Dubai Electricity and Water Authority (Dewa), a public service infrastructure company, said in a recent statement that it plans to proceed with an initial public offering (IPO) and to list its ordinary shares for trading on the Dubai Financial Market (DFM), reports Arab News.
The entity plans to float 3.25 million shares, a 6.5 per cent stake, by April in what is expected to be Dubai’s biggest ever listing.
The offering will be made available to individual and other investors as part of the UAE retail offering as well as to professional investors outside the US, including the UAE, as part of the qualified investor offering.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, said: “Today represents a significant moment in the history of Dewa and is an important step towards achieving our vision for capital markets in Dubai. As a central component of the Dubai economy, Dewa has a critical role to play in supporting the future growth of the Emirate and its transition to a net zero economy by 2050.
“For Dewa’s potential new shareholders, this offering is an opportunity to be part of the future of Dubai and have a stake in an organization that has an unparalleled track record of technological innovation and operational excellence.”
Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of Dewa, said: “Dewa has a world-class governance system and continuous record of good governance across all its operations. With the highest standards of efficiency, quality, and availability, Dewa is ready to meet the increasing demand for electricity and water in the Emirate, as the population is expected to grow from around 3.5 million people today to 5.8 million people by 2040.
“Central to Dewa’s strategy is supporting Dubai’s energy transition to net zero by 2050 – we are focused on enabling a clean future for our customers and communities. Dewa supports the Dubai Net Zero Carbon Emissions Strategy 2050 and is well-aligned to the Dubai Clean Energy Strategy 2050, which aims to provide 100% of Dubai’s energy production capacity from clean energy sources by 2050. Looking ahead, Dewa will support the UAE’s strategic growth ambitions by providing Dubai’s millions of residents and visitors with world-class services and innovative energy solutions. And that in turn will enrich lives while ensuring the happiness and wellbeing of all our stakeholders."
