Business, assets, shareholders, annual and interim results, risks and official contacts.
Identity revalidation is due; this dated record is not proof of current listing status · 2026-08-11
What distinguishes this business
Salik operates electronic toll gates, not a parking business.
Exclusive concession rights come with obligations and termination provisions.
Bank borrowing and obligations to RTA are distinct funding commitments.
Business and history
As of: 2025-12-31
Salik Company P.J.S.C. operates Dubai’s electronic toll system. It was incorporated on 30 June 2022, began operations on 1 July 2022 and listed on DFM on 29 September 2022 under SALIK. The operating history of the toll system predates the listed legal entity; historical activity within RTA is not automatically comparable with the company’s accounts.
The business collects tolls without barriers using radio-frequency tags and number-plate recognition. It also earns tag-activation and fines revenue and develops payment services. Salik does not construct, own and maintain the underlying road network as a road owner; its rights concern toll operations and associated infrastructure.
The concession with RTA grants exclusive toll-gate operating rights in Dubai until June 2071. The term supports long planning horizons, but the agreement also contains obligations and termination provisions. Exclusivity is not an unconditional guarantee of profit.
Revenue depends on traffic, the tariff attached to each journey, exemptions and collection. Customer top-ups are liabilities until services are supplied; they are not immediately earned revenue. The annual report separates toll-use fees, tag activation and fines, making the mix important to both revenue quality and cash conversion.
The network in the annual report comprises ten gates, including Al Safa South and Business Bay Crossing added in November 2024. Other locations include Al Barsha, Al Safa, Al Maktoum, Al Garhoud, Airport Tunnel, Al Mamzar North and South, and Jebel Ali. FY 2025 was the first full year of the expanded network.
Variable pricing began on 31 January 2025. Comparisons across that date combine traffic and tariff effects; they do not isolate like-for-like demand. Tolling rights are economically important intangible assets, while financing of new gate rights is a separate obligation to RTA.
Dubai Investment Fund held 75.1% at 31 December 2025 and is ultimately controlled by the Government of Dubai; the remaining 24.9% was publicly traded. The August results release identifies Mattar Al Tayer as chairman and Ibrahim Sultan Al Haddad as chief executive.
The financial statements are for Salik Company P.J.S.C. The annual report explicitly says partnership references do not imply equity ownership. Parking payment solutions likewise do not mean full parking operations or management. Dubai Airports, Emaar Malls and payment partners must not be presented as Salik subsidiaries or their assets added to Salik’s balance sheet.
H1 2026 total trips were 383.8 million, down 9.5%; the release’s chargeable-trip measure was 278.5 million, down 12.5%. These are separate measures and should not be substituted for one another. Active registered accounts were 2.9 million.
The issuer attributes softer traffic to regional events and describes a recovery during the quarter. That is management’s dated assessment, not confirmation of subsequent traffic. A parking-payment service at Dubai Airports launched on 22 January 2026 under a ten-year agreement. Later memoranda concerning Dubai Harbour and DIEZ are distinct from that completed launch.
FY 2025 revenue was AED 3,096.913 million and net profit AED 1,553.362 million, versus AED 2,291.907 million and AED 1,164.548 million in FY 2024. New gates and variable pricing contributed to the expansion. Annual toll-use revenue was AED 2,736.144 million and fines AED 280.570 million.
The H1 2026 release reports revenue of AED 1,412.0 million, down 7.5%, and net profit of AED 704.0 million, down 8.7%. EBITDA was AED 975.6 million. Lower traffic reduced toll receipts, partly offset by other revenue. The half-year is not an annual forecast, and Q2 must not be confused with cumulative H1.
The annual report records AED 4,000 million principal under the Emirates NBD term facility, with a carrying amount of AED 3,995.191 million after financing costs. The agreement dates to 30 June 2022 with a five-year term and full principal repayment at maturity. Its floating cost is three-month EIBOR plus 0.82%.
New-gate rights financing owed to RTA was AED 1,813.537 million at year-end. It is additional to bank debt and is repaid under a separate schedule. At 30 June 2026 the results release reports cash equivalents of AED 134.5 million and short-term deposits of AED 460.1 million.
