Welcome to the IPO of DTC
Dubai Taxi Company PJSC was established as a taxi company in 1994 and has since expanded to other mobility segments by leveraging our dominant market leadership and operational strengths. We offer an extensive range of transportation solutions across four key business lines, including taxi services, VIP limousine services, bus services and last mile delivery bike services. Given the size of DTC's fleet, coupled with its exclusivity in key locations, the Company's red-roofed taxis are near ubiquitous in key areas across Dubai.
We are pleased to announce our intention to offer 624,750,000 shares, representing 24.99% of our share capital, through an initial public offering and listing of our shares on the Dubai Financial Market. Our IPO provides a unique opportunity for investors to participate in a sector with strong macroeconomic tailwinds that is well-positioned for growth.
What Do We Do?
(Numbers as of June 2023)

Taxis
We operate 5,216 taxis transporting customers throughout the Emirates for journeys beginning in Dubai, catering to a wide customer base through our ladies and family taxis and people of determination taxis.

VIP Limousines
We provide 387 luxury chauffeur-driven vehicles for visitors to Dubai, business professionals and other clients with competitive rates, convenient booking and 24/7 customer care, including two premium limousine options.

Bus Services
Our fleet of 946 buses serve more than 24,500 school and university students under long-term contractual agreements with private schools and the Ministry of Education in Dubai and Ajman.

Delivery Bikes
We offer 597 petrol-powered delivery bikes and trained, professional drivers to service the delivery needs of Dubai-based restaurants and food retailers.
DTC in Numbers

#
1
Taxi operator in Dubai by taxi fleet 1

~
44
%
Market share by taxi fleet 1

400
k
Downloads of the DTC App 2

42
million
Total taxi trips 3

7000
+
Total vehicles operated 1

14000
+
Driver partners 1

AED ~
1.8
billion
Revenue for FY2022
(+31% YoY)

AED ~
1.4
billion
Revenue for 9M 2023
(+11% YoY)

