Emirates NBD revives equities business with Dubai IPOs

Emirates NBD revives equities business with Dubai IPOs

Dubai’s biggest lender helped run the IPOs of Dubai Electricity and Water Authority, business park operator Tecom and toll-road operator Salik, which have collectively raised over $7.5 billion

ENBD climbed to claim the sixth-highest fees from Gulf IPOs from 12th last year, making about $14.55 million so far this year and $4.85 million in 2021, according to Refinitiv data. — File photo

By Reuters Published: Fri 21 Oct 2022, 4:35 PM Last updated: Fri 21 Oct 2022, 4:36 PM

Emirates NBD won a lead spot on all Dubai initial public offerings this year, boosting its fees and reviving a long-dormant business in the face of stiff competition from local and international banks.

Dubai’s biggest lender, majority owned by Dubai’s government, helped run the IPOs of Dubai Electricity and Water Authority, business park operator Tecom and toll-road operator Salik, which have collectively raised over $7.5 billion.

ENBD climbed to claim the sixth-highest fees from Gulf IPOs from 12th last year, making about $14.55 million so far this year and $4.85 million in 2021, according to Refinitiv data.

HSBC ranks first while Saudi National Bank and Riyad Bank are second and third, the data showed.

ENBD, the United Arab Emirates’ second biggest lender by assets, is known for its