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Dubai’s TECOM Draws Orders Worth $9.6Bln for IPO

A picture shows a view of the Dubai skyline, including Burj Khalifa the world's tallest building, in the United Arab Emirates, on June 20, 2022. (AFP)
A picture shows a view of the Dubai skyline, including Burj Khalifa the world's tallest building, in the United Arab Emirates, on June 20, 2022. (AFP)
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Dubai’s TECOM Draws Orders Worth $9.6Bln for IPO

A picture shows a view of the Dubai skyline, including Burj Khalifa the world's tallest building, in the United Arab Emirates, on June 20, 2022. (AFP)
A picture shows a view of the Dubai skyline, including Burj Khalifa the world's tallest building, in the United Arab Emirates, on June 20, 2022. (AFP)

Dubai business park operator TECOM Group said on Monday it drew orders worth $9.63 billion for its initial public offering, the latest Middle East listing to attract strong investor demand amid a boom in regional share sales.

It had previously announced setting the final offer price for its IPO at AED2.67 ($0.72) per share.

The Global Offering drew substantial demand from both the Qualified Institutional Offer and UAE Retail with total gross demand reaching AED35.4 billion, implying an oversubscription level of over 21 times in aggregate at the final price.

The UAE Retail Offer achieved an oversubscription level of almost 40 times in aggregate, making it the highest oversubscription multiple ever for IPOs on the Dubai Financial Market (DFM).

As a result of the extremely strong demand, the final offer price was set at the top of the price range and the company has raised AED1.7 billion ($462 million) through the IPO.

Malek al-Malek, Chairman of TECOM Group, said: “The tremendous demand we drew both locally and internationally for the TECOM Group IPO, especially amid challenging market conditions, is testament to the company’s appealing value proposition and growth prospects.”

He stressed that the investors’ high turnout is underpinned by their optimism toward Dubai’s economy and confidence in the Emirate’s capital markets.

As previously announced, the Global Offering comprised an offering of 625 million ordinary shares, representing 12.5% of TECOM Group’s issued share capital, all of which is expected to be listed on the DFM on or around July 5.

Upon listing the company, it will have an implied market capitalization of AED13.4 billion ($3.6 billion), and DHAM LLC will continue to own a majority 86.5% stake in the company (or 87.5% together with DHAM FZ-LLC).

TECOM houses more than 7,500 companies and 10 large business complexes including Dubai Internet City and Dubai Media City.

Dubai's deputy ruler, Sheikh Maktoum bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity to three trillion dirhams (about $817 million).

Dubai Electricity & Water Authority’s (DEWA) $6.1 billion share sale in April was the first, and a float of the city’s road-toll system, Salik, is set to follow after the summer.

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Saudi-GCC Non-Oil Trade Surplus Achieves 203% Annual Growth

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
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Saudi-GCC Non-Oil Trade Surplus Achieves 203% Annual Growth

An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)
An oil tanker is being loaded at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. (Reuters)

The non-oil trade surplus of Saudi Arabia with the Gulf Cooperation Council (GCC) countries recorded an annual growth rate of 203.2% to more than SAR2 billion in April, reported the Saudi Press Agency on Friday. It soared to around SAR3,511 million from SAR1,158 million in the same month last year.

According to preliminary data from the International Trade Bulletin for April, published by the General Authority for Statistics (GASTAT), the total volume of non-oil trade, including re-exports, between Saudi Arabia and GCC countries amounted to around SAR18,028 million. This reflects a year-on-year growth of 41.3%, with an increase of SAR5,271 million from SAR12,757 million in April 2024.

Non-oil commodity exports, including re-exports, rose by 55%, totaling SAR10,770 million, up from SAR6,958 million in April of the previous year, an increase of over SAR3,812 million.

Meanwhile, the value of national non-oil commodity exports reached around SAR3,031 million, compared to SAR2,675 million in April 2024, achieving a year-on-year growth rate of 13.3%, with an increase estimated at SAR356 million.

Additionally, the value of re-exports surged by 81%, reaching SAR7,738 million compared to SAR4,282 million, an increase of SAR3,456 million.

Saudi Arabia’s imports from GCC countries stood at SAR7,258 million in April 2025, compared to SAR5,799 million last year, achieving a year-on-year growth of 25.2%, with an increase of SAR1,459 million.

The data indicated that the United Arab Emirates ranked first in terms of non-oil trade volume with Saudi Arabia, amounting to SAR13,533 million, representing about 75.1% of the total.

Bahrain followed in second place with a trade value of SAR1,798 million (10%), while Oman ranked third with SAR1,454 million (8.1%). Kuwait was fourth with SAR819.9 million (4.5%), and Qatar came next with a value of SAR422.1 million (2.3%).