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The Independent UK

National

Via AP news wire

Major Dubai free zone operator becomes latest to offer IPO

Dubai IPO Tecom Stock Market

Copyright 2022 The Associated Press. All rights reserved.

A major free zone operator in Dubai owned by the sheikhdom's ruler said Thursday it would make an initial public offering on the local stock market, the latest state asset to list in an effort to boost the city-state's bourse.

The TECOM Group, whose 10 holdings include Dubai Internet City and Dubai Media City, plans to offer 625 million shares on the Dubai Financial Market. TECOM said it planned to offer investors dividends of $218 million a year for the next three years.

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