Dubai’s Amanat exploring deals, sees IPO candidates in portfolio

Amanat Holdings, the health-care and education investment firm, has earmarked at least Dhs1.5bn ($408m) for acquisitions next year and some of its portfolio companies are candidates for stock market listings, its chief executive said.

“In 2022, we have a war chest of around Dhs1.5bn at least to be invested in health-care and education,” said chief executive officer Mohamad Hamade told Bloomberg TV.

Amanat spent more than Dhs1bn on acquisitions this year. “Markets such as the UAE, Saudi, Egypt, be it in higher education, K12 or specialised health-care is a target for us and we are currently exploring all of the above,” he said.

Amanat may also benefit from a series of initiatives announced by Dubai authorities to encourage listings on the stock exchange, Hamade said.

Dubai is planning to list 10 state-owned companies on its stock market. Emirates, the airline that helped transform the city into a global business and tourism hub, may also sell shares to the public.

The government plans to list utility DEWA – likely to be the city’s biggest deal – and its Salik road toll collection system. Private and family-owned businesses are also being encouraged to sell shares on the local bourse.

“In our platforms, be it on the health-care side or the eduction side, we have candidates that can be potential IPOs at the right time in line with our strategy,” Hamade said. “And target jurisdictions could be local and international markets.”