Reported H1 net debt was AED 5,038.6 million and trailing net debt/EBITDA 2.45x, against a 5.0x covenant. Covenant headroom is dated evidence, not assurance of refinancing. The profile does not claim that a replacement financing transaction has closed.
H1 2026 operating cash flow was AED 551.0 million in the results release. It differs from profit and EBITDA; the release’s free-cash-flow definition deducts equipment and intangible purchases and adds equipment-disposal proceeds. Prepayments and the collection of fines affect cash conversion.
The long-term model combines distributions with concession payments, finance costs and new-gate financing. A stated dividend policy is not a guarantee of future payment. Readers should distinguish approved distributions, payment dates and the period whose profits fund a distribution.
Management wants to extend the Salik payment account into parking and other mobility services. The distinction between a memorandum, a launched service and material earned revenue is essential. The annual report explicitly limits the meaning of parking partnerships; it does not establish ownership of partner infrastructure.
Editorial interpretation: the main tests are traffic durability, collection, system uptime and returns after concession and finance costs. Regional disruption, alternative travel patterns, cybersecurity incidents and adverse regulatory decisions can affect results. New revenue streams require evidence of scale and profitability before being treated as a replacement for tolling income.
Salik — a concession, not a road, and one metric that matters · 2026-08-25Dubaist fundamental review
Salik — a concession, not a road, and one metric that matters
Author
Lapshin Vadim
Evidence checked
What the company owns, and what it does not
Salik operates Dubai's electronic road-toll system under Dubai Government control. It runs ten free-flow gates, identifies vehicles by radio tag and number plate, charges prepaid customer accounts and administers penalty claims. It also sells and activates the tags themselves, and under separate agreements connects the Salik wallet to parking, airports, valet services and other mobility payments.
What it does not own is the roads. The business rests on a 49-year concession from Dubai's Roads and Transport Authority running to 2071, on the technology platform, on the fact that payment is compulsory, and on the growth of movement through the city. That distinction is the whole model: this is a concession business with an operating platform on top, not an owner of infrastructure.
One operating metric, and the ones that look like it
The number that drives revenue is chargeable trips. Total trips and exempt trips are different figures and cannot stand in for it — a rise in total traffic that lands in exempt categories or off-peak hours does not convert into revenue at the same rate.
Tariffs, peak hours and exemption categories are set by public authority, not by the company. Volume growth and regulatory economics therefore have to be assessed separately: the company can influence one and not the other. FY2025 was the first full year with ten gates operating and with variable pricing in effect, which makes it the first year where both effects are visible together.
The two new gates came with an obligation
Al Safa South and Business Bay Crossing extended coverage, and they were financed through an obligation to the Roads and Transport Authority rather than appearing as free additions to the network. The concession fee payable to the authority is variable, which places part of the revenue line outside the company's control on both sides.
The expansion into parking, airport, valet and electric-vehicle payments widens the addressable market, but the unit economics of those services are not yet disclosed in enough detail to be modelled separately from the core toll business.
Where the evidence stops
Collection rates on penalty claims, the exact mechanics of the variable concession fee, the cost of floating-rate debt across scenarios, and per-service economics for the newer mobility products are not established in public disclosure. Historical comparability carries explicit breaks between the predecessor carve-out, the post-incorporation company, the opening of the new gates and the tariff change. No valuation or portfolio conclusion appears here.
Official contacts and freshness
As of: 2026-08-30
Website: https://www.salik.ae. Investor reports: https://www.salik.ae/en/investors/results-and-reports. The annual report publishes the investor-relations business email wassim.elhayek@salik.ae. Registered office: Suite 400, fourth floor, Festival Tower, Dubai Festival City, P.O. Box 36003, Dubai, UAE. No personal mobile number is reproduced.
Prepared on 30 August 2026. Annual ownership and legal structure are dated 31 December 2025; interim financial and operating metrics relate to 30 June 2026 and the release of 5 August 2026. Source pages use physical PDF pagination. New financial results, financing agreements or partnership launches require corresponding section updates.
The source-attributed editorial profile is separate from database verification. Missing, stale and conflicting database fields remain disclosed below; they do not describe the completeness of this article.
