The president of long-haul carrier Emirates said Tuesday that an initial public offering of stock in the Dubai-based airline could happen as the city-state tries to boost its local financial market, while promising that its fleet of iconic double-decker jumbo jets would soon ply the skies again.
Chicago-based manufacturer Boeing Co. meanwhile announced its first major sale at the Dubai Air Show, selling nearly USD9 billion worth of 737 MAXs to India’s Akasa Air. European plane maker Airbus reached an agreement valued over USD3.3 billion to sell 28 new aircraft to Kuwait’s Jazeera Airways. Tim Clark of state-owned Emirates told reporters at the aviation show that a proposal to sell shares of Emirates “is out there” after his boss, Emirates chairman Sheikh Ahmed bin Saeed Al Maktoum, commented on the possibility.
The city-state this month announced plans to list electricity company and other government-backed firms to raise liquidity and expand the local Dubai Financial Market so it can compete with bigger counterparts in the region.
The market also has seen major players go private in recent months, as well as a fraud investigation target one major real estate developer listed in Dubai.