TECOM Group, part of Dubai Holding, was on Tuesday named as the latest state-owned entity that will be listed on the emirate’s stock market.
TECOM is part of the plan by the Supreme Committee for the Development of Capital Markets and Exchanges to double the value of the bourse to AED3 trillion.
The group operates 10 business communities in the city which include 6,500 companies with a workforce of 95,000. They include Dubai Internet City, Dubai Media City, Dubai Production City and Dubai Industrial City.
The announcement was made by Dubai Deputy Ruler Sheikh Maktoum Bin Mohammed in a series of tweets.
Last month, Dubai said it plans to list 10 state-owned companies on its stock exchange to boost the size of its financial market as the Middle East’s business hub seeks to catch up with Abu Dhabi and Riyadh.
It kicked things off with its main utility DEWA, likely to be its largest IPO ever, and the Salik road toll-collection system – described by one analyst as a cash machine.
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