Residents of the UAE are familiar with the iconic red and metallic-gray Salik gates, frequently passing through them throughout the day. The traditional color scheme, nevertheless, will soon give way to something more lively. Some Salik toll gates already have a new appearance.
The dark gray has taken the place of the crimson at the Garhoud Salik gate. The remaining gates will all receive the new brand identification in “due course.”
According to a representative, all eight salik toll gates will shortly have the new appearance. The Mamzar toll gate now has the following appearance: The automatic road toll collection system in Dubai is called Salik. A price of Dh4 is automatically withdrawn from a prepaid account each time a vehicle passes through a Salik toll point. For details click here
Moreover, salik announced on Monday that it would sell 1.5 billion shares, or 20% of its equity capital, through an IPO (IPO). In a statement released on Monday, the business predicted that it would likely list on the Dubai Financial Market (DFM) around September 29.
The Salik road-toll system was introduced by the Roads and Transport Authority (RTA) in 2007. 1.8 million of the three million registered vehicles now are found in Dubai.
To reduce traffic, more gates could be installed. According to Salik’s IPO release, “The Roads and Transport Authority (RTA) might introduce dynamic pricing by optimizing the toll rates depending on the time of day, for instance, by charging a greater toll cost for specific lanes or during peak hours.”
IPO Briefing
- Salik is offering 1.5 billion shares, representing 20 percent of its share capital
- The offering will have three tranches: for individual subscribers, professional investors, and eligible employees
- Subscription will open on September 13 and end on September 20 for UAE retail investors. And on September 21 for qualified investors
- After listing, Salik intends to pay dividends twice every fiscal year (April and October)
- The offer price per share will be determined through, and following, a book building process
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