What was changed
Salik began as Dubai's road-toll system, a public mobility tool rather than a standalone company. In 2022 Dubai turned it into a listed company with an exclusive toll concession, then sold a large minority stake as part of the emirate's wider privatisation programme.
The offer was deliberately large enough to matter to public investors. Salik sold 1.8675 billion shares, equal to 24.9% of its capital, at AED2.00 each. The government kept 75.1%, while demand reached AED184.2 billion across tranches.
The first listed-year evidence supported the carve-out. Salik reported 2022 revenue of AED1.892 billion and H2 2022 net profit of AED529 million, then shareholders approved AED491.4 million of cash dividends.
What it achieved
The IPO raised over AED3.7B, was 49x oversubscribed, and Salik later paid AED491M of H2 2022 dividends.
Why it worked
The toll system had predictable revenue and a simple unit economics story.
The concession structure made public investors comfortable with what they were buying.
The government sold enough stock for liquidity while retaining long-term control.
What can be applied
A city can commercialize a public-service cash flow if the concession, governance, and payout policy are clear before listing.
Aftermath
Salik became one of the clearest examples of Dubai's asset-monetisation push: a public road-pricing system was separated, governed, listed, and immediately measured by dividends and traffic-linked revenue. The case worked because the operating model was understandable on day one.
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