Financial market

Dubai TECOM to be listed on the Dubai Financial Market

The UAE-based TECOM group, a real estate subsidiary of Dubai Holding, will be listed on the Dubai Financial Market (DFM), it was announced on Tuesday.

The listing is part of a strategy to increase the size of the local stock market to 3 trillion dirhams ($ 816 billion), according to the Dubai Media Office in a Twitter post.

“Listing is part of the strategy of the senior committee of the Dubai Stock Exchange,” the state agency said.

The emirate announced last month that it would register its main electricity and water distribution company, the Dubai Electricity and Water Authority (DEWA) and its Salik road toll system.

TECOM’s portfolio consists of business communities such as Dubai Internet City, Dubai Media City, Dubai Production City, as well as Dubai Design District, also known as D3.

(Reporting by Imogen Lillywhite; editing by Cleofe Maceda)

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