Arabian Construction Company (ACC), a family-owned business in Abu Dhabi, has reportedly picked local and global banks for its proposed initial public offering.
First Abu Dhabi Bank and HSBC will advise the company on its domestic listing, Bloomberg reported.
The listing is expected to take place in the second half of the year, sources said.
In February, Investment Corporation of Dubai, the emirate’s sovereign wealth fund, raised up to $500 million from the IPO launched by rival contractor Alec Engineering and Contracting.
Dubai Holding said it plans to raise a maximum of AED1.8 billion ($490 million) from its residential real estate investment trust listing this month.
Established in 1967, ACC has developed Sheikh Zayed Grand Mosque and Emirates Palace in Abu Dhabi, and Dubai’s Address Sky View, Six Senses and Mashreq headquarters, according to its website.
Across UAE bourses, the Dubai Financial Market (DFM) index is up 3.9 percent year to date, on par with the global average, while the Abu Dhabi Securities Exchange (ADX) is up 2.1 percent.
The global index grew 17.3 percent in 2024, but the two major Emirati bourses had contrasting fortunes last year: the DFM was up 27 percent, while the ADX contracted 1.7 percent.
IT company Alpha Data listed on the ADX in February. Some of the major IPOs in the UAE in 2024 included Talabat, Lulu Retail Holdings, NMDC Energy, Parkin, Alef Education and Spinneys.
Last year, industry experts told AGBI that UAE companies seeking to go public must undertake complex and often costly procedures to complete an initial public offering, although fees remain reasonable by international standards because of competition among advisers.
