Talabat’s $2b IPO marks DMF revival

Dubai Financial Market (DFM) is set for a major boost as Talabat, the Middle Eastern arm of Germany’s Delivery Hero SE, will be launching its $2 billion initial public offering next week. The debut, the largest in the Middle East this year and the biggest global technology listing, underscores Dubai’s transformation into a hub for IPOs after years of stagnation.

The listing comes amid a broader push to revitalise the city’s bourse, which began in 2021 with plans to list 10 state-owned companies and attract private firms. Dubai has since raised over $8 billion through its privatisation programme, doubling the market’s capitalisation.

Talabat’s IPO is expected to inspire further listings, with companies such as Dubizzle, Al Fakher, and FIVE Holdings exploring similar moves.

Emirates NBD, a key adviser on Dubai’s IPO drive, revealed it is in talks with global issuers considering listings in the emirate. Dubai’s resurgence follows a post-pandemic economic boom fueled by the World Expo, a rebound in tourism, and an influx of expatriates.

The city’s benchmark index has surged nearly 20 per cent this year, outpacing regional peers, though analysts warn of risks tied to high valuations and global economic uncertainty. However, strong investment plans and a robust fiscal position are expected to support sustained growth.

Attribution: Bloomberg

Subediting: Y.Yasser