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Tecom Group News

Tecom Group invests $120m to expand Dubai innovation hub

Tecom Group, the Dubai-based operator of business parks and free zones, has broken ground on the AED 442 million ($120.34 million) Innovation Hub Phase 2 in Dubai Internet City.  Phase 2 expands the group’s assets with two high-end office buildings, four boutique offices, retail spaces and more than 800 parking spaces. It will provide more […]

UBS to wind down Mena advisory and dealmaking operations

UBS Group AG is planning to wind down its dealmaking and advisory operations in the Middle East and North Africa (Mena), Bloomberg reported, citing informed sources. The division’s last senior banker in the region has tendered his resignation recently, they said, adding a decision to retreat from in-person operations was taken in recently. Bankers and […]

Tecom

Rising business occupancy boosts profits for Tecom

Tecom Group, the Dubai-based operator of business parks and free zones, announced today that third quarter revenue rose by 12.5 percent year-on-year, driven by rising occupancy levels. Revenue reached $133.4 million as demand rose across the Tecom portfolio for office, warehouse and worker accommodation. The company, which is owned by the investment vehicle of Dubai’s […]

Empower

Empower targets Gulf expansion with IPO cash boost

Dubai’s Emirates Central Cooling Systems Corporation (Empower) plans to launch its initial public offering (IPO) on the Dubai Financial Market on November 16, as it eyes expansion to neighbouring Gulf states, company executives said on Monday. Subscriptions will open on October 31 and close on November 7.  Final pricing will be set on November 9 […]

Dubai’s TECOM board proposes $54m interim cash dividend

Dubai business park operator TECOM Group’s board has proposed an interim dividend payment of AED 200 million ($54.45 million), subject to shareholder approval at its upcoming annual general meeting. The proposed AED 200 million payout is in line with its previously announced dividend policy of distributing AED 800 million annually through to October 2025. The […]

UAE IPOs

UAE government’s IPO juggernaut raises $13.3bn and counting

A flurry of government-backed initial public offerings (IPOs) on the Dubai and Abu Dhabi stock markets has helped rejuvenate UAE bourses, as local and international investors seek exposure to the country’s buoyant economy.  While Europe and the US fret over soaring inflation and likely recession, and most emerging market currencies wilt versus the dollar, Gulf […]

Salik is an automated toll system that was introduced to the UAE in 2007

Salik’s $1bn IPO target ‘easily achievable’ after stake boost

Dubai toll gate operator Salik’s decision to increase the number of shares offered in its initial public offering will yield lower stock price volatility, and the $1 billion the government aims to raise “seems easily achievable”, analysts have predicted. Salik Company announced on Friday that it has increased the size of the stake it is […]

UAE’s Al Ansari Exchange picks banks for Dubai IPO

UAE-based foreign exchange and remittance firm Al Ansari Exchange has picked EFG-Hermes and Emirates NBD Bank to lead its planned initial public offering (IPO) in Dubai, Bloomberg reported, citing people familiar with the matter. The money-exchange firm is likely to list in the first quarter of 2023. Preparations for the IPO are ongoing and details […]

The Aramco IPO raised $30 billion and industry observers believe now is the right time for a second listing that could raise a further $10 billion

UAE and Saudi ‘bright spots’ in challenging global IPO market

The UAE and Saudi Arabia bucked the global downturn in initial public offering (IPO) activity in the first half of 2022. According to the EY MENA IPO Eye report, both countries – and the wider MENA region – remain a “bright spot in a challenging market”. It witnessed a 500 percent year-on-year increase in the […]