Shareholders at Dubai’s Taaleem Holdings, which operates a chain of schools, have authorized an initial public offering, making the company the latest in a string of Gulf enterprises to do the same.
According to an article published in Gulf News, Taaleem’s shareholders authorized the business’s transition from a private joint stock company to a public corporation via the IPO on Monday. The next step will include creating a book.
High oil prices and stock inflows have bolstered local markets in the oil-rich Gulf, despite a worldwide decline in share sales from their record levels last year. Crude and regional indices have been hit by worries that the economy is weakening due to strong monetary policy tightening. According to a Bloomberg article from April, EFG-Hermes and Emirates NBD Bank have been chosen to oversee the IPO for Taaleem, an international school that provides the British, American, and International Baccalaureate curricula.