Dubai's TECOM Group Expected to Raise $455 Mln in IPO

One of the TECOM industrial complexes in Dubai (Asharq Al-Awsat)
One of the TECOM industrial complexes in Dubai (Asharq Al-Awsat)
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Dubai's TECOM Group Expected to Raise $455 Mln in IPO

One of the TECOM industrial complexes in Dubai (Asharq Al-Awsat)
One of the TECOM industrial complexes in Dubai (Asharq Al-Awsat)

Dubai business park operator TECOM Group set price guidance on Thursday for its initial public offering that showed it could raise up to 1.67 billion dirhams ($454.7 million) in the listing.

TECOM Group, owned by the investment vehicle of Dubai's ruler, plans to sell 625 million shares, or 12.5% of issued share capital, at a price range of 2.46 dirhams ($0.66) and 2.67 dirhams ($0.72) per share.

That implies a market capitalization of between 12.3 billion dirhams ($3.3 billion) and 13.4 billion dirhams ($32.6 billion), said the group, which operates 10 business parks and districts across the emirate of Dubai.

UAE Strategic Investment Fund and Shamal Holding will be “cornerstone” investors in the listing, with a combined commitment of 283.75 million dirhams ($77.2 million).

The company is also offering an attractive dividend yield of between 6% and 6.5%, based on a dividend payout of 800 million dirhams ($217.7 million), higher than water and electricity utility DEWA.

On July 5, TECOM will be the latest firm to go public on the Dubai stock market, known as the DFM, under a government initiative announced in November to list 10 state-linked companies.

The IPO subscription period started on June 16 and runs until June 23 for the UAE retail offering, while the qualified investor offering begins on June 24.

Subsequent to Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum’s announcement on the planned listing of 10 government-owned companies on the DFM, the UAE Strategic Investment Fund was established to act as a strategic long-only investor in key Dubai IPOs.

The UAE Strategic Investment Fund is a segregated portfolio of Emirates NBD AM SPC managed by Emirates NBD Asset Management, one of the largest and longest established asset managers in the Middle East with a long-standing track record of investing in, amongst other asset classes, listed equities within the MENA region via segregated mandates and mutual funds.



From Russia, Alkhorayef Says Saudi Aims to Lead in Future Tech

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (Ministry of Industry and Mineral Resources)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (Ministry of Industry and Mineral Resources)
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From Russia, Alkhorayef Says Saudi Aims to Lead in Future Tech

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (Ministry of Industry and Mineral Resources)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef (Ministry of Industry and Mineral Resources)

Saudi Arabia is leading a sweeping industrial transformation aimed at reshaping the national economy and securing a leading position in advanced sectors, the kingdom’s Minister of Industry and Mineral Resources Bandar Alkhorayef said.

Speaking at the main session of the INNOPROM 2025 international industry fair in Yekaterinburg, Russia, Alkhorayef highlighted Saudi Arabia’s early adoption of future technologies and its efforts to boost production capabilities within global value chains.

He outlined that the National Industrial Strategy, launched in 2022, serves as the operational framework for the kingdom’s industrial vision. The strategy focuses on three integrated pillars targeting key industrial groups. The first pillar covers industries related to national security — including food, pharmaceuticals, water, and military sectors — which Saudi Arabia aims to localize through active partnerships.

Alkhorayef said the second pillar focuses on industries that leverage Saudi Arabia’s relative advantages, including abundant natural resources such as oil, gas, and minerals, as well as its strategic geographic location that positions the kingdom as a global logistics hub. Key sectors under this pillar include advanced petrochemicals, mining, and value-added manufacturing.

The third pillar targets future-oriented and emerging technologies. Saudi Arabia aims to strengthen its position in the early adoption of cutting-edge technologies through clear incentive policies.

These include support for research and development, applications of the Fourth Industrial Revolution, artificial intelligence, and 3D printing. Complementary measures such as the local content policy prioritize domestic products and bolster reliance on national capabilities, he added.

Alkhorayef also outlined recent developments in the kingdom’s mining sector, a key focus of Vision 2030. He said efforts have followed three main tracks, starting with expanded geological exploration that boosted the estimated value of Saudi mineral reserves from $1.3 trillion to $2.5 trillion. These reserves include strategic minerals such as phosphate and copper, with ongoing attention to social and environmental considerations in mining areas.

The second track involves strengthening international partnerships through the annual Riyadh International Mining Conference, which has evolved into a global platform addressing challenges related to securing critical raw materials for the energy transition.

The conference fosters coordination among governments, private sector players, and academic and research institutions to enhance the mining sector’s efficiency and sustainability. Alkhorayef expressed gratitude for the Russian government’s contributions to the event.

Highlighting strong Saudi-Russian ties, he said there are promising opportunities to deepen cooperation, particularly given the alignment between Saudi Vision 2030 and Russia’s 2030 national development goals in economic growth, digital transformation, and technological leadership.

Alkhorayef noted that the launch of the Saudi-Russian Joint Committee in 2002 and the opening of the Saudi commercial attaché office in Moscow in 2022 marked key milestones in advancing the partnership. He pointed to significant growth in bilateral trade, which surged from $491 million in 2016 to over $3.28 billion in 2024.