Dubai’s Averda Mulls IPO in UAE or KSA: Report

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Averda, a Dubai-based provider of waste-disposal services provider, is considering an initial public offering (IPO) in Saudi Arabia or the UAE, Bloomberg reported, ,citing anonymous sources who are familiar with the matter.

According to the media outlet, the Dubai-based firm has already held merger talks with US blank-check firm Better World Acquisition Corp. earlier this year, but those discussions were dismissed.

It’s worth noting that neither Averda nor Better World Acquisition Corp. agreed to Bloomberg’s request for comment.

Established in 1964, Averda is considered today to be one of the largest waste-management companies in the Middle East and Africa, with more than 60,000 clients in oil and gas, automotive and hospitality industries. The firm offers various services, including: street cleaning, bin collection as well as disposal of hazardous and household waste.