Abu Dhabi and Dubai are exploring whether to list Emirates Global Aluminium (EGA) in what could become one of the largest initial public offerings in the Middle East. The region’s biggest aluminium producer has issued requests for proposals to investment banks and is working with Rothschild & Co. on the process, people familiar with the matter told Bloomberg. No final decision has been made on launching the IPO. The company is reviewing readiness requirements should the owners decide to proceed.
EGA was created in 2013 by merging Dubai Aluminium (Dubal) and Emirates Aluminium (Emal). Its ownership is shared equally between Abu Dhabi’s Mubadala Investment Company and the Investment Corporation of Dubai. The firm operates smelters in both emirates, an alumina refinery in Abu Dhabi, a bauxite mine in Guinea, a specialised foundry in Germany and a recycling plant in the US.
The choice of listing venue has not been finalised and remains a critical question for shareholders. Both Abu Dhabi and Dubai have actively encouraged state-backed companies to list on local exchanges to deepen capital markets and attract investment. A listing by EGA would support this broader strategic push.
EGA has previously signalled interest in going public. In 2018, CEO Abdulla Jassem Kalban said an IPO was expected in the second half of the year. In 2023, Mubadala CEO Khaldoon Al Mubarak said a public listing could happen “maybe this year”.
EGA said no decision has been made on a potential IPO. The company is “exploring potential requirements to ensure readiness, should the shareholders choose to proceed with an IPO in the future.”
