UAE announces IPO for its national oil company
The emirate is following in the footsteps of Saudi Arabia as low oil prices are forcing governments in the region to sell assets to balance their budgets.
The Abu Dhabi National Oil Company, the UAE's main state oil company, is seeking to create joint ventures with international investors and is considering floating shares in some of its businesses in an effort to raise billions of dollars.
The United Arab Emirates is the latest Gulf country to announce plans to sell off parts of its main state oil company, the Abu Dhabi National Oil Company.
Low oil prices are forcing governments in the region to sell assets in order to balance their budgets.
Led by Saudi Aramco's record-breaking IPO plans, neighbours like Kuwait, Oman and Abu Dhabi are also eyeing public listings.
TRT World 's Nawied Jabarkhyl has more on the story from Dubai.
Copyright © 2024 TRT World.