Senaat, Abu Dhabi holdings firm, owns companies such as National Petroleum Construction Co, has engaged the services of HSBC Holdings Plc and JP Morgan Chase & Co for a share sale. This was confirmed by two individuals with knowledge on the matter.

The company had appointed the said banks as joint bookrunners for its IPO that would be held this year. The hiring was confirmed by the sources, who sought anonymity because the matter was not yet made public. For its part, Senaat Chief Financial Officer Jassem Saleh Busaibe had declined to comment. The spokesperson for HSBC also declined to make a comment while calls made to the media office of JP Morgan were not immediately answered.

Senaat is but one of the companies from the United Arab Emirates that have planned share sales after stock values increased. Amongst the surging share values were ADX General Index, which increaaed 45%. The government reported economic growth on the average between 2012 and 2015 at 4.6%. This was twice the projected rate from the previous four years.