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In a groundbreaking move, Dubai Taxi Corp Privatization under the oversight of the Roads & Transport Authority (RTA), is gearing up for a $300 million share sale. Thus, ushering in Dubai’s initial privatization venture of 2023.
Fourth-Quarter Dividend in the Pipeline
Investors can anticipate a substantial fourth-quarter dividend, expected to exceed Dh71 million ($19 million), scheduled for distribution in April. Notably, the company commits to dispensing biannual dividends starting from the fiscal year 2024, amounting to no less than 85% of its annual net profit.
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Leading Partners in the Offering Dubai Taxi Corp Privatization
The RTA, in collaboration with financial giants Bank of America Corp, Citigroup Inc, and Emirates NBD Capital, is spearheading this significant offering. This strategic move aligns with the RTA’s asset monetization strategy, reflecting the blueprint established through Salik Co.’s IPO in 2022.
Exciting Times Ahead
With Dubai Taxi Corp.’s $300 million share sale and the promise of robust dividends, investors are in for an exciting journey as the UAE’s privatization efforts gain momentum in 2023. Keep a close watch on the Middle East’s evolving economic landscape.
Surge in Middle East IPO Activity
This announcement comes amidst a surge in IPO activities across the Middle East, driven by soaring oil prices. Therefore, ongoing privatization endeavors. Following the listing of Dubai Taxi Corp., the anticipation grows for another IPO, this time for Dubai Parking, expected to be unveiled shortly.
Stay updated as Dubai Taxi Corp. paves the way for privatization in 2023, promising significant dividends and shaping the economic landscape of the region.
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Disclaimer:
Please note that this article serves solely for informational purposes. As such, Gold Futures it is not financial advice. We strongly advise readers to conduct thorough research and consult with financial professionals before making any investment decisions.
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