TECOM Offers 625 Million Shares on Dubai Financial Market

TECOM said it planned to offer investors dividends of $218 million a year for the next three years. WAM
TECOM said it planned to offer investors dividends of $218 million a year for the next three years. WAM
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TECOM Offers 625 Million Shares on Dubai Financial Market

TECOM said it planned to offer investors dividends of $218 million a year for the next three years. WAM
TECOM said it planned to offer investors dividends of $218 million a year for the next three years. WAM

A major free zone operator in Dubai said Thursday it would make an initial public offering on the local stock market.

The TECOM Group 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.

TECOM is the owner, manager and operator of 10 strategic, sector-focused business districts across Dubai and a major contributor to the rapid growth of Dubai's knowledge and innovation-based economy.

The offer would represent 12.5% of all shares of TECOM, a subsidiary of Dubai Holding.

“With our intention to list ... we are expanding our contribution to Dubai’s financial market and bolstering our vision to further unlock the emirate’s economic and business growth potential," said Malek Al Malek, TECOM's chairman.

TECOM said it hoped to begin trading its shares on July 5.



Oil Prices Reset as Supply Uncertainty Reigns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
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Oil Prices Reset as Supply Uncertainty Reigns

FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)
FILE - Pump jacks extract oil from beneath the ground in North Dakota, May 19, 2021. (AP Photo/Matthew Brown, File)

Oil lost early gains on Tuesday and prices were back near their previous close in the face of uncertainty over how supply will be affected by Ukraine-Russia peace talks, international trade tariffs and OPEC+ crude output.

Brent crude futures were up only 1 cent at $75.23 per barrel by 1242 GMT, retreating from $76.07 earlier in the session.

US West Texas Intermediate crude futures were up 51 cents from Friday's close to $71.25 a barrel. There was no settlement for WTI on Monday because of the US Presidents' Day holiday, Reuters reported.

"Each rally seems to find willing sellers, whether or not it is because of neighbouring technical numbers that keep movement trapped or notions of a war settlement topped with tariffs is hard to tell," said John Evans of oil broker PVM.

"Day trading and short-term flows are ruling the fate of oil prices at present."

US and Russian officials held more than four hours of talks in Riyadh on Tuesday, their first on ending the war in Ukraine. But Moscow made a new demand: that NATO cancel its 2008 promise on Ukraine membership.

Ukraine was not at the talks and has said that no peace deals can be made on its behalf.

If a deal is reached, Washington and its allies could abandon sanctions throttling the supply of Russian oil to the world.

Oil prices were bolstered on Tuesday by a Ukrainian drone attack on a Russian pipeline that pumps about 1% of global crude supply.

The damage could reduce oil transit volumes from Kazakhstan by about 30% and take up to two months to repair, Russian oil transport company Transneft said.

Another question hanging over oil markets is whether OPEC+ is considering a delay to monthly supply increases scheduled in April.

Russian state media said the group's members were not looking to hold off from the increases after Bloomberg News reported that OPEC+ members were exploring a possible delay.