Dubai's Sustainable City Developer SEE Prepares to Appoint Banks for IPO

06 Oct, 2023

Dubai's Sustainable City Developer SEE Prepares to Appoint Banks for IPO

SEE Holding, the visionary behind the Middle East's first net-zero residential community, is on the verge of selecting banks to oversee its forthcoming initial public offering (IPO). Among those being considered for this significant financial undertaking are financial giants Barclays and Citigroup, as confirmed by insiders familiar with the matter.

Emirates NBD and First Abu Dhabi Bank are also in the final stages of negotiations to join the IPO venture in the United Arab Emirates. These details come from sources close to the development who prefer to remain anonymous as the information has not yet been made public. While the specific listing venue is yet to be decided, the IPO is expected to take place as early as next year, according to these sources.

SEE Holding's IPO will encompass not only its sustainability city development business, including The Sustainable City entity but also its engineering, design, and advisory units. Bloomberg News had previously reported on this strategic move by SEE Holding. However, particulars such as the size and timing of the deal remain subjects of ongoing discussion and potential adjustment.

Through its brand, The Sustainable City, and its subsidiary Diamond Developers, SEE Holding is actively constructing residential communities in line with the Paris Agreement's climate objectives aimed at curbing global warming. In Dubai, their inaugural sustainable community is a testament to their commitment, generating its own power through an array of solar panels adorning approximately 500 villas. Additionally, it features 11 biodome greenhouses and an expansive urban farm spanning the entire development.

The company's dedication to sustainability extends beyond Dubai, with ongoing projects in Abu Dhabi, Sharjah, and Oman, as outlined on their official website.

SEE Holding's IPO plans align with a broader trend in the UAE, where private companies, including Advanced Inhalation Rituals (owner of shisha brand Al Fakher) and Dubizzle Group (operator of expatriate-favored classifieds websites), are exploring opportunities for public listings, as reported by Bloomberg News.

The UAE, currently hosting the COP28 climate summit, has heightened its commitment to mitigating carbon emissions and increasing support for green initiatives and projects. This underscores SEE Holding's IPO move, as it seeks to leverage investor interest in sustainable development and net-zero communities in a region focused on climate action and environmental sustainability.