Dewa’s IPO: Investing in Dubai’s future

Dewa’s IPO: Investing in Dubai’s future

The expected listing of utility giant, Dubai Electricity and Water Authority (Dewa) on the Dubai Financial Market (DFM), as part of the emirate’s plan to list a number of government-owned entities, will prove to be a turning point in Dubai’s capital market. Dewa said on Tuesday it plans to sell a 6.5 per cent stake by offering 3.25 billion shares in its initial public offering. A price range is expected to be announced by March 24, and shares could list on the DFM by April 13, according to the company’s announcement published in Gulf News. Shaikh Maktoum Bin Mohammad Bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, last November revealed a plan to list 10 government and state-owned companies on the DFM as part of accelerating new listings in various sectors including energy, logistics and retail, and to increase the size of the stock market in the emirate to Dh3 trillion, raise the competitiveness of bourses and encourage IPOs. A month later, Shaikh Maktoum announced the listing of Emirates Central Cooling Systems Corporation (Empower), the world’s largest District Cooling Services provider, on the Dubai bourse. “Today represents a significant moment in the history