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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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Syria Says to be Relinked to SWIFT Payment System

A large Syrian flag is raised on a pole at Tishreen Park in Damascus on June 4, 2025. (Photo by LOUAI BESHARA / AFP)
A large Syrian flag is raised on a pole at Tishreen Park in Damascus on June 4, 2025. (Photo by LOUAI BESHARA / AFP)
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Syria Says to be Relinked to SWIFT Payment System

A large Syrian flag is raised on a pole at Tishreen Park in Damascus on June 4, 2025. (Photo by LOUAI BESHARA / AFP)
A large Syrian flag is raised on a pole at Tishreen Park in Damascus on June 4, 2025. (Photo by LOUAI BESHARA / AFP)

Syria will be fully reconnected to the SWIFT international payment system "in a matter of weeks" after more than a decade of sanctions, central bank governor Abdelkader Husrieh told the Financial Times in an interview published on Monday.

We “aim to enhance the brand of the country as a financial hub given the expected foreign direct investment in rebuilding and infrastructure — this is crucial," Husrieh said. “While significant progress has been made, there’s still much work ahead.”

Interim President Ahmed al-Sharaa received a major boost last month when US President Donald Trump unexpectedly lifted sanctions.

While that was a welcome step, “a full policy shift is still needed”, said Husrieh, who began his new job in April. “So far, we’ve only seen license issuance and selective sanctions removal. Implementation must be comprehensive, not ad hoc.”

According to the Financial Times, Husrieh has been working with the finance ministry on “a six to 12 month stabilization plan.” This involves reforming banking laws and the central bank, and overhauling social security and housing financing to encourage Syrians in the diaspora to invest in the country, among other initiatives.

Husrieh wants to end the Assad regime’s interventionist legacy, and restore lending capabilities, transparency and trust.

“The central bank previously micromanaged the financial system, over-regulated lending, and restricted deposit withdrawals,” he said. “We aim to reform the sector through recapitalization, deregulation and by re-establishing their role as financial intermediaries between households and businesses.”

SWIFT’s return will help encourage foreign trade, cut import costs and facilitate exports, he said. It would also bring much-needed foreign currency into the country, strengthen anti-money laundering efforts and ease the dependence on informal financial networks for cross-border trade.

“The plan is for all foreign trade to now be routed through the formal banking sector,” Husrieh said, thereby eradicating the role of money changers who would charge 40 cents of every dollar that came into Syria. He said banks and the central bank have been assigned Swift codes, and the “remaining step is for correspondent banks to resume processing transfers.”

Foreign investment will also be shored up by guarantees, he said. While the public banking sector is already fully backed by the government, Husrieh is looking to establish a state institution to guarantee private banks’ deposits.