Dubai Taxi Corporation (DTC), a unit of the emirate’s transport authority, is set to initiate the city’s first privatization effort of the year, aiming to raise approximately $300 million through a share sale scheduled for next month.

As part of their upcoming initial public offering (IPO), the taxi operator plans to distribute a fourth-quarter dividend of at least AED 71 million ($19 million) in April. Following this, DTC commits to disbursing a minimum of 85% of its annual net profit through two dividend payments, beginning in the 2024 fiscal year.