The Group has a portfolio of 10 business parks where around 6,500 companies employ a total workforce of 95,000
Tecom Group will be the latest entrant to be listed on the local stock market after the Dewa and Salik road toll system, according to the Dubai Media Office.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Vice President of Dubai, Deputy Prime Minister and Minister of Finance, said Tecom Group will be listed on the DFM.
His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the United Arab Emirates and Ruler of Dubai, issued the directive to list Tecom Group on the DFM after the Dewa and Salik road toll system.
“Dubai is considering an IPO of business park operator Tecom Group on the Dubai Financial Market (DFM). The list is part of plans to increase the size of the DFM to 3 trillion dirhams, or $ 816.84 billion, ”the emirate’s media office said on Tuesday.
Tecom Group, which is part of Dubai Holding, has a portfolio of 10 business parks where approximately 6,500 companies employ a total workforce of 95,000. Its business communities include Dubai Internet City, Dubai Media City, Dubai Design District and Dubai Industrial Park.
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Wael Makarem, senior market strategist for the Mena region at Exness, said the announcement of Tecom’s listing on the DFM could send the broad index near or beyond its recent high as it could attract new liquidity. and encourage investors to take risks.
“The initiative could boost investor confidence in the strength of the market and its ability to thrive,” Makarem told the Khaleej Times on Tuesday.
The listing is part of the strategy of the Dubai Securities and Exchange Higher Committee to increase the size of the emirate’s stock market to 3 trillion dirhams in the coming period.
Earlier, the government announced its intention to list 10 state-backed companies in the Dubai financial market in order to increase market liquidity. The government also said it plans to create a Dh2 dirham market maker fund to encourage more private companies to list on local stock exchanges.
Who comes next
Analysts said the latest announcement is in line with the government’s initiative to make Dubai a more competitive market against the region’s largest stock exchanges which are seeing larger listings and high liquidity.
Inside market sources told the Khaleej Times earlier that the Dubai government would also release the names of the remaining seven state-funded companies in due course. “The government has developed reputable brands over a period of time. Emirates airline, flydubai, dnata, Roads and Transport Authority (RTA), Enoc and Jumeirah are some of the potential candidates for DFM listing and may attract investors, ”sources said.