Tecom to be included in Dubai Financial Market's general index from Monday

Company began trading on the DFM on July 5, after raising Dh1.7 billion in an IPO that drew substantial demand

Dubai Internet City is among several key business districts under Tecom Group's portfolio. AP
Beta V.1.0 - Powered by automated translation

Tecom Group, the operator of business districts in Dubai, will be included in Dubai Financial Market's general and real estate indices from Monday, the bourse regulator announced on its website.

The company began trading on the DFM on July 5, after raising Dh1.7 billion in an initial public offering that drew substantial demand and was oversubscribed by more than 21 times.

The UAE retail offer was oversubscribed by almost 40 times in aggregate, surpassing any IPO on the DFM to date.

Tecom on Wednesday reported a 54 per cent annual surge in net profit in the second quarter on “continued buoyancy” in the Dubai's economy.

Profit for the three months that ended in June rose to Dh237 million ($64.5m), compared with Dh153.9m during the same period last year, Tecom said in a statement to the DFM.

Tecom is optimistic in its ability to "sustain a steady increase in our occupancy levels and high customer retention levels for the upcoming period," chief executive Abdulla Belhoul said in the earnings report. "This will add further stability to our revenue and cash flow for the midterm."

Tecom's portfolio consists of Dubai Internet City, Dubai Outsource City, Dubai Media City, Dubai Studio City, Dubai Production City, Dubai International Academic City, Dubai Knowledge Park, Dubai Science Park, Dubai Design District and Dubai Industrial City.

The group has more than 7,800 customers in Dubai and provides real estate solutions across commercial, land and industrial segments.

The DFM, meanwhile, last month reported a 134 per cent annual surge in second-quarter net profit to almost Dh36m, driven by improved trading values and rising income.

Brokers operating in the DFM more than tripled the number of investor accounts in the first seven months of 2022, amid the emirate's push to boost liquidity by listing state-owned companies, it said on Tuesday.

Updated: August 06, 2022, 8:22 AM