Alpha Dhabi invests Dhs367m in DEWA’s IPO

Alpha Dhabi invests Dhs367m in DEWA’s IPO

Alpha Dhabi Holding, an Abu Dhabi-based conglomerate and subsidiary of the International Holding Company (IHC), has made an Dhs367m investment into Dubai Electricity and Water Authority’s (DEWA) initial public offering (IPO). The investment has been made through its subsidiary Alpha Dhabi Partners Holding, as a cornerstone investor. As part of the transaction, Alpha Dhabi Partners Holding will acquire shares through DEWA’s IPO. The new investment in DEWA follows significant ones that the company has recently made in other market leaders including Aldar Properties and Q Holding. Hamad Al Ameri, CEO of Alpha Dhabi Holding, said, “DEWA’s landmark IPO is representative of the strides the UAE continues to make to diversify its economy and provides a strong platform for DEWA to build on its growth potential, supported by robust market fundamentals. DEWA’s strong ESG credentials and the high-interest nature of the IPO puts the UAE firmly on the global investment map and we are proud to be a cornerstone investor as part of their IPO.” On March 24, DEWA announced the start of the subscription period for its initial public offering and announced the price range of the shares. The price range is set between Dhs2.25-Dhs2.48 per share, implying a market