Dubai transport authority picks Rothschild & Co for asset review -sources (updated)

Rothschild & Co SCA

07/07/2023 06:00

(Repeats to additional subscribers with no changes)
    By Hadeel Al Sayegh
       DUBAI, July 7 (Reuters) - Dubai's Roads and Transport
Authority (RTA) has selected Rothschild & Co  ROTH.PA  to advise
on the strategic review of its assets, two sources close to the
matter said on Thursday.
    The transport regulator is considering an initial public
offering of Dubai Taxi Corp and its public parking business,
said the sources, who declined to be named as the matter is not
public.
    The RTA and Rothschild & Co did not respond immediately to a
request for comment.
    The authority last year raised $1 billion and drew orders of
$50 billion for a 24.9% stake in a public share sale of its
toll-road business Salik  SALIK.DU .
    Dubai raised nearly $8.5 billion from five IPOs last year,
fuelled by a government privatisation plan to list 10
state-linked companies to boost stock market activity.
    Future IPO candidates could include energy company ENOC and
airport services provider dnata.
    Reuters reported in June that the RTA invited boutique banks
to pitch for an advisory role in a strategic review of its
assets, including a possible IPO of its taxi business.
    The authority was also looking at potential options for its
public parking assets and the Nol card, which passengers use to
pay for public transport across the emirate.   
    Companies in the region raised $21.9 billion through IPOs
last year, more than half the total for the wider Europe, Middle
East and Africa region, Dealogic data shows.

 (Reporting by Hadeel Al Sayegh; editing by Jonathan Oatis and
Josie Kao)
 ((Hadeel.AlSayegh@thomsonreuters.com; +971566883310;))