: 200
Funding: Undisclosed, but investors include the Jabbar Internet Group and Venture Friends
The specs
Engine: 2-litre or 3-litre 4Motion all-wheel-drive Power: 250Nm (2-litre); 340 (3-litre) Torque: 450Nm Transmission: 8-speed automatic Starting price: From Dh212,000 On sale: Now
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
The specs
Engine: 2-litre 4-cylinder and 3.6-litre 6-cylinder
Power: 220 and 280 horsepower
Torque: 350 and 360Nm
Transmission: eight-speed automatic
Price: from Dh136,521 VAT and Dh166,464 VAT
On sale: now
TO A LAND UNKNOWN
Director: Mahdi Fleifel
Starring: Mahmoud Bakri, Aram Sabbah, Mohammad Alsurafa
Rating: 4.5/5
The biog
First Job: Abu Dhabi Department of Petroleum in 1974
Current role: Chairperson of Al Maskari Holding since 2008
Career high: Regularly cited on Forbes list of 100 most powerful Arab Businesswomen
Achievement: Helped establish Al Maskari Medical Centre in 1969 in Abu Dhabi’s Western Region
Future plan: Will now concentrate on her charitable work
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The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Elvis
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Results:
6.30pm: Maiden Dh 165,000 1,400m.
Winner: Walking Thunder, Connor Beasley (jockey), Ahmad bin Harmash (trainer).
7.05pm: Handicap (rated 72-87) Dh 165,000 1,600m.
Winner: Syncopation, George Buckell, Doug Watson.
7.40pm: Maiden Dh 165,000 1,400m.
Winner: Big Brown Bear, Pat Dobbs, Doug Watson.
8.15pm: Handicap (75-95) Dh 190,000 1,200m.
Winner: Stunned, Pat Dobbs, Doug Watson.
8.50pm: Handicap (85-105) Dh 210,000 2,000m.
Winner: New Trails, Connor Beasley, Ahmad bin Harmash.
9.25pm: Handicap (75-95) Dh 190,000 1,600m.
Winner: Pillar Of Society, Pat Dobbs, Doug Watson.
