ABU DHABI (BLOOMBERG) - Abu Dhabi Ports is considering an initial public offering (IPO), joining a growing list of state entities in the United Arab Emirates seeking to sell shares, according to people familiar with the matter.

The government-run ports operator has met with investment banks in recent weeks and may decide on financial advisers soon, the people said, asking not to be identified as the information is private. The company could raise at least US$1 billion (S$1.38 bilion) in a share sale on the local exchange, one of the people said. No final decisions have been taken, and the company may decide against a listing, they said.

"There are no immediate plans to go public," Abu Dhabi Ports chief executive officer Mohamed Juma Al Shamisi said on Wednesday (July 26) in response to Bloomberg's request for comment.

Large state-owned companies in the Gulf are turning to equity markets to raise cash amid weak oil prices.

Abu Dhabi National Oil selected underwriters and advisers for an IPO of its gas stations unit, which may value the business at as much as US$14 billion, people familiar with the matter said last week.

Emirates Global Aluminium PJSC is also planning to raise about US$3 billion through a stock sale, people familiar with the matter have said.

They will join Saudi Arabia Oil, which is preparing what could be the largest-ever IPO as the kingdom takes steps to overhaul its economy. These share sales would be a significant boost to IPOs in the region, traditionally one of the smallest for listings. Companies in the Middle East and Africa have raised about US$2.9 billion from IPOs that began trading in the last 12 months, compared with about US$204 billion worldwide, according to data compiled by Bloomberg.

Abu Dhabi Ports, founded in 2006, operates 11 ports and hosts an average of about 25,000 ships a year, according to its website. Its flagship projects are the Khalifa Port and the Khalifa Industrial Zone, known as Kizad.