How to get Dh2 Salik shares through 11 UAE banks

Dubai’s Salik is among the most recognisable brands among UAE residents, with many passing under the toll gates multiple times a day. When the road toll operator announced that it would launch its initial public offering (IPO), the news was keenly followed by retail and institutional investors and UAE residents.

Salik officially opened its IPO subscription on September 13, with shares priced at Dh2. It will sell 1.5 billion shares — or 20 per cent of its equity capital.

Investors can subscribe to the IPO through 11 banks: 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, MBank and Sharjah Islamic Bank. They would need a National Investor Number (NIN), fill out the relevant fields and specify the amounts, before authorising their applications.

Here is a detailed guide on how to invest through each of the banks:

1. Emirates NBD

It is the lead receiving bank.

> Account holders

They can subscribe through the bank’s Internet banking, app or ATMs. “Eligible persons can access Emirates NBD Bank’s ATMs with their debit card, and online banking or mobile banking application using their relevant username and password. This will be deemed sufficient for the purposes of identification,” the bank says on the Salik IPO website.

> Non-account holders:

Subscribers within or outside UAE can visit the website https://IPO.EmiratesNBD.com and pay through online banking via the UAE Central Bank Payment Gateway (PGS) or through UAE Central Bank Fund Transfer (FTS) or SWIFT.

2. Emirates Islamic

> Account holders: They can subscribe through the bank’s Internet banking, app or ATMs.

> Non-account holders: Not eligible via the bank’s electronic subscription channels.

3. ADCB

The bank has listed four steps:

> Customers can visit the https://www.adcb.com/salik and click on the IPO subscription link.

> Complete login authentication using UAE Pass or (customer ID, mobile number and OTP).

> Enter NIN number.

> Select broker, enter subscription amount, select account and submit.

4. Mashreq

> Existing customers can digitally submit their IPO subscription requests, generate NINs and open a brokerage account with Mashreq Securities real-time through the app.

> Non-customers can do the above by first opening their Mashreq NEO account instantly through the app.

5. FAB

> Subscribers can visit https://www.bankfab.com/en-ae/cib/iposubscription and follow the instructions

> Clients can use the bank’s app.

6. ADIB

> Accounts holders can subscribe through the bank’s Internet banking and app.

7. Ajman Bank