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Dubai's Road-Toll Operator Salik to Sell 20% Stake in IPO

One of Salik’s eight toll gates, where 1.6 million vehicles pass daily (Asharq Al-Awsat)
One of Salik’s eight toll gates, where 1.6 million vehicles pass daily (Asharq Al-Awsat)
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Dubai's Road-Toll Operator Salik to Sell 20% Stake in IPO

One of Salik’s eight toll gates, where 1.6 million vehicles pass daily (Asharq Al-Awsat)
One of Salik’s eight toll gates, where 1.6 million vehicles pass daily (Asharq Al-Awsat)

Salik Company, Dubai’s exclusive road-toll operator, announced a plan to proceed with an initial public offering (IPO) and to list its ordinary shares for trading on the Dubai Financial Market (DFM).

This step is a continuation of the privatization program pursued by Dubai and its plans to double the size of its financial market to three trillion dirhams ($816.5 billion) and attract foreign investments.

In a statement on Monday, Salik said that 1.5 billion shares, each with a nominal value of AED0.01, will be made available in the IPO, representing 20% of Salik’s total issued share capital.

It added that the offering comprises Individual Subscribers (first tranche), Professional Investors (second tranche), and Eligible Employees (third tranche).

The subscription period will open on September 13 and is expected to close on September 20 for UAE Retail Investors and on September 21 for Qualified Investors.

According to the statement, Dubai’s government, represented by the Department of Finance (the Selling Shareholder), reserves the right to amend the size of the offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and the approval of the Securities & Commodities Authority (SCA).

The share capital of the Company, as at the date of the listing, has been set at AED75 million ($20.4 million), divided into 7.5 billion shares paid-in-full. The value of each share is AED0.01.

The offer price per share will be determined through, and following, a book building process. Investors participating in the UAE Retail Offering will subscribe for the shares at the offer price.

Following the IPO, Salik intends to pay dividends twice, in April and October of each fiscal year.

It expects to pay a first dividend for H2 2022 by April 2023, and it expects to pay 100% of the net profit, after keeping aside the statutory reserves required by law (statutory reserves expected to amount to AED37.5 million for the first dividend).

Mattar al-Tayer, Chairman of Salik’s Board of Directors, said that Dubai has succeeded in laying a clear economic path and an ambitious growth plan that includes attracting direct strategic investments.

He further stated that the Company is in a prime position to benefit from additional growth opportunities and is designed to ensure efficient operations.

“It is underpinned by an effective regulatory framework that supports future growth, and a business model that requires low capital expenditures. It also boasts cash conversion margins that are considered best-in-class.”

CEO of Salik Ibrahim Sultan al-Haddad, for his part, said that the IPO represents an important milestone in Salik’s journey, as it provides the company with an opportunity to consolidate its success as an exclusive operator of toll gates in Dubai, currently operating eight gates distributed in strategic locations across the busiest corridors of the Emirate.

The Company’s long-term principles and values are centered around customers, the environment, human capital, and modern technologies.

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Business

Saudia to Launch Riyadh-Kozhikode Flights in February

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. Picture taken through a window. REUTERS/Mohamed Abd El Ghany/File Photo
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. Picture taken through a window. REUTERS/Mohamed Abd El Ghany/File Photo
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Saudia to Launch Riyadh-Kozhikode Flights in February

Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. Picture taken through a window. REUTERS/Mohamed Abd El Ghany/File Photo
Saudi Arabian Airlines plane, is seen at the airport of the Red Sea resort of Sharm el-Sheikh, Egypt, August 9, 2021. Picture taken through a window. REUTERS/Mohamed Abd El Ghany/File Photo

Saudia Airlines has added Kozhikode, India, to its network of scheduled international destinations, marking its seventh destination in the country alongside Bangalore, Mumbai, Kochi, Delhi, Hyderabad, and Lucknow, as part of the airline’s strategy to reach new international markets, connect the Kingdom to the world through its modern fleet, and strengthen its global competitive position, SPA reported.

Flights to Kozhikode will begin on February 1, 2026, with four weekly departures from King Khalid International Airport in Riyadh.

Reservations are available through the airline’s website and mobile applications.

The addition of Kozhikode further expands Saudia's growing operational network, which now covers over 100 destinations across four continents and operates more than 550 domestic and international flights daily.

Business

Egypt Signs Renewable Energy Deals Worth $1.8 Billion

The Wolf Moon, the first supermoon of 2026, lights up the night sky in Cairo, Egypt, January 3, 2026. REUTERS/Mohamed Abd El Ghany
The Wolf Moon, the first supermoon of 2026, lights up the night sky in Cairo, Egypt, January 3, 2026. REUTERS/Mohamed Abd El Ghany
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Egypt Signs Renewable Energy Deals Worth $1.8 Billion

The Wolf Moon, the first supermoon of 2026, lights up the night sky in Cairo, Egypt, January 3, 2026. REUTERS/Mohamed Abd El Ghany
The Wolf Moon, the first supermoon of 2026, lights up the night sky in Cairo, Egypt, January 3, 2026. REUTERS/Mohamed Abd El Ghany

Egypt has signed renewable energy deals worth a combined $1.8 billion, state TV reported on Sunday.

