Markets Dubai’s transport authority picks asset review advisor By Reuters July 7, 2023 WAM The transport regulator is considering an initial public offering of Dubai Taxi Corporation and its public parking business Dubai’s Roads and Transport Authority (RTA) has selected Rothschild & Co 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 Corporation 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 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. 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.