Abu Dhabi Ports denies plans for listing

The company could raise at least $1bn from a listing



Abu Dhabi Ports has denied that it it intends to list following reports suggesting it had met with investment banks.

Bloomberg on Tuesday cited sources as saying the government ports operator has held meetings in recent weeks and may decide on financial advisers soon. The company could raise at least $1bn on the Abu Dhabi Securities Exchange, one source said.

However, CEO Mohamed Juma al Shamisi later told Reuters the company had no plans for an IPO in the short term.

The reports follow a trend of large government-owned companies in the region seeking initial public offerings to raise funds.

Abu Dhabi National Oil Company is planning to list its retail unit for a valuation of up to $14bn and Saudi Aramco is preparing for what is expected to be the world’s largest ever IPO next year.

Read: UAE’s ADNOC plans listing of retail unit at $14bn valuation – report

Abu Dhabi Ports operates 11 ports and hosts of average of 25,000 ships and hour.

On top of its main sites at Khalifa Port and Khalifa Industrial Zone it also recently won a 35-year concession to manage the Port of Fujairah in the UAE’s northeast.

Read: Abu Dhabi Ports seals 35-year concession to manage and expand the Port of Fujairah