Abu Dhabi’s Multiply Group to invest Dhs367m in DEWA IPO

Abu Dhabi’s Multiply Group to invest Dhs367m in DEWA IPO

Multiply Group, a technology-enabled holding company based in Abu Dhabi and subsidiary of International Holding Company (IHC), announced it will be investing Dhs367m into the Dubai Electricity and Water Authority’s (DEWA) IPO as a cornerstone investor. The group’s latest investment follows a series of strategic acquisitions by the company to create a technology-enabled ecosystem to boost growth across five vertical segments: media and communications, utilities, ventures, wellness and beauty, and digital economy. In the past year, Multiply Group acquired 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. Samia Bouazza, CEO and managing director at Multiply Group, said: Our interest in DEWA’s public offering is driven by our confidence in the UAE’s economy. DEWA has successfully cemented its position as one of the region’s leading fully integrated utilities companies by capitalising on its strong market fundamentals and state-of-the-art infrastructure. “The company’s unique positioning, attractive financial profile and clear strategic objectives make it an attractive investment for Multiply Group. Furthermore, as regional capital markets continue to perform