By: Ramy Sameeh
Abu Dhabi-Mubasher: Al Barakah International Investment plans to launch an initial public offering (IPO) of part the company’s shares in one of the UAE exchanges, Managing Director Moataz Mashal said.
"The company plans to float its shares, but the move is not expected to take place before five years," Mashal added.
IPOs resumed in the UAE in 2014, after a freeze of several years due to the global financial crisis.
In a reply to a question on the percentage of shares to be floated in the IPO, Mashal said that “We do not have specific figures up until now, and the whole issue is still under study.”
The company mulls to carry out four projects in the UAE, and two of which will be located in Abu Dhabi, but Mashal said the execution of these plans hinge on the success of Al Qana, UAE’s largest housing and marina complex run by Al Barakah.
Al Barakah launched Al Qana project in Abu Dhabi on 30 March, with 30% of the funding in-house and 70% secured from local banks.
