Dubai startup investor iMENA aims for IPO early 2023 – are UAE’s IT firms ready for the stock market?

Dubai startup investor iMENA aims for IPO early 2023 – are UAE’s IT firms ready for the stock market?

Dubai: The UAE’s technology sector could finally get a presence on the local stock market, with the tech investment firm iMENA looking at a potential IPO and listing on ADX early 2023. iMENA has built a portfolio of investments in online entities such as sellanycar.com, opensooq.com (into online classified), Telr (payment gateway) and ReserveOut (for F&B booking). “iMENA’s model as a permanent capital platform - not a VC or PE investor - means that we already have a number of businesses in which we are long-term investors and partners,” said Khaldoon Tabaza, founder. “(And) helping them benefit from this explosive growth and value creation opportunity. “We are on the cusp of a digital revolution as the region – the digital economy here is expected to be worth around $269 billion in the next five years as we see an acceleration of tech adoption. We believe that as an internet growth proxy for investors, we would represent an attractive investment proposition were we to pursue an IPO.” iMENA, founded in 2013, has its headquarters in Dubai. Some of its investments such as sellanycar.com have built the required visibility in the UAE and has taken its business model into other regional markets