Emirates Global Aluminium (EGA), the largest aluminum producer in the Middle East, is exploring a potential initial public offering (IPO) that could raise several billion dollars, according to sources familiar with the matter.
The UAE-based company, jointly owned by Abu Dhabi’s Mubadala Investment Co. and the Investment Corporation of Dubai (ICD), has sent requests for proposals to investment banks as it evaluates a long-anticipated public listing. Rothschild & Co. is reportedly advising on the process.
The IPO, if pursued, could rank among the region’s largest-ever share sales and marks a revival of plans that have been under consideration for nearly a decade. EGA previously explored listings in 2018 and again in 2023, when Mubadala CEO Khaldoon Al Mubarak suggested a potential offering within the year.
“No decision has been made on a potential IPO,” EGA said in a statement. “We are exploring potential requirements to ensure readiness, should shareholders choose to proceed.”
While discussions are ongoing, no final listing venue has been selected. Both Abu Dhabi and Dubai have been encouraging state-owned entities to go public to deepen capital markets and attract investment. The UAE has emerged as one of the world’s most active IPO markets in recent years.
A potential EGA offering comes amid global trade headwinds. The company is contending with increased U.S. tariffs on aluminum imports, although it recently completed its first U.S. acquisition to secure some tariff-exempt supply. EGA also plans to begin construction of a $4 billion aluminum plant in Oklahoma next year.
However, the firm recently experienced a setback in Africa, after Guinea transferred a bauxite mining lease from EGA’s local subsidiary to a new state-owned entity.
Representatives from Mubadala and Rothschild declined to comment, while ICD has not issued a statement on the matter.
