{"id":610044,"date":"2023-11-14T00:00:00","date_gmt":"2023-11-14T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/dubai-is-taking-its-taxi-business-to-the-dfm-next-month\/"},"modified":"2023-11-14T00:00:00","modified_gmt":"2023-11-14T00:00:00","slug":"dubai-is-taking-its-taxi-business-to-the-dfm-next-month","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/14\/dubai-is-taking-its-taxi-business-to-the-dfm-next-month\/","title":{"rendered":"Dubai is taking its taxi business to the DFM next month"},"content":{"rendered":"

Dubai Taxi is going public next month:<\/strong>Dubai\u2019s Road and Transport Authority (RTA) is taking its taxi business to the Dubai Financial Market next month, offering 624.8 mn shares \u2014 representing a 25% stake \u2014 at a nominal value of AED 0.04 per share, the company said in its intention to<\/a>float<\/a>(pdf)<\/a>. The offering is expected to raise some USD 300 mn, Bloomberg<\/a> previously reported. In preparation for the listing, the government has changed the company\u2019s legal status into a public joint stock company and rebranded it from Dubai Taxi Corporation to Dubai Taxi Company.<\/p>\n

The timeline: <\/strong>The Dubai Taxi Company<\/a> (DTC) will hold an eight-day book building process from 21-28 November for retail investors and from 21-29 November for institutional investors. The final offer price will be announced a day later, with the company expected to make its DFM debut on 7 December. <\/p>\n

ADVISORS- <\/strong>Citi, Emirates NBD and Merrill Lynch are joint global coordinators for the transaction. Joining them on joint bookrunner duties are our friends at EFG Hermes UAE as well as FAB. Emirates NBD is lead receiving bank, while our friends at Mashreq Bank are also serving as receiving bank alongside FAB and others. Rothschild is serving as independent financial advisor.<\/p>\n

More to come? <\/strong>The transport authority is looking to list its parking subsidiary next year, also as part of the government\u2019s plan to list 10 state-owned companies, Bloomberg<\/a> wrote. <\/p>\n

<\/a><\/a> <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

<\/use><\/svg><\/p>\n<\/td>\n\n

EGX30 <\/strong><\/p>\n<\/td>\n

\n

23,955<\/p>\n<\/td>\n

\n

+0.2% (YTD: +64.1%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD (CBE)<\/strong><\/p>\n<\/td>\n

\n

Buy 30.83<\/p>\n<\/td>\n

\n

Sell 30.96<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

USD at CIB<\/strong><\/p>\n<\/td>\n

\n

Buy 30.85<\/p>\n<\/td>\n

\n

Sell 30.95<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Interest rates CBE<\/strong><\/p>\n<\/td>\n

\n

19.25% deposit<\/p>\n<\/td>\n

\n

20.25% lending<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Tadawul<\/strong><\/p>\n<\/td>\n

\n

10,790<\/p>\n<\/td>\n

\n

-0.4% (YTD: +3.0%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

ADX<\/strong><\/p>\n<\/td>\n

\n

9,537<\/p>\n<\/td>\n

\n

-0.2% (YTD: -6.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

DFM<\/strong><\/p>\n<\/td>\n

\n

3,983<\/p>\n<\/td>\n

\n

+0.3% (YTD: +19.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

S&P 500<\/strong><\/p>\n<\/td>\n

\n

4,412<\/p>\n<\/td>\n

\n

-0.1% (YTD: +14.9%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

FTSE 100<\/strong><\/p>\n<\/td>\n

\n

7,426<\/p>\n<\/td>\n

\n

+0.9% (YTD: -0.4%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Euro Stoxx 50<\/strong><\/p>\n<\/td>\n

\n

4,232<\/p>\n<\/td>\n

\n

+0.8% (YTD: +11.6%)<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Brent crude<\/strong><\/p>\n<\/td>\n

\n

USD 82.52<\/p>\n<\/td>\n

\n

+1.3%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n

\n

USD 3.20<\/p>\n<\/td>\n

\n

+5.4%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

Gold<\/strong><\/p>\n<\/td>\n

\n

USD 1,950.20<\/p>\n<\/td>\n

\n

+0.7%<\/p>\n<\/td>\n<\/tr>\n

\n

<\/use><\/svg><\/p>\n<\/td>\n\n

BTC<\/strong><\/p>\n<\/td>\n

\n

USD 36,511.39<\/p>\n<\/td>\n

\n

-1.8% (YTD: +122.6%)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n

THE CLOSING BELL-<\/strong><\/p>\n

The EGX30 rose 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 3.4 bn (32.4% above the 90-day average). Foreign investors were net buyers. The index is up 64.1% YTD.<\/p>\n

In the green: <\/strong>Telecom Egypt (+12.4%), Eastern Company (+7.3%) and Alexandria Containers and Cargo Handling (+2.4%).<\/p>\n

In the red: <\/strong>Mopco (-3.9%), Abu Qir Fertilizers (-3.2%) and Heliopolis Housing (-2.9%).<\/p>\n","protected":false},"excerpt":{"rendered":"

Dubai\u2019s Road and Transport Authority will be offering a 25% stake in its taxi business<\/p>\n","protected":false},"author":1,"featured_media":610045,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[11770,84,72,119,78,122],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-610044","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-planet-finance","tag-dubai-taxi-company","tag-efg-hermes","tag-enterpriseam","tag-financial-markets","tag-ipo-watch","tag-planet-finance","wpautop","entry"],"acf":{"mongo_id":"4ed7052a-1db1-492c-b1b3-21efe384b365","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/11\/688.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Dubai is taking its taxi business to the DFM next month","related_issue":[610017],"teaser":"Dubai\u2019s Road and Transport Authority will be offering a 25% stake in its taxi business","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/11\/.0e2fbac5-3ce9-4941-8f62-853262749d05.mp3"},"yoast_head":"\nDubai is taking its taxi business to the DFM next month - 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The agreement will be the world\u2019s first\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":610580,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/11\/22\/dubai-taxi-ipo-oversubscribed-in-60-minutes\/","url_meta":{"origin":610044,"position":2},"title":"Dubai Taxi IPO oversubscribed in 60 minutes","author":"enterpriseam admin","date":"22 November 2023","format":false,"excerpt":"Dubai Taxi IPO sees huge investor demand: State-owned Dubai Taxi Corporation\u2019s (DTC) IPO offering up 25% of the company was oversubscribed within the first hour of opening yesterday, Bloomberg reports. The company listed a total of 624.8 mn shares in its IPO on the Dubai Financial Market (DFM). 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