DUBAI: Dubai’s Roads and Transport Authority (RTA) has invited investment banks to pitch for an advisory role in a strategic review of its assets, said two sources close to the matter.

The transport regulator is seeking to evaluate strategic options for its assets, the sources said on Friday, declining to be named because the matter was not public.

The RTA did not respond immediately to a request for comment.

Last week sources told Reuters that the RTA was in the early stages of exploring strategic options for its assets, including a possible initial public offering (IPO) of its taxi business.

The RTA last year raised $1 billion and drew orders of $50 billion for a 24.9% stake in a public share sale of its toll-road business Salik.

Dubai raised nearly $8.5 billion from five IPOs last year, fuelled by a government privatisation plan to list 10 state-linked companies to boost stock market activity.

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Future IPO candidates could include energy company ENOC and airport services provider dnata. Companies in the region raised $21.9 billion through IPOs last year, more than half the total for the wider Europe, Middle East and Africa region, Dealogic data shows.