#Dubai’s Tecom Courts Investors After Lining Up Banks for IPO - Bloomberg

Dubai’s Tecom Courts Investors After Lining Up Banks for IPO - Bloomberg

Tecom Group is holding meetings with select investors after lining up banks to help arrange a potential listing in Dubai, people familiar with the matter said.

The firm has hired Emirates NBD Bank PJSC, First Abu Dhabi Bank PJSC, Goldman Sachs Group Inc., Morgan Stanley and UBS Group AG, the people said, asking not to be identified as the information is private. The meetings that started last week were the first of a series of planned engagements with investors ahead of the potential listing, they said.

Tecom hosts 10 large business complexes including Dubai Internet City and Dubai Media City. Part of state-owned Dubai Holding, the business park operator houses the headquarters of more than 5,600 companies in the United Arab Emirates.

It reported revenue of 1.9 billion dirhams ($520 million) and 1.26 billion in Ebitda last year, largely flat from 2020, two of the people said.