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Dubai robot firm to supply autonomous robots for NEOM

Micropolis, a Dubai-based manufacturer that specialises in developing autonomous mobile robots, plans to build a new production plant and triple its workforce with the funding it raises from an upcoming New York initial public offering. Once fully operational in Dubai Production City, the factory will build an average of one robot a day to meet a growing demand from customers including NEOM.

 The smaller version of the robot will be trialled in April for six months in one community before possibly being introduced to more areas later this year.  The robot can be used in various industries, such as oil and gas, and for uses including helping to collect rubbish,

"We are also working with NEOM in other sectors, such as logistics and utilities," "The robots will be able to clean the roads, collect trash, detect maintenance issues in the community." - Fareed Aljawhari, Micropolis founder and chief executive

Since 2018, Micropolis has raised $8 million, mainly from overseas investors. The IPO in New York is expected to raise a further $37 million.

It plans to offer 8.2 million shares, estimating a price range between $4 and $5 per share. At the midpoint of the proposed range, the company would command a market value of $172 million.

Read the full story at National News

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