Dubai's Tecom Group approves Dh200 million interim cash dividend

Tecom Group on Tuesday announced shareholder approval of the proposed interim dividend payment of Dh200 million (4.0 fils per share) following its first General Assembly Meeting since listing on the Dubai Financial Market (DFM) on July 5, 2022.

In a statement, the company said Dh200 million cash distribution is in line with the group's previously announced dividend policy of distributing Dh800 million annually, to be distributed in semi-annual payments, to shareholders through to October 2025. All matters related to future dividend distribution will be subject to Board of Director's recommendation and shareholders' approval.

Malek Al Malek, chairman of Tecom Group, said Tecom Group has sustained its strong performance since the start of the year in line with the sharp rise in demand in the commercial and industrial real estate market in Dubai.

"This buoyancy is underpinned by the economic expansion and the government's initiatives to promote further growth and excellence, enhance the ease of doing business and attract top global talent and foreign direct investment," he said.

"As per the board of directors' recommendation and the subsequent approval of our shareholders, we are delighted to announce the distribution of interim cash dividends in line with the dividend policy previously outlined in the IPO prospectus," he added.