Dubai government considering Emirates IPO - airline president

The Dubai government is considering an initial public offering of Emirates airline, the flagship carrier’s President Tim Clark said on Monday, as authorities work to boost activity on the local stock market. The emirate’s government is planning to list 10 state-backed companies on its stock exchange and set up a 2b dirham ($545m) market maker fund to encourage trading activity. “Yes, there has been talk about it. Yes, there has been, perhaps a little bit more flesh on the whole subject than there has been in the past,” Clark said when asked if a listing was a possibility. “I’m waiting instructions as to how this is going to affect the Emirates Group. What the government of Dubai decides to do...is up to them, I would basically do as I am bid.” Emirates Chairman Sheikh Ahmed bin Saeed Al-Maktoum said earlier this month that it was possible to list the carrier or its subsidiaries. Governments have pumped billions of dollars into airlines during the coronavirus pandemic and state-owned Emirates has received around $3.8b in equity injections from Dubai, including $2b disclosed last year.<br/>