Moelis wins another top Dubai IPO role with Salik mandate

Dubai’s road-toll collection system has picked Moelis & Co. as financial adviser for its local stock exchange listing, according to people familiar with the matter.

The so-called Salik toll system could add additional banks before the listing, the people said, asking not to be identified as the information is private. It wasn’t clear yet what valuation Salik will seek.

The emirate’s deputy ruler in November announced plans for the initial public offering of Salik as part of a broader plan to list 10 state entities. The goal is to revive Dubai’s stock market and close the gap with exchanges in financial centres of Abu Dhabi and Riyadh.

The New York-based investment bank has already been named as an adviser on the IPO of Dubai Electricity & Water Authority, likely to become the emirate’s biggest share sale this year.

A representative for Moelis declined to comment. Salik couldn’t immediately be reached for comment.

Salik, which is part of the Dubai Roads & Transport Authority and was introduced in the city in 2007, provides the emirate with an important revenue stream. Each time a vehicle passes through one of its toll points, Dhs4 ($1.09) are charged to a prepaid account.