~
25.5
%
EBITDA Margin for 9M 2023
1 As at 30 June 2023
2 As at 30 April 2023
3 Between 1 July 2022 and 30 June 2023
Investment Highlights
- The taxi and e-hailing market in Dubai is expected to grow in part as a result of an approximately 3% projected CAGR in Dubai's population from 2023 to 2040, coupled with a forecasted approximately 20% CAGR growth in tourist visits to Dubai from 2022 to 2025.
- Dubai International Airport, where DTC taxis and limousines enjoy exclusive access to pick-up points, has been the busiest international airport for international passengers for nine consecutive years as of 2022.
- Government strategic plans, including the Dubai Economic Agenda D33 and the 2040 Master Plan, aim to double the size of Dubai's economy over the next decade, expand the breadth and quality of residential areas and position Dubai among the top three global cities.
- #1 market share with approximately 44% of total taxis as at 30 June 2023, twice as large as the next largest taxi operator (and providing 44% of total revenue kilometers travelled by taxi and approximately 39% of taxi trips as at 31 May 2023).
- DTC has longer trips on average resulting in increased revenue per trip compared to other taxi franchises.
- Three decades of experience and the size of its operations provides DTC with significant economies of scale and negotiating leverage for its payment terms with car and parts suppliers, fuel providers and other vendors.
- DTC's market position is further supported by its ability to win key commercial contracts on an exclusive basis and at prime sought-after locations.
- Its exclusivity in key locations (for taxis and limousine services) protects DTC's market position and drives strong customer engagement due to the availability of cars and low waiting time at key locations with high pick-up volumes.
- DTC's scale has allowed the creation of its own operating control centre ("OCC") with in-house analytics.
- DTC benefits from a favourable regulatory framework with high barriers to entry.
- Since 2018, the RTA has issued only 1,350 new license plates in the Dubai market, reflecting its policy of avoiding oversupply.
- Every RTA auction is open to the existing five taxi franchisees operating under franchise agreements with the RTA. Any other bidders would need to go through the RTA's extensive pre-authorisation process before being able to bid.
- The RTA has established a robust and defensive pricing system that provides a certain level of protection from competition and from volatility in the franchisees’ costs while allowing for adjustments to account for fuel prices and adhoc inflationary adjustments.
- Management believes that DTC's significant market share, network operational capabilities and economies of scale provide it with an advantage in delivering against the RTA's key performance indicators and auction criteria.
- RTA mandates that customer tariffs for limousines must be at a premium of at least 30% above taxi customer tariffs through mandatory licensing requirements for limousine drivers.
- While other geographic markets often allow new entrants into the market through e-hailing apps, the Dubai taxi and limousine market is regulated by the RTA.
- Such mandates provide a key point of value and security for DTC taxis given the impact and displacement e-hailing services have had in competing with local taxis in other geographic markets.
- DTC is a diverse and dynamic company operating in other mobility segments aside from its taxi franchise, therefore offering a comprehensive portfolio of transportation services.
- Within the limousines business line, as of 30 June 2023, the Company operated 387 luxury vehicles, offering chauffeur-driven services tailored for Dubai's thriving tourism industry.
- DTC launched the Ameera limousine, Dubai's first limousine fleet driven by women for women, as well as a fleet of luxury electric cars.
- As at 30 June 2023, the Company operated 946 buses including school buses and commercial buses and has secured key contracts with private and public partners and most notably with the UAE Ministry of Education for transportation in Dubai and Ajman.
- Following the Covid-19 pandemic and the increasing demand for online shopping and other delivery services, DTC launched its own delivery bikes service in 2022.
- DTC ensures driver-support with a driver-to-taxi fleet ratio of 2.37x, a performance-based commission system, health insurance benefits, rewards, Shukran programme, and an in-house psychologist.
- DTC has invested significant resources in developing its technology infrastructure, which can be scaled in the future.
- DTC was one of the first companies to participate in the e-hailing business and to enter into a partnership with Hala in 2019 to cater for the very nascent e-hailing market in Dubai.
- In 2020, the e-hailing sector represented only 11% of Dubai's taxi services, increasing to 31% by H1 2023, with DTC contributing 33%. The Dubai government aims for e-hailing to generate 80% of these services in the coming years.
- In parallel to partnering with Hala, DTC launched its own proprietary application to cater for e-hailing, the DTC App, which is currently only providing VIP limousines services and is interlinked with key booking engines and partner portals. DTC also launched its own app for its bus business line.
- DTC also relies on innovative solutions such as the RTA's "Taxi eHail Automated Management Systems" ("TEAMS") architecture and its own advanced OCC where it is able to track live 24/7 its operations, fleet and monitor live key performance indicators.
- DTC has made and intends to make further investments in AI, automation, big data and integration into Dubai's smart-city initiatives, which will be commanded at its own advanced OCC.
- DTC’s senior managers and wider management team are significantly experienced within the Company and the RTA, providing it with a highly valuable understanding of the entire mobility sector
- The Company is further supported by committed stakeholders such as the RTA and its current shareholder, the Department of Finance (“DoF”), who support the senior managers and wider management team in their aim to provide the best services and exceed customer expectations.
- DTC is well recognised internationally having won the “Great Organisations Culture” award in 2022 and the “Digital Transformation and Innovation (Solution of the Year)” from Seamless Middle East in 2022, the “Best application of technologies in the field of logistics services” awarded by Future Enterprise Awards as well as the Prestige Award for “Taxi Company of the Year – UAE”
- The tenets of ESG and urban sustainability, in alignment with Dubai and the larger UAE's mobility vision and Dubai's sustainability goals, are central to DTC's vision.
- Since the launch of its hybrid car programme in 2007, DTC has targeted green mobility. As of 30 June 2023, DTC has the largest fleet of environmentally friendly vehicles in Dubai of which approximately 80% of its taxis are hybrid and approximately 77% of its limousines are hybrid or electric.
- DTC has an agreement with KIA to contribute to the specifications of KIA's 100% electric purpose-built vehicle.
- DTC is also the sole taxi franchise allowed to operate the people of determination services.
- DTC targets to reach 100% hybrid or electric taxis by the end of 2024 which is three years ahead of the RTA's target of 2027.
- For the year ended 31 December 2022, total revenue grew 31.4% compared to the prior year, and for the six months ended 30 June 2023 revenue was up 10.7% compared to 2022.
- DTC continues to expand its business operations while managing its cost structure.
- For the six months ended 30 June 2023, EBITDA Margin grew to 25.4% compared to 17.8% in the prior period.
- Net Income Margin for the Company was 19.5% for the six months ended 30 June 2023.
- DTC achieved a strong Free Cash Flow of AED 95.4 million for the six months ended 30 June 2023, despite higher capital expenditure over the last 18 months resulting from delays caused by the Covid-19 pandemic.
- The Company delivers attractive shareholder returns with a favourable ROCE, which was 50.9% as at the year ended 31 December 2022.
- With the flexibility afforded by its operations and robust financial performance, DTC is well positioned to drive its future growth as it invests in expansion through the following strategies:
- Consistently improving operational efficiency by increasing fleet utilisation and the average number of trips per day
- Capitalizing on the growth of e-hailing penetration
- Scaling-up other verticals
- Expanding the taxi fleet with RTA licenses to be in line with DTC's current market share
- Ongoing investment in digital capabilities
- Introduction of surge pricing customer tariffs for taxis (where approved by the RTA) and limousine trips during peak demand times
- Expanding operations beyond Dubai
- Potential inorganic expansion opportunities
Our Leadership
DTC’s rapid growth has been driven by clear strategic planning and led by an expert management team.









