Abu Dhabi and Dubai Explore Multibillion-Dollar IPO for Aluminum Firm EGA

Abu Dhabi and Dubai are exploring a multibillion-dollar IPO of aluminum firm Emirates Global Aluminium (EGA). The potential listing would be one of the largest initial public offerings in the Middle East. EGA is a joint venture between Abu Dhabi and Dubai.

Abu Dhabi and Dubai are exploring a multibillion-dollar initial public offering (IPO) of Emirates Global Aluminium (EGA), potentially making it one of the largest IPOs in the Middle East. EGA, a joint venture between Abu Dhabi’s Mubadala Investment Co. and the Investment Corporation of Dubai, is assessing the feasibility of this listing [1].

The company has been weighing an IPO for nearly a decade. In a 2023 interview with Bloomberg News, Mubadala Chief Executive Officer Khaldoon Al Mubarak indicated that EGA could sell shares to the public "maybe this year" [1]. This comes two years after Bloomberg reported that the firm was poised to appoint banks including Citigroup Inc., Goldman Sachs Group Inc., and JPMorgan Chase & Co. on a deal that could have valued the company at over $15 billion [1].

The choice of listing venue will be a key question for the deal. Both Abu Dhabi and Dubai have been pushing state-backed firms to list on their local bourses as part of an effort to deepen capital markets and monetize strategic assets. This initiative has helped transform the UAE into one of the world’s most active IPO markets in recent years [1].

EGA operates aluminum plants in both cities and is currently facing headwinds, including higher tariffs on aluminum imports to the US. The firm completed its first acquisition in America last year, gaining access to some supply that avoids tariffs in one of its largest markets [1]. Additionally, EGA is planning to begin construction of a $4 billion plant in Oklahoma next year [1].

Discussions are ongoing, and there’s no certainty that EGA’s shareholders will proceed with the offering. The company stated that it is "exploring potential requirements to ensure readiness, should the shareholders choose to proceed with an IPO in the future" [1].

References:
[1] https://www.bloomberg.com/news/articles/2025-08-07/abu-dhabi-dubai-explore-multibillion-dollar-ipo-of-aluminum-firm-ega