UAE's Mubadala May Sell Shares In Three Firms This Year

Abu Dhabi’s Mubadala Investment Co may sell shares in as many as three companies, including the largest aluminum producer in the Middle East, this year as IPO activity picks up in the United Arab Emirates.

"In 2018 Emirates Global Aluminium will be IPOed and potentially another one or two," Khaldoon Al Mubarak told Bloomberg TV in an interview in Abu Dhabi on Tuesday. He declined to disclose the identity of the two companies.

The potential offerings would follow Emaar Properties raising $1.3 billion from the IPO of its development unit last year and Abu Dhabi National Oil Co raising $851 million from the share sale in its subsidiary. Emirates National Oil Co, the government-owned refiner in Dubai, has held discussions with advisers for a potential IPO of its fuel-retailing unit, people familiar with the matter said last month.

Emirates Global Aluminium is jointly owned by Mubadala and the Investment Corp of Dubai. The company will take a decision on the size of the offering in a couple of weeks and hasn’t yet chosen an exchange for listing, Khaldoon said.

Abu Dhabi and Dubai stock exchanges are bidding for the listing and timing of the offering will depend on market conditions, he said.