Markets Dubai invites IPO pitches for taxi and parking assets By Reuters July 21, 2023, 5:26 AM Media 247 Media 247, in which Multiply Group has acquired a 55% stake, provides advertising wraps for Dubai's red-top and airport taxis Dubai’s Roads and Transport Authority has invited investment banks to pitch for roles in the planned initial public offerings of its taxi and parking businesses, two sources with knowledge of the matter told Reuters. The RTA is targeting the first of the two potential public share sales, in the Dubai Taxi Corporation, to take place around December or January, said the sources, declining to be named as the matter is not public. Dubai’s transport authority picks asset review advisor Billions needed to make Hyperloop a reality The RTA did not immediately respond to a request for comment from Reuters. It has appointed Rothschild & Co to advise on a strategic review of its assets, which include its taxi and public parking businesses, Reuters reported on July 7, citing sources familiar with the matter. RTA is also looking at options for its Nol card, which passengers use to pay for public transport, and is expected to appoint Dubai lender Emirates NBD for the two potential IPOs, two sources said, according to the July 7 report. Dubai has become one of the world’s fastest-growing cities, recording a population of 3.6 million at July 5, according to the emirate’s statistics centre. The RTA last year raised $1 billion and drew orders of $50 billion for a 24.9 percent stake in a public share sale of its toll-road business Salik. 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. 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.