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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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Business

China’s Xi Seeks to Boost Investment, Expand Economic Ties with Russia 

Russian Prime Minister Mikhail Mishustin (L) is welcomed by Chinese President Xi Jinping before a meeting at the Great Hall of the People in Beijing, China, 04 November 2025. (EPA/ Dmitry Astakhov/Sputnik/Government Press Service / Pool) 
Russian Prime Minister Mikhail Mishustin (L) is welcomed by Chinese President Xi Jinping before a meeting at the Great Hall of the People in Beijing, China, 04 November 2025. (EPA/ Dmitry Astakhov/Sputnik/Government Press Service / Pool) 
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China’s Xi Seeks to Boost Investment, Expand Economic Ties with Russia 

Russian Prime Minister Mikhail Mishustin (L) is welcomed by Chinese President Xi Jinping before a meeting at the Great Hall of the People in Beijing, China, 04 November 2025. (EPA/ Dmitry Astakhov/Sputnik/Government Press Service / Pool) 
Russian Prime Minister Mikhail Mishustin (L) is welcomed by Chinese President Xi Jinping before a meeting at the Great Hall of the People in Beijing, China, 04 November 2025. (EPA/ Dmitry Astakhov/Sputnik/Government Press Service / Pool) 

China's President Xi Jinping on Tuesday sought to expand mutual investment with Russia and affirmed Beijing's commitment to advance ties despite "turbulent" external conditions, Chinese state media reported.

Xi met Russian Prime Minister Mikhail Mishustin in Beijing at the Great Hall of the People, a day after Chinese Premier Li Qiang held a meeting with Mishustin in Hangzhou, where Li said China wanted to strengthen cooperation with Russia and defend shared security interests.

The Kremlin has highlighted the significance of Mishustin's visit at a time when Russia is under major Western sanctions over its war in Ukraine and looking to stem a recent slowdown in trade with China.

"China-Russia relations have stayed the course toward higher-level and higher-quality development, advancing steadily despite a turbulent external environment," Xi told Mishustin, according to state broadcaster CCTV.

"Safeguarding, consolidating and developing China-Russia relations is a strategic choice for both sides," Xi said.

He highlighted industries such as energy, agriculture, aerospace, digital economy and green development where the two countries could advance cooperation and foster new engines of growth.

Mishustin said it was important for both sides to continue creating favorable conditions for attracting mutual investment and supporting joint projects, according to Russia's TASS news agency.

Xi and Russian President Vladimir Putin signed a "no-limits" partnership in February 2022 days before Putin sent tens of thousands of troops into Ukraine.

Since then, Russia has turned to China to blunt the impact of sanctions, highlighting record trade, increased settlements in yuan and deepening energy cooperation.

Bilateral commerce has, however, declined in recent months as China faces mounting US pressure over trade and technology.

Chinese state oil majors suspended purchases of seaborne Russian oil following US sanctions on Rosneft and Lukoil, Moscow's two biggest oil companies, Reuters reported last month.

In a joint communique published on the Russian government website on Tuesday, both countries agreed to "strengthen cooperation in all spheres and respond appropriately to external challenges."

Russia also reaffirmed its adherence to the "one-China" principle and opposition to "Taiwan independence".

China regards democratically-ruled Taiwan as part of its territory. Taiwan's government rejects Beijing's claim and says only the island's people can decide their future.

Business

Jeddah Transport Company, EVIQ to Develop EV Charging Infrastructure 

The deal supports the Jeddah Municipality’s objectives, through Jeddah Transport Company, to advance infrastructure and improve Jeddah’s urban landscape. (SPA)
The deal supports the Jeddah Municipality’s objectives, through Jeddah Transport Company, to advance infrastructure and improve Jeddah’s urban landscape. (SPA)
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Jeddah Transport Company, EVIQ to Develop EV Charging Infrastructure 

The deal supports the Jeddah Municipality’s objectives, through Jeddah Transport Company, to advance infrastructure and improve Jeddah’s urban landscape. (SPA)
The deal supports the Jeddah Municipality’s objectives, through Jeddah Transport Company, to advance infrastructure and improve Jeddah’s urban landscape. (SPA)

The Jeddah Transport Company signed on Monday a memorandum of understanding with Electric Vehicle Infrastructure Company (EVIQ) to deepen their cooperation in developing high-speed public electric vehicle (EV) charging infrastructure across the Jeddah Governorate.

The agreement supports the expansion of the network of charging stations in public parking areas, parks and pedestrian zones, using cutting-edge technologies and smart solutions to support the transition toward sustainable mobility and to improve quality of life in Jeddah.

The deal supports the Jeddah Municipality’s objectives, through Jeddah Transport Company, to advance infrastructure and improve Jeddah’s urban landscape.

It also supports building a sustainable, integrated public transport system aligned with Saudi Vision 2030, boosting safe and efficient mobility and quality of life for residents.

Business

Saudi Industry Minister Explores Joint Investment Opportunities in Advanced Industries with China 

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at Monday's meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at Monday's meeting. (SPA)
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Saudi Industry Minister Explores Joint Investment Opportunities in Advanced Industries with China 

Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at Monday's meeting. (SPA)
Saudi Minister of Industry and Mineral Resources Bandar Alkhorayef speaks at Monday's meeting. (SPA)

Saudi Minister of Industry and Mineral Resources and Board Chairman of the National Industrial Development Center (NIDC) Bandar Alkhorayef chaired in Riyadh on Monday a meeting of the center with a delegation comprising leaders of more than 30 Chinese companies.

The two sides discussed ways to boost industrial cooperation between Saudi Arabia and China.

They explored joint investment opportunities in several high-value industries, notably machinery and equipment, semiconductors, and advanced manufacturing technologies.