Some Dubai Holding firms to take IPO route |
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Some Dubai HoldingDubai Holding
companies will issue IPOs in the next two years, the Minister of State for Cabinet Affairs and Chairman of the Board of Dubai HoldingDubai Holding has said. Mohammed Al Gergawi said: "We believe that various [Dubai] Holding companies can be publicly offered, especially now that they all enjoy solid performance and highly transparent hawkama [corporate governance] systems." Gergawi, however, denied plans for any initial public offering in the next few months. "We are currently working in co-operation with an international company on the IPOs of some Dubai HoldingDubai Holding-affiliated companies, and most likely they are the real estate ones [such as Dubai PropertiesDubai Properties and Sama Dubai]Sama Dubai] as well as Jumeirah International hospitality company, whose shares may be offered in the coming two years."
Gergawi told Al Arabiya television in Davos, Switzerland, where he attended the World Economic Forum, that "Dubai HoldingDubai Holding companies have implemented high-level management systems and hawkama. They are performing well and have good profits."
The Minister said the real estate sector in Dubai would not suffer a setback. "Demand for real estate will remain high; Dubai has become a financial capital that serves a population of 1.5 billion. Leading companies are here. It is attracting talent from all over the world," he said.
"The local economy is witnessing strong growth, and all these factors will redouble demand for real estate in the coming years."
By Staff Writer
© Emirates Business 24/7 2008
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