du Launches AED 3.4 Billion Secondary Public Offering in UAE

Emirates Integrated Telecommunications Company PJSC (“du ” or the “Company”), a leading telecommunication and digital services provider in the UAE, announced the launch of a secondary public offering of shares. The shares will be offered by Mamoura Diversified Global Holding PJSC (“Mamoura” or the “Selling Shareholder”), a subsidiary of Mubadala Investment Company PJSC (“Mubadala ”).

The offering comprises up to 342,084,084 shares, representing 7.55% of du’s share capital and 75% of Mamoura’s stake in the company. The price range is set between AED 9.00 and AED 9.90 per share, with the final price to be determined through a bookbuilding process and announced on 15th September 2025.

The offering will include two tranches: a UAE retail offer, comprising 5% of the shares and open to individual and other investors holding a National Investor Number (NIN), and a global offering comprising 95% of the shares for qualified institutional investors in the UAE and selected jurisdictions outside the United States.

The company stated that all shares to be offered were existing shares held by Mamoura and that it would not receive any proceeds from the sale of the Offer Shares. It added that the offering would not dilute existing shareholders’ ownership, that expenses related to the offering would be borne by the selling shareholder, and that any unsold shares would be subject to a 90-day lock-up period.

An English-language prospectus, alongside an Arabic translation, is available on du’s website, and an international offering memorandum for the qualified investor offering has also been published.

“The transaction offers a great opportunity for retail and institutional investors to participate in du’s growth story. Over the last few years, our UAE-focused strategy and efficient capital deployment have resulted in exceptional financial and operational performance, and created significant value to our shareholders.”

– Fahad Al Hassawi, CEO, du

We welcome Mamoura’s initiative, which will lead to a significant increase in du’s free float. This transaction is expected to broaden the investor base and stimulate trading liquidity, therefore providing a pathway towards inclusion in key international indices.”

“Mubadala plays a key role in advancing the national economic agenda, a role clearly demonstrated through nearly two decades of support for du through our subsidiary ‘Mamoura’, as a founding shareholder. We have contributed meaningfully to du’s transformation into a national champion—not only in the telecommunications sector, but also at the core of the UAE’s digital economy. With a strong roadmap and proven performance, du is well positioned for its next phase of growth. This transaction marks a milestone for UAE capital markets, setting a new benchmark for secondary offerings in the region. It broadens investor participation, and enables us to responsibly redeploy capital while supporting sustained value creation.”

– Dr Bakheet Al Katheeri, CEO, UAE Investment Platform, Mubadala

 

Investment Highlights

• du benefits from a supportive UAE macroeconomic environment, with projected GDP growth of 4% in 2025 and an average of 5% through 2027.
• The UAE telecommunications market generated AED 50B+ in estimated total revenue in 2024, with du increasing its subscriber base in both mobile and fixed-line services.
• du focuses on a single-market strategy aligned with national initiatives, leveraging 5G, fibre, cloud, AI, and fintech solutions.
• Core subscriber base growth: 9.10M+ mobile subscribers (+10.8%) and 0.7M+ fixed customers (+12%).
• Financial performance (H1 2025): Revenue AED 7.8B (+8% YoY), EBITDA AED 3.7B (+16%), net profit AED 1.4B (+22%), operating free cash flow AED 2.7B (+16%).
• Strong balance sheet and shareholder distributions, with uninterrupted dividends since 2012 and a record 2024 dividend of AED 0.54 per share (+59% YoY).

The UAE Retail Offer subscription period runs from 8th September to 12th September 2025, while the Qualified Investor Offering also opens on 8th September and closes on 12th September. Trading of offer shares on the Dubai Financial Market (DFM) will commence on 16th September 2025.