13 November 2023
ITF and Publication of the UAE Prospectus
21 November 2023
Price range announcement and subscriptions open
28 November 2023
Retail (First Tranche) subscriptions close
29 November 2023
Institutional book-building (Second Tranche) closes
30 November 2023
Final offer price announcement
05 December 2023
SMS confirmation of allocation and commencement of refunds (First Tranche)
07 December 2023
Expected Listing Date on DFM
Download Center
Offering documents
Announcements
How to Subscribe
To subscribe to the DTC IPO please follow the below steps. More detailed information can be found in the Prospectus.
1
Make sure you have your DFM National Investor Number (NIN) and a bank account.
If you don’t have a NIN, you can register for one through the e-services portal on the DFM website or the DFM Smart Services app.
2
Review the content and documents on this IPO webpage for more information about the Company and its IPO.
The Prospectus provides all material information about the company and the offering, which will allow you to make an informed investment decision. Please review the material in the Download Center section above and contact your banker as applicable.
3
If you would like to invest, subscribe to the offering through one of the Receiving Banks.
Each Receiving Bank will have its own channels, which typically include online, in-branch or through your bank relationship manager. The list of receiving banks and their details can be found at the bottom of this webpage, and in the Prospectus.
4
You will be notified of the number of shares allocated to you.
You may or may not receive the full allocation of your order. Any excess funds will be refunded to you.
FAQs
DTC is the largest taxi operator in Dubai, with a dominant market share of approximately 44% of total taxis as at 30 June 2023 (and providing 44% of total revenue kilometres travelled by taxi and approximately 39% of taxi trips as at 31 May 2023), making it twice as large as the next largest taxi operator. DTC has longer trips on average resulting in increased revenue per trip compared to other taxi franchises.
Further supporting DTC's market position is its ability to win key commercial contracts on an exclusive basis and at prime sought-after locations. DTC is the sole taxi franchise to provide its pick-up services from the Dubai Airports from which it also provides limousine services. DTC is also the exclusive provider of taxi and limousine services at a number of other high-volume locations.
The Company's taxi services have a number of key competitors. It competes against four other Dubai-based taxi companies for customers, and for additional taxi licence plates needed to grow its business.
DTC has a robust financial model which generates both strong profitability and cash flow, underpinned by positive macro headwinds.
The Company generated revenue of AED 1,272 million in 9M 2022 and AED 1,414 million in the nine months ended 30 September 2023. Its EBITDA was AED 204 million and AED 361 million in 9M 2022 and in the nine months ended 30 September 2023, respectively, with its EBITDA Margin growing from 16% to 26% during this same period mainly driven by higher operating leverage and improved unit economics.
DTC has developed a well-defined growth strategy that is focused on capitalising on its strengths:
- Organic growth across business lines
The favourable macroeconomic conditions and fundamentals of operating in Dubai translates into unique growth avenues for DTC across each of its business lines. As such, a core aspect of DTC's growth strategy focuses on expanding its fleet while relying on the underlying market demand and growth of the Dubai city area.
- Investment in digital capabilities and operational excellence
The digitization of the mobility services industry is a clear trend in which the Company will continue to strategically invest in to boost its operational excellence. As part of its strategy, DTC relies on its strong e-hailing platform, valuable partnerships in the industry and targeted technology investments to improve its margins, grow its market share, optimize its technical and operational efficiency, increase automation in its operations leading to increased asset utilization and increase customer and driver satisfaction.
- Expansion beyond Dubai and through organic and inorganic growth
In addition to offering its services in Dubai, DTC monitors growth opportunities to expand into the broader UAE and supports this potential with well-defined organic and inorganic growth strategies. The Company currently has a presence in Ras Al Khaimah where its limousine services operates and in Ajman where its bus services operate.
You will need to discuss this with your investment / financial advisor.
Having said that, DTC believes it has several competitive strengths that make it a compelling investment story, which are described in greater detail in the Prospectus document, available on this site (https://www.dubaitaxi.ae/en/ipo/).
Key Strengths:
- Operating in an attractive market with strong macro tailwinds.
- Largest taxi operator in Dubai with a dominant market share.
- Favourable taxi regulatory framework, creating high barriers to entry.
- Leading comprehensive UAE mobility company with focused workforce management.
- Integrated business model, leveraging superior technology solutions.
- Seasoned senior managers and a wider management with strong execution capabilities.
- Leading ESG partner with strong focus on urban sustainability.
- Robust financials demonstrating profitability, cash flow and return on capital employed strengths.
- Well positioned to benefit from additional growth levers.
For further information and before making any investment decision, please read the Prospectus found on this page, including the “Investment Risks” section.
There are two broad groups of eligible investors:
- Individuals with a valid DFM NIN and bank account number
- Professional investors outside of the US
Please note that any and every subscriber must hold a Dubai Financial Market Investor Number (NIN) and a bank account number in order to be eligible to apply for Offer shares, irrespective of the tranche they subscribe through. For more information, please refer to the Prospectus on this webpage (https://www.dubaitaxi.ae/en/ipo/).
Receiving Banks
Contact
Dubai Taxi Company PJSC Registered Office
Amman Street
Al Muhaisnah
Dubai, United Arab Emirates
800 88088
Call Center
Emirates NBD Bank PJSC
800 ENBD IPO (3623 476)
Investor Relations Enquiries
Aravind Manoharan
Investor Relations
ir@dtc.gov.ae
Media Enquiries
Stephen Smith
Senior Vice President – Teneo
Stephen.smith@teneo.com
+971 585 461 588