Dubai Taxi is set to launch an initial public offering (IPO) after being converted into a public joint stock company by the Government of Dubai. Sheikh Mohammed bin Rashid Al Maktoum approved the law related to ‘Dubai Taxi Company,’ marking a series of public offerings by Dubai government entities post-pandemic. The move aims to boost market liquidity and increase the Dubai Financial Market’s (DFM) market capitalization.
The decree did not specify the timing or amount of the IPO. Dubai Taxi, now a public entity, will also provide self-driving and flying taxi services, diversifying its transportation offerings. The law grants the company financial and administrative independence, outlining a 99-year duration, automatically renewable.
The company can engage in various transportation services, including leasing vehicles and outsourcing passenger transportation through contractual agreements. The Executive Council, led by Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, approved the company’s Articles of Association and appointed its chairman and vice chairman, along with other board members.
