Dubai’s Tecom courts investors after lining up banks for IPO

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, First Abu Dhabi Bank, Goldman Sachs Group, Morgan Stanley and UBS Group, 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, Tecom houses the headquarters of more than 5,600 companies in the United Arab Emirates.

A listing could come as soon as the middle of this year, though details on the potential size or valuation were not immediately available, three of the people said. Deliberations are ongoing and no final decisions on the timeframe have been taken.

Tecom, First Abu Dhabi Bank and Goldman Sachs were not immediately available for comment. Morgan Stanley, Emirates NBD and UBS declined to comment.

While Russia’s invasion of Ukraine has effectively shut IPO markets around the world, the Middle East is so far proving resilient.

Saudi Arabia’s largest pharmacy retail chain on Thursday set the final offer price for its listing at the top end of a planned range. In Dubai, the road-toll collection system and utility Dubai Electricity & Water Authority are also gearing up for share sales.

Dubai’s government unveiled plans to sell shares in 10 companies last year. It’s also encouraged private and family-owned businesses to list in the Middle East’s financial hub.