Sheikh Mohammed issues law; IPO on the cards

Image: Dubai Media Office

Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE, issued Law No (21) of 2023 on Sunday, amending the legal status of Dubai Taxi Corporation.

The law also revised the name ‘Dubai Taxi Corporation’ to Dubai Taxi Company PJSC.

With the issuance of the new law, the company is recognised as a public joint-stock company. It now has financial and administrative autonomy and can proceed with floating its shares for an initial public offering (IPO).

Read: Dubai’s RTA selects banks for taxi and parking IPOs

This step aligns with the Dubai government’s decision in 2021 to list 10 government and state-owned companies in the Dubai Financial Market. The emirate aims to increase the total volume of its stock markets to Dhs3tn.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of The Executive Council of Dubai issued Executive Council Resolution No (92) of 2023, forming the Board of Directors of Dubai Taxi Company chaired by Abdul Mohsin Ibrahim Younis.

The two resolutions are in force from the date of issuance. Based on the law, the company’s duration is 99 years, beginning from its registration date in the commercial register.

. @HHShkMohd issues Law No. (21) of 2023 pertaining to ‘Dubai Taxi Company’. Law No. (21) of 2023 amends the legal status of Dubai Taxi Corporation, created pursuant to Executive Council Resolution No. (48) of 2016. It is now recognised as a public joint-stock company named… pic.twitter.com/fy8rGtMPqN

— Dubai Media Office (@DXBMediaOffice) November 12, 2023