Major Dubai free zone operator becomes latest to offer IPO

By JON GAMBRELL
Associated Press

DUBAI, United Arab Emirates (AP) — A major free zone operator in Dubai owned by the sheikhdom’s ruler says it will make an initial public offering on the local stock market. The TECOM Group said Thursday it 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. The offer would represent 12.5% of all shares of TECOM, a subsidiary of Dubai Holding. Dubai Holding is part of the vast government enterprises informally known as Dubai Inc. and overseen by its ruler, Sheikh Mohammed bin Rashid Al Maktoum. TECOM reported having revenues of over $480 million in 2021, with a profit of nearly $320 million.