Dubai to list 'Salik' road toll system on financial market

Salik has eight toll gates and 3 million registered vehicles

  

DUBAI/CAIRO: Dubai plans to list its "Salik" road toll system on the Dubai Financial Market, the emirates's deputy ruler, Sheikh Maktoum Bin Mohammed, said on Twitter on Saturday.

Dubai was taking the step to diversify the government companies that are listed on the market, he added.

Salik becomes the second candidate announced in the past month among 10 government-linked companies that are slated for listing as part of plans to boost stock market activity.

Dubai Electricity & Water Authority (DEWA) was the first. Dubai Holding was considering taking business parks operator Tecom Group public, sources told Reuters last week. 

The Salik road toll system was launched in 2007 by the Roads and Transport Authority with the purpose of easing traffic congestion on Sheikh Zayed highway and shoring 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.

The listing plans are aimed at making Dubai a more competitive market with bigger bourses in Saudi Arabia and neighbouring Abu Dhabi that are attracting larger listings and strong liquidity.

(Reporting by Hadeel Al Sayegh; Writing by Yomna Ehab; Editing by Alexander Smith and Edmund Klamann)


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