Among the deals were contracts with Norwegian renewable energy developer Scatec and China's Sungrow.

Egypt hopes to have renewable energy reach 42% of its electricity generation mix by 2030, but officials say the goal will be ⁠at risk without more international support.

The first project will be the construction by Scatec of a solar energy plant to generate electricity and energy storage stations in Upper Egypt's Minya, ⁠an Egyptian cabinet statement said.

It would have a generation capacity of 1.7 gigawatts supported by battery storage systems with total capacity of 4 gigawatt hours.

A second project will be a Sungrow factory to manufacture energy storage batteries at the Suez Canal Economic Zone. A share of the factory's output ⁠would be supplied to the first project, the cabinet said.

The deals also include power purchase agreements, with Scatec signing a deal for total capacity of 1.95 gigawatts and 3.9 gigawatt hours of battery storage systems, the Norwegian company said in a statement.

Business

Iraq Says Gas Flaring to Reach Zero by End-2028

Iraq’s Prime Minister Mohammed Shia al-Sudani inspects the electricity ministry pavilion at the Iraq Energy Exhibition and Conference
Iraq’s Prime Minister Mohammed Shia al-Sudani inspects the electricity ministry pavilion at the Iraq Energy Exhibition and Conference
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Iraq Says Gas Flaring to Reach Zero by End-2028

Iraq’s Prime Minister Mohammed Shia al-Sudani inspects the electricity ministry pavilion at the Iraq Energy Exhibition and Conference
Iraq’s Prime Minister Mohammed Shia al-Sudani inspects the electricity ministry pavilion at the Iraq Energy Exhibition and Conference

Iraq’s Prime Minister Mohammed Shia al-Sudani stated on Saturday that the government is moving forward with the development of clean and renewable energy sectors.

Speaking at the opening of the Iraq Energy Exhibition and Conference, al-Sudani said Iraq has made significant progress in capturing associated gas, with the rate of flaring reduced by more than 72%.

He said flaring will be fully eliminated by the end of 2028.

“We have infrastructure projects at the level of the Ministry of Oil that ensure export capacity and the diversification of export outlets,” al-Sudani said, according to the Iraqi News Agency.

He added that Iraq is holding talks with international companies to invest in associated gas and free gas in oil fields and exploration blocks, expressing hope that the conference would help reinforce this direction. He said the government has also moved toward establishing a permanent platform to secure Iraq’s gas needs through imports or future exports.

Al-Sudani stated that the Ministry of Electricity is working to increase power generation under an ambitious plan that exceeds 57,000 megawatts through the Siemens and GE project.

He added that the ministry is also advancing renewable energy projects, both large and small, with a plan at the district and subdistrict levels in Baghdad and other provinces to transition to renewable energy, which is expected to be implemented by next summer.

He said the government is placing strong emphasis on both conventional and renewable energy in a way that ensures sustainable development.

Al-Sudani stated that the exhibition showcases Iraq’s position as a promising market with significant opportunities in the energy sector, through various projects, partnerships, and investment opportunities.

He said the government has made significant progress in boosting energy production through major oil projects in partnership with global companies, including TotalEnergies and BP, adding that talks are ongoing with ExxonMobil, Chevron, and other international firms.

Talks with Chevron

Iraq’s Oil Minister Hayan Abdul Ghani said talks are underway with Chevron regarding the West Qurna 2 oil field, which is operated by Lukoil and represents the company’s largest foreign asset.

Chevron and Exxon Mobil are among the potential bidders for Lukoil’s overseas assets following the imposition of US sanctions on the Russian oil producer.

Speaking to reporters after the opening of the energy exhibition and conference, Abdul Ghani stated that negotiations with Chevron over the West Qurna 2 field in Basra province are ongoing.

He added that Basra Oil Company, the second partner in the field, has not yet taken over operations following Lukoil’s withdrawal.

Al-Sudani opened the 11th edition of the Iraq Energy Exhibition and Conference in Baghdad on Saturday, with the participation of more than 450 local, Arab, and international companies specializing in energy and investment.

The event runs for three days.

The Iraqi Company for Exhibitions and Commercial Services said the conference, held at the Baghdad International Fairgrounds from Jan. 10 to 12, will feature panel discussions, specialized workshops, and meetings aimed at supporting the energy sector and expanding partnership and investment opportunities, with participation from more than 450 companies.

Iranian gas

Iraq’s Ministry of Electricity said there are no indications that Iranian gas supplies will resume soon.

A ministry spokesperson stated that media outlets were notified via a message from Iran on Telegram, which indicated that gas supplies had been halted due to low temperatures and Tehran’s domestic gas needs.

Iraq announced in December that Iranian gas supplies had ceased, resulting in the shutdown of some power generation units and load reductions at others. The Ministry of Electricity said the grid lost between 4,000 and 4,500 megawatts as a result.

Iran supplies between 30% and 40% of Iraq’s gas and electricity needs.

Electricity ministry officials previously stated that peak winter demand in Iraq reaches approximately 48,000 megawatts, while domestic production stands at around 27,000 megawatts, forcing the country to rely on imports to bridge the gap.