Dubai– Abu Dhabi and Dubai have initiated preparations for a multibillion-dollar initial public offering (IPO) of Emirates Global Aluminium (EGA), the region’s largest aluminum producer, marking what could become one of the biggest share sales in Middle East history.

EGA, jointly owned by Abu Dhabi’s Mubadala Investment Company and the Investment Corporation of Dubai, has sent out requests for proposals to global and local banks to explore listing options. 

Rothschild & Co. is advising on the potential deal, while Citigroup, Goldman Sachs, and JPMorgan Chase are among the firms expected to play key roles in the offering.

The IPO, which has been under consideration for nearly a decade, could value EGA at over $15 billion. The company operates major smelters in both Abu Dhabi and Dubai and recently expanded its footprint in the United States to mitigate tariff exposure.

The listing is part of a broader push by UAE authorities to deepen capital markets and monetize strategic assets. Both emirates have been encouraging state-backed firms to go public, transforming the UAE into one of the world’s most active IPO hubs in recent years.

While discussions are ongoing and no final decision has been made, EGA stated it is “exploring potential requirements to ensure readiness, should the shareholders choose to proceed with an IPO in the future.”