Dubai Taxi Corp Aiming for $300M Share Sale
The Dubai Taxi Corporation, a subsidiary of the Dubai Roads & Transport Authority (RTA), is aiming to secure around US$300 million from a share sale by the end of 2023 in a major privatisation drive, according to reports.
As part of an initial public offering (IPO), the taxi operator plans to pay a fourth-quarter dividend of at least Dh71 million (US$19 million) in April, according to an investor presentation seen by Bloomberg.
Dubai’s RTA is working with Bank of America Corp., Citigroup Inc., and Emirates NBD Capital on the offering that will list in Dubai, according to Bloomberg.
Dubai Taxi Corporation also recently launched a strategic plan for digital transformation 2022-2025.
This strategy seeks to accomplish a host of strategic goals highlighted by digital mobility, excellent operation, financial sustainability, people’s happiness, and shaping the future.
The strategy is built on 9 key drivers namely: artificial intelligence, smart revenues, the Internet of things, smart city, big data, governance, security systems & upgraded systems, process automation & paperless initiatives, future transformation, and smart services.
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