Company overview
Exchange
DFM
Ticker
SALIK
ISIN
AEE01110S227
Market identifier code (MIC)
XDFM
Stable research ID
DFM-SALIK
Industry evidence
Road toll concession and digital mobility payments
Coverage follows a reconciled listed-security identity and dated evidence. Inclusion describes research scope only; it is not a ranking, recommendation or claim of complete financial coverage.
Identity reconciliation
Exchange and ticker matched the research registry
Current public research layer
Review ready · verified figures appear when approved
Evidence boundary
Identity record checked: 2026-08-11
No source — no fact
Company evidence map
Open a card to inspect its public evidence. Missing, stale, conflicting or unavailable data is never replaced with an estimate.
Review ready · verified figures appear when approved
The fields below come from the current public company registry and any human-published issuer profile. Empty issuer-contact fields stay visibly missing until source and publication-rights review are complete.
Official listed name
Salik Company
Available
Exchange
DFM
Available
MIC
XDFM
Available
Ticker
SALIK
Available
ISIN
AEE01110S227
Available
Instrument
Listed equity
Available
Sector
Transport and logistics
Available
Industry
Road toll concession and digital mobility payments
Available
Identity checked
2026-08-11
Available
Official website
Missing
Missing
Investor relations
Missing
Missing
Registered address
Missing
Missing
Public contacts
Missing
Missing
Latest verified update
Company activity context
Only exact-security, human-published activity that passes every public source-document check can appear here.
No linked update currently passes every public gate.
Required identity fields are shown individually with their evidence state. A public link is not reuse permission, and a blank is never converted to a guess.
Stale
Official name
Salik Company
Stale
Ticker
SALIK
Stale
Exchange and MIC
DFM · XDFM
Stale
ISIN
AEE01110S227
Stale
Instrument type
Listed equity
Stale
Sector and industry
Transport and logistics · Road toll concession and digital mobility payments
An editorial company profile is published below. It is separate from database-verified fields; source dates and limitations remain attached to the article.
Salik Company is a listed equity on DFM under ticker SALIK. Public classification: Transport and logistics. Use this card to verify the issuer through its official profile, disclosures and sector metrics; it does not attribute unverified products, assets or projects to the company.
Infrastructure evidence plan
How to verify this operating system
The company-specific focus below fixes the perimeter before any operating or financial comparison. It contains no current value, forecast, valuation or market signal.
Road-toll concession and digital-payment perimeter
Define the physical denominator: trip, passenger, vehicle, vessel, container, parcel or capacity unit.
Keep owned, leased, operated, contracted and concession assets as distinct scopes.
Tie yield, utilisation, unit cost and service quality to one mode, geography and period.
Financial article · plain language
How to read this operating platform
Numerical values remain in the separate source-document check
How the business converts infrastructure into money
A fleet, concession, port, road, parking network or logistics platform converts physical throughput and utilisation into fees, fares, freight, lease or service revenue.
Five linked questions
1. What physical demand was served?
Define the denominator: trip, passenger, vehicle, vessel, container, parcel or capacity unit.
2. How was it priced?
Separate tariff, fare, yield, freight rate, lease income and ancillary revenue by mode.
3. Which assets produced the service?
Keep owned, leased, operated, contracted and concession assets in distinct scopes.
4. What drives cost and cash conversion?
Tie fuel, labour, maintenance, access fees and unit cost to the same service and period.
5. What must be funded next?
Match fleet or network expansion to contracted demand, financing, lease obligations and utilisation ramp.
Source-linked editorial profile
An editorial company profile is published below. It is separate from database-verified fields; source dates and limitations remain attached to the article.
The metrics below define the correct analytical lens for this business model. They contain no company values: a value appears only after official-document provenance and editorial verification.
Traffic or throughput
Passengers, trips, cargo, containers or vessels with mode, period and unit stated.
Yield
Revenue per passenger, trip or physical unit on a consistent scope and mix basis.
Asset utilisation
Use of fleet, terminals or capacity relative to the available base for the period.
Contracts and concessions
Contracted duration, pricing, volume protection and renewal terms kept explicit.
Unit cost
Operating cost per comparable traffic or capacity unit with exclusions identified.
Only exact-security activity that passes the automatic source, locator, date and localization gates is shown. Exceptions remain unpublished. Each date keeps its lifecycle meaning.
Verified public facts and their source trail remain free. Normalization notes, scenario work and analytical conclusions require an active premium entitlement.
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