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Dubai Holding weighing IPO of TECOM Group: Sources

Published: Updated:

Dubai Holding, the investment vehicle of Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum, is weighing an initial public offering of business park operator TECOM Group, three sources told Reuters.

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US investment banks Morgan Stanley and Goldman Sachs and Swiss bank UBS are close to securing a mandate for roles on the public share sale, said the sources, who declined to be named as the matter is not public.

TECOM and Dubai Holding did not immediately respond to a request for comment. Morgan Stanley and Goldman Sachs declined to comment.

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