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Dubai’s Salik seeks to raise $1 billion in an upcoming public offering

Dubai is looking to raise about $1 billion by selling shares in the city's road toll system, the Salik, as early as next month, according to Bloomberg.

Prior to the IPO, Salik secured a $1.1 billion loan from Emirates NBD to pay a special dividend to the government, according to the sources.

The sources, who declined to be identified, added that Emirates NBD will invite other lenders to participate in raising the money, noting that Salik is still targeting September as a date for its public offering.

Other Dubai IPO candidates have taken out similar loans, two people said.

Salik continues to target September to sell his shares despite a recent drop in investor appetite, according to Bloomberg.

It was not immediately clear how many shares will be offered, but the Dubai government has previously said it will retain a minimum 60% stake.

Details of the offering such as timing and size are not final and subject to change.

Representatives for Salik and Emirates NBD weren’t immediately available for comment.

Salik, which means open in Arabic, is an automated system introduced in 2007.

Each time a vehicle passes through one of the city's eight toll booths, Dhs4 are billed to a prepaid account, eliminating the need for cash or toll booths.

Salik is one of 10 proposed privatizations in Dubai as part of the city's plans to strengthen its capital markets.

Emirates Central Cooling Systems Corp is also working on an IPO, as previously reported by Bloomberg.