UAE Business: Abu Dhabi tech group to invest $100m in Dewa’s IPO – Gulf Digital News

UAE Business: Abu Dhabi tech group to invest $100m in Dewa’s IPO – Gulf Digital News

Abu Dhabi-based Multiply Group has announced that it will be investing around AED367 million ($100 million) into the Dubai Electricity and Water Authority’s (Dewa) landmark initial public offering as a cornerstone investor. 

A technology-enabled Emirati holding company, Multiply has a global presence across five industries, including media and communications, utilities, ventures, wellness and beauty, and digital economy. 

The group’s diversified portfolio strikes a balance between steady companies that generate recurring income and high-growth businesses. 

Its latest investment follows a series of strategic acquisitions, which looks to create a unique technology-enabled ecosystem to pursue growth across five vertical segments: media and communications, utilities, ventures, wellness and beauty, and digital economy. 

The past year saw Multiply Group acquire stakes in UAE-based assets with substantial earning potential and international high growth firms, including US vehicle-focused digital media platform Firefly, global visual content firm Getty Images, Rihanna's direct-to-consumer e-commerce fashion firm Savage X Fenty, PAL Cooling Holding, Emirates Driving Company, and Viola Communications.

Multiply Group benefits from a strong leverage-free liquidity position, having raised AED3.1 billion in a pre-listing private placement that was 16 times oversubscribed. 

Its strategy is to pursue profitable growth through a diversified portfolio striking a balance between steady