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UAE listings to get more diverse with tech startup's likely IPO
Khaleej Times
|April 28, 2025
The UAE's vibrant initial public offering (IPO) market is poised to welcome a new player, as Cafu, a leading fuel delivery app, reportedly explores a stake sale that could mark its debut on the UAE's stock exchanges.
According to Bloomberg, the startup, founded in 2018 by Emirati tech entrepreneur Rashid Al Ghurair, is in early discussions with Lazard Ltd. to facilitate the potential IPO. While no final decisions have been confirmed, the move underscores the UAE's growing appeal as a hub for diverse, tech-driven listings.
Cafu's prospective IPO would add a digital tech dimension to the UAE's IPO landscape, which has traditionally been dominated by energy, real estate, and retail giants.
Vijay Valecha, chief investment officer at Century Financial, noted, "Cafu's market debut would diversify the UAE's IPO portfolio, showcasing the region's evolving startup ecosystem." Since its inception, Cafu has set a benchmark for integrating traditional services into the digital space, inspiring new entrants in the Gulf's tech sector.
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