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Emirates says IPO may be on the cards for long-haul carrier

November 17, 2021

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.

European planemaker Airbus, meanwhile, raked in more orders on the third day of the Dubai Airshow, reaching an agreement valued at over $3.3bn to sell 28 new aircraft to Kuwait’s Jazeera Airways. Chicago-based manufacturer Boeing Co has yet to announce a major sale at a show crucial for the Mideast’s East-West travel hubs.

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 its state-owned 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.

Since the coronavirus pandemic struck, Emirates grounded dozens of its iconic Airbus A380 double-decker jets, many visible from the tarmac at the Dubai Airshow. The carrier burned through $7.1bn over the past year and half, forcing it to take nearly $3.8bn in cash aid from Dubai’s government.-aljazeera

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Last modified on Wednesday, 17 November 2021 19:10