Dubai may IPO Emirates, the airline that transformed its economy

Dubai may sell shares in its flagship carrier Emirates, which helped transform the city into a global hub for commerce, just as coronavirus restrictions ease and the outlook for travel brightens. Emirates and its units may be listed on Dubai’s stock exchange, Chairman Sheikh Ahmed Bin Saeed Al Maktoum said. The comments come as the city ratchets up efforts to draw level with Abu Dhabi and Riyadh, which have been the hottest markets for IPOs in the Middle East. Dubai plans to list 10 state-owned companies on its stock market. It kicked things off with its main utility, likely to be its largest IPO ever, and the Salik road toll-collection system -- described by one analyst as a cash machine. Emirates, however, is one of the city’s most well known assets. The airline was hit hard by the pandemic, and a collapse in its main business of long-haul travel led to its first loss in decades. The government plowed in about $3.7b over the past year to keep it going. The outlook is a bit brighter now. The tourism sector in the United Arab Emirates, of which Dubai is part, has been boosted by high vaccination and low infection rates. Unlike major hubs around the world, Dubai has stayed open, attracting thousands of visitors and events including an airshow, which started this week. International travel is picking up again, with the US opening up flights from Europe, along with countries including India, Brazil and China. Emirates President Tim Clark said last month he aims to fully restore its route network by the middle of 2022.<br/>