Happiness Meter

Salik at a glance

Salik Company P.J.S.C. was established through the issuance of Law No. (12) of 2022. It was formerly part of the Roads and Transport Authority (RTA) and has operated as Dubai’s exclusive road toll system since 2007. Salik announced its intention to float 24.9% of its total issued share capital on the Dubai Financial Market (“DFM”) and was officially listed on the DFM on the 29th of September 2022.

Salik currently operates eight toll gates along parts of Sheikh Zayed Road, Dubai’s premier traffic corridor, Al Maktoum Bridge, as well as the Airport Tunnel, enabling the fluid movement of 3.6 million registered vehicles. In 2021, 481 million journeys were made through the Salik toll gates, which includes tourists making their way to Dubai’s many attractions, or residents efficiently travelling as part of daily life. Salik operates through a 49-year concession agreement with the RTA under which it has the exclusive right to operate and collect tolls from the existing Salik gates and any future gates. Salik has the right to pursue additional opportunities beyond the regulated business.


Toll gates

3.6 million

Registered vehicles as of 30 April 2022

481 million

2021 total trips


2013-2019 net toll traffic CAGR1

49 years

Concession duration

AED 1.7 billion

2021 revenue


2021 EBITDA margin (66.8% on pro forma basis)2


2021 capital expenditure-to-revenue3


2021 cash flow conversion4

1Net toll traffic refers to total trips minus discounted trips (unpaid trips including taxis without passengers, exempted vehicles, gate-specific free time and discounts, and multiple violations and other). For more details, please refer to the prospectus.

2EBITDA margin is profit for the period, excluding the impact of interest, tax, depreciation, and amortisation expense, expressed as a percentage of revenue. For details on pro forma figures, please refer to the prospectus.

3Capital expenditure refers to the purchase of property and equipment

4Cash flow conversion is EBITDA plus loss on property and equipment disposal, minus purchase of property and equipment divided by EBITDA

Investment highlights

The Company is the sole toll gate operator for Dubai’s road network
Strong growth momentum, benefiting from Dubai’s ambitious expansion plans and Salik’s organic growth initiatives
Positioned to benefit from additional growth levers
Well-invested and technologically advanced core infrastructure asset
Favourable regulatory framework creating significant downside protection while enabling for future growth
Capex-light business model resulting in high cash conversion levels and best-in-class operating margins
Forward thinking organisation with a sustainable agenda aligned with Dubai’s ESG goals

Recent announcements