Emirates Global Aluminium has commenced initial meetings with investors in the UAE in anticipation of a potential share offering, according to sources familiar with the matter. This move could lead to one of the largest listings in the Gulf region.
The leading aluminium producer in the area is reportedly leaning towards executing an initial public offering (IPO) in the UAE, with sources requesting anonymity due to the confidential nature of the information.
The company is jointly owned by Mubadala Investment Company based in Abu Dhabi and the Dubai Investment Corporation. It operates factories in both emirates, amidst a competitive landscape where the cities are striving to attract more listings to enhance their capital markets.
According to insiders, Emirates Global Aluminium also intends to engage with regional and international investors in the coming months, with the potential for an IPO as early as this year.
Discussions are still in the early stages, and the exact listing location has not yet been determined, with no confirmation on the completion of the deal. Earlier reports by Bloomberg News suggested that the IPO could value the company between $10 billion and $15 billion.