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Dubai Taxi announces IPO plans with introduction of new laws

The IPO of Dubai Taxi's shares is expected to enhance liquidity in the market.

Dubai Taxi announces IPO plans with introduction of new laws
[Source photo: Anvita Gupta/Fast Company Middle East]

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Upon its conversion into a public joint-stock company under the Government of Dubai, Dubai Taxi will make its shares available through an initial public offering (IPO).

The announcement follows the approval of Law No. (21) of 2023 by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, concerning establishing the “Dubai Taxi Company.”

Launched after the pandemic, the Dubai Taxi IPO aims to enhance liquidity and fortify the bourse’s market capitalization to $816 million. This involves listing 10 entities on the Dubai Financial Market (DFM).

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai and Chairman of The Executive Council of Dubai, has endorsed the Council’s Resolution No. (93) of 2023 concerning the ‘Dubai Taxi Company’s’ Articles of Association, encompassing the bylaws and regulations. He also approved the Executive Council Resolution No. (92) of 2023, appointing Abdul Mohsin Ibrahim Younis as chairman, and Ahmed Ali Al Kaabi serves as vice chairman.

The board members include Shehab Hamad Abu Shehab, Youssef Ahmed bin Ghalaita, Dr. Hanan Sulaiman Al Suwaidi, Abdulla Mohammed bin Damithan, and Issa Abdullah bin Natouf.

The law specifies the company’s financial and administrative independence in pursuing its activities and objectives.

Moreover, the law specifies that the company’s duration is 99 years, commencing from the date of its registration in the commercial register, and it includes an automatic renewal for a similar period.

In addition, the law outlines that Dubai Taxi will introduce self-driving vehicles and flying taxi services as specialized transportation modes.

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