Dubai’s toll operator Salik to sell 20% shares in IPO

The toll service was introduced in 2007. Around 60 percent of Dubai commuters use private cars, with net toll traffic totaling 209 million during the first half of 2022.
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Updated 05 September 2022
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Dubai’s toll operator Salik to sell 20% shares in IPO

DUBAI: Dubai plans to sell a 20 percent stake in toll operator Salik through an initial public offering as part of its efforts to double the size of its financial market and attract foreign investors.

The emirate seeks to offer 1.5 billion shares at a nominal value of AED0.01 in the road-toll collection system, Salik announced on Monday. 

Subscriptions will open on Sept. 13 and end on Sept. 20 for retail investors and on Sept. 21 for qualified investors. The company is likely to list on the Dubai Financial Market on Sept. 29.

The toll service was introduced in 2007. Around 60 percent of Dubai commuters use private cars, with net toll traffic totaling 209 million during the first half of 2022.

Following a record-breaking first half for Gulf IPO proceeds, Salik’s IPO will challenge investors’ demand for the UAE equity markets.

Mattar Al-Tayer, chairman of Salik’s board of directors, said the deal is part of a broader plan to list 10 state-owned companies to boost the country’s financial market and double it to 3 trillion dirhams ($816.7 billion).

“The company is in a prime position to benefit from additional growth opportunities and is designed to ensure efficient operations. It is underpinned by an effective regulatory framework that supports future growth, and a business model that requires low capital expenditures,” Al-Tayer said.

Dubai, represented by the Department of Finance, can alter the size of the offering before the end of the subscription period. However, such a change is subject to the approval of the Securities and Commodities Authority.

Dividends will be paid twice a year, in April and October, Salik CEO Ibrahim Al-Haddad said, adding he believes the yields will attract the right investment and strategic partners.

Offering distribution

Individual subscribers make up the first tranche as part of the offering, whereas professional investors comprise the second tranche, and eligible employees constitute the third.

In the qualified investors offering, 5 percent will be reserved for the Emirates Investment Authority and 5 percent will go to the Local Military Pensions and Social Security.

Global coordinators to Salik are Emirates NBD Capital, Goldman Sachs, and Merrill Lynch, and the joint book runners on the offering are Citigroup Global Markets Ltd., EFG Hermes UAE Ltd., and HSBC Bank Middle East Ltd..

Moelis & Co. is acting as an independent financial adviser.


Telfaz11 aims to invest $135m to support film production 

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Telfaz11 aims to invest $135m to support film production 

JEDDAH: In just seven years, Saudi Arabia’s cinema industry has transformed from a near-dormant sector into a rapidly growing entertainment market, marked by a significant increase in the number of screens and film production. 

In 2025 alone, cinemas in Saudi Arabia screened 538 films, generating revenues exceeding SR920.8 million ($245.4 million) and selling around 18.8 million tickets. This performance reflects a growing audience base and rising demand for local cinematic content, underscoring the accelerating growth of the domestic film market. 

Telfaz11 investments in the film sector 

Amid this growth, local content companies continue to increase their investments to build a sustainable film industry. Telfaz11 is one of the leading companies in this effort, having invested over SR110 million since 2022 in film production and the development of cinema projects. 

Speaking to Al-Eqtisadiah, CEO Alaa Fadan said that the company has an ambitious plan to inject more than SR500 million over the next five years to support film production and expand the scope of its projects. 

Record-breaking box-office films 

Fadan noted that Telfaz11 has produced the three highest-grossing films in Saudi cinema history, generating over SR97 million in total. These include “Sattar,” which earned around SR39 million; “Night Courier,” or “Mandoob,” with approximately SR28 million; and “Al-Zarfa,” which brought in about SR30 million. 

These figures highlight the success of local cinematic projects and their ability to attract audiences while generating strong revenue. 

Industry still in building phase 

Fadan explained that the progress achieved over the past seven years represents rapid advancement compared with other emerging film industries worldwide. However, he stressed that the sector is still in a building phase and has not yet reached full maturity. 

He said that Saudi Arabia now possesses key foundational elements such as widespread cinema screens, local production companies, a new generation of filmmakers, and audiences increasingly accustomed to watching Saudi films. 

Nonetheless, he added, developing a fully integrated industry requires years of accumulated experience, continuous production, and a robust system for financing, distribution, and training. 

Talent and specialized workforce challenges 

Fadan believes the real challenge does not lie in a single element of the industry, but in the integration of the entire cinematic ecosystem, emphasizing that Saudi talent in writing, directing, and acting is now evident, yet expanding production requires increasing the number of qualified professionals. 

For example, he stressed, the market needs more screenwriters capable of developing commercially appealing stories for audiences. 

On the technical side, local teams have shown significant development, although some reliance on international expertise in advanced specializations continues, which is normal in the early stages of any industry. 

Importance of marketing and distribution 

Fadan emphasized that marketing and distribution are crucial elements in a film’s success, as a film’s performance now depends not only on its artistic quality but also on its ability to reach audiences and be promoted strategically, both locally and internationally. 

He noted that Telfaz11’s prior experience in digital content creation before entering cinema gave the company a key advantage, allowing it to build a direct relationship with audiences online through hundreds of clips and projects that helped establish a broad fan base. 

This connection, he added, enabled the company to understand Saudi viewers’ tastes and create anticipation around new releases. 

Therefore, Fadan said, marketing is not viewed as a post-production step but as an integral part of project development from the outset, including building a clear film identity, designing creative communication campaigns, and leveraging digital platforms to reach audiences effectively. 

Equation for successful commercial film 

According to Fadan, the success of a commercial film depends on three main elements: a strong and engaging story, a deep understanding of audience interests, and an effective marketing and distribution strategy. 

At the same time, the biggest challenge in production remains balancing risk and return, especially for high-budget commercial films that require significant investments and carefully planned production decisions. 

Supporting local talent and creative economy 

Since entering film production, Telfaz11 has invested SR110 million between 2022 and 2025 in various cinematic projects. 

More than 10,000 local professionals have participated in the company’s work across different projects. The company also established several writing rooms that have trained over 30 emerging writers from the new generation. 

In addition, Telfaz11 has collaborated with more than 100 local suppliers and companies in production, logistics, equipment, and design, supporting the creative economy and enhancing the participation of local businesses in the sector. 

Cultural initiatives to strengthen cinema community 

The company also launched the Cinema Valley initiative, an independent pop-up cinema experience designed to create a cultural community around films and encourage audiences to interact directly with movies and their creators. 

Future plans and ongoing production 

Looking ahead, the company is currently developing over 40 project ideas at various stages, some of which have already entered the writing phase in preparation for production over the next two years. 

The company aims to release its works across multiple platforms, including cinemas and digital streaming services, with a plan to produce roughly three projects annually. The first of these in 2026 is the series “Alkhallat+.” 

New phase for Saudi cinema 

With these investments and rapid growth, Saudi cinema is entering a new phase, potentially evolving from a promising market into a fully integrated industry in the coming years, supported by increasing production, developing talent, and a growing local audience base.