Goldman Sachs, BoA among Banks for Dubai’s Salik IPO

Dubai’s Roads and Transport Authority has selected Goldman Sachs, Bank of America, and Emirates NBD as it plans an initial public offering of its road-toll system, Salik. The banks, along with Moelis & Co., will act as advisors on the potential listing of the road-toll operator, Bloomberg reported citing unnamed sources. No information was disclosed regarding the valuation the firm will seek from the offering on the Dubai financial market.

The move comes as part of a broader plan to list ten Dubai-based state-owned companies in a bid to revive its capital markets and bring it closer to regional rivals. Launched in 2007 by the RTA, the Salik road-toll system aims to reduce traffic congestion across the country, with a total of eight toll gates.