A huge jump in the stock market is expected with the new decision. The share price is yet to be released. A total of 150 crore shares will be sold. 15 to 20 sales. Salik shares will be available in all major banks of the country. Salik was introduced in Dubai in 2007. There are already 8 toll gates in the emirate.
The current toll gates are at Al Barsha, Jebel Ali, Al Mamsar North, Al Mazar South, Al Garood, International Airport Tunnel and Al Maktoum Bridge. There is also a possibility of more toll gates coming up in the future. 48.1 crore trips passed through SALIC in 2021.
Till June this year, 26.7 crore vehicles passed through the Salik Gate. Last year the revenue generated through SALIK was Dh169 crore (Rs 3633 crore). So far this year, the salik income has been 94.49 crore dirhams (Rs 2031 crores). Stocks are touted as the safest investment.
Most of the shares are held by the government. 80% is retained by the Government of Dubai while 20% is sold. This position has been adopted with the aim of ensuring more transparency for the sale of shares. The company will be listed on the Dubai Financial Market on the 29th of this month. Salik had already become a public joint stock company in June.
Salik is targeting Rs 8,000 crore through the sale of shares. A person can own a minimum of 1000 shares. There is no limit to the maximum number of shares that can be owned. SALIK is the third PSU to sell shares. In April, Dubai Electricity and Water Authority (DEWA) raised $6.1 billion (Rs 4.8 lakh crore) through the sale of shares. In June, business park TCom raised Rs 1.36 lakh crore through stake sale.
Salik shareholders will receive the first dividend in April 2023. It has been announced that 100 percent of the profits will be distributed. Salik shares are available in Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic Bank, First Abu Dhabi Bank, Mashreq Bank, M Bank and Sharjah Islamic Bank. The Arabic word Salik means open, clear.
The system will change and so will the color
RTA plans to change the current system of fixing toll rates. The idea is to charge higher rates during peak hours and lower rates during off-peak hours when more vehicles are on the road. Currently the toll is Dh4 at all times. When the new system comes into force, there will be a fluctuation in the toll rates. In Singapore and Dallas in the US, dynamic pricing is introduced where tolls are charged according to time.
Salik gates change color. The red and metallic gray Salik gates, which are the hallmarks of Dubai’s roads, will turn dark grey. There is also refinement in writing. The change in brand color is part of becoming a public sector joint stock company.
