Dubai: RTA picks banks for taxi and parking IPOs

Dubai: RTA picks banks for taxi and parking IPOs

The government plans to sell shares in the taxi business as soon as this year, while the parking unit's listing is slated to follow next year, Bloomberg News reported last month.

More banks may be added to the syndicates at a later stage, the people said. Representatives for BofA, ENBD, Goldman Sachs, Citigroup and HSBC declined to comment. The RTA didn't immediately respond to requests for comment.

The transport authority is exploring options to monetize more of its assets after Dubai's government, its owner, raised $1 billion from an IPO of the city's road-toll operator, Salik Co., in 2022. That deal drew $50 billion in orders and Salik shares have risen about 57 per cent from their offer price, outperforming Dubai's other state listings from last year.