Dubai Taxi clinches two prestigious global awards in the financial markets sector

Dubai, June 25, 2024

Dubai Taxi Company (DTC), the leading provider of comprehensive mobility solutions in Dubai, has won two prestigious global awards in the financial markets sector. The company was honoured with the Best Sustainable IPO in EMEA award at a ceremony hosted by EMEA Finance Awards 2024 in London.

Abdulla Ibrahim Almeer, Chief Business Transformation Officer of Dubai Taxi Company, received the award on behalf of DTC. Additionally, Dubai Taxi has  also  won the Equity Capital Markets Deal of the Year award at the Bonds, Loans, & Sukuk Middle East Awards 2024 held in Dubai.

These accolades come following the company’s highly successful initial public offering (IPO) of AED 1.2 billion (approximately $315 million), showcasing the strength of its investment proposition.

As the largest mobility company in Dubai and the UAE, DTC’s success in these awards highlights strong investor confidence in its growth and expansion strategy. The company, which is the largest taxi operator in Dubai, has seen its market share rise to around 46% of the total taxi fleet in the city.

Leading position

Mansoor Rahma Al Falasi, CEO of Dubai Taxi, stated that winning two international awards in the financial markets sector affirms DTC’s leading position as the largest operator in the transport sector in the Emirate of Dubai and the sustainable growth it is experiencing at both operational and investment levels.

Al Falasi noted that these awards highlight the growing interest in the exceptional investment opportunity provided by Dubai Taxi and its attractiveness to investors locally, regionally, and internationally. “In 2023, the company achieved the largest IPO ever on the Dubai Financial Market (DFM), with total IPO demand surpassing AED 150 billion, exceeding the IPO by nearly 130 times across all tranches at the final offering price,” Al Falasi added.

Postive outcomes 

Al Falasi highlighted that Dubai Taxi achieved positive results following its successful IPO on the Dubai Financial Market. Revenues increased by 11% during 2023 compared to 2022, reaching AED 1.95 billion. This growth led to a 54% increase in net profits, attributed to the exceptional performance of the transport sector and the economic, population, and tourism growth witnessed by the Emirate of Dubai.

Furthermore, Dubai Taxi is expanding its fleet with environmentally friendly vehicles and integrating smart technologies to boost operational efficiency. The company has also secured exclusive contracts to provide transportation services in key locations, including Dubai International Airport and the Dubai World Trade Centre, Al Falasi said.