Emirates, one of the fastest-growing airlines in the world, is considering an initial public offering (IPO) that could value the Gulf carrier at up to $20 billion (£9.7 billion).

Sheikh Ahmed bin Saeed al-Maktoum, chairman and chief executive of Emirates, told The Times, that an IPO was now part of the airline’s strategy.

The move comes a week after DP World, the ports operator that bought P&O last year, announced that it would list 20 per cent of its shares on Dubai’s fledgeling stockmarket.

The Gulf state is trying to diversify its economy away from oil revenues and is hoping to turn itself into a leading financial centre. As part of this shift, large Dubai businesses are being encouraged to seek financing locally.

Emirates, which is a state-owned carrier, would likely seek a primary listing of up to a quarter of its stock in Dubai. DP World and Emirates could then seek secondary listings in London to gain access to a larger international market.

Sheikh Ahmed said: “I think more and more Dubai companies will see that this is important in the near future. The DP World IPO is a very positive thing. I think for sure Emirates will also, in the future, do something like that.”

Emirates was founded by Dubai’s rulers in 1985 as part of a strategy to bring tourists and businessmen into the city, enabling its economy to move away from a reliance on dwindling oil revenues. “Dubai is not an oil-rich country so we have had to diversify in every sector of business,” Sheikh Ahmed said.

“Our vision is that Dubai’s GDP will grow from $38 billion to $108 billion by 2015. This is something that we ought to do but to do so we need to develop new businesses here, like our financial market.”

Emirates listing on the Dubai market would be a significant boost to the exchange’s credibility. DP World, which owns the Tilbury and Southampton docks in the UK, said last week that it expected to raise about $4 billion listing in Dubai. It will be the largest flotation in the Middle East.

The airline will not use the money to buy European airlines, as some analysts have predicted. Sheikh Ahmed ruled out a bid for a rival such as British Airways, saying Emirates would focus on its own growth strategy.

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