Dubai’s Roads and Transport Authority (RTA) has planned to hire investment banks for the arrangement of road-toll system Salik Initial Public Offering (IPO).
The RTA has chosen Bank of America’s securities arm, EmiratesNBD, and Goldman Sachs to advise on the initial public offering, said the sources, declining to be named as the matter is not public.
Dubai’s RTA did not immediately respond to a Reuters request for comment.
Bank of America, Emirates NBD, and Goldman Sachs declined to comment.
Dubai’s deputy ruler, Sheikh Maktoum Bin Mohammed, in November, announced plans to take Salik public amid efforts to boost stock market activity by listing 10 government-linked companies.
The Salik road toll system was launched in 2007 by the RTA to ease traffic congestion on the Sheikh Zayed highway and shore up state revenues.
Salik has eight toll gates and 3 million registered vehicles, out of which 1.8 million are registered in Dubai, according to the Dubai Media office.
Dubai Electricity & Water Authority (DEWA) is expected to launch its initial public offering next month, with a listing on the Dubai Financial Market likely to be in April, Reuters reported on Feb. 22, citing sources.
