Dubai Electricity and Water Authority to List 6.5% of Shares on DFM

Dubai Electricity and Water Authority to List 6.5% of Shares on DFM

Dubai Electricity and Water Authority PJSC (DEWA) has announced it will list 6.5 percent of its existing shares as part of an initial public offering (IPO) on the Dubai Financial Market (DFM), in line with new strategic directions to develop the emirate's financial market and as part of the Dubai Markets Supervisory Committee's strategy, Emirates News Agency (WAM) reported Tuesday.

"Today represents a significant moment in the history of DEWA and is an important step towards achieving our vision for capital markets in Dubai,” said Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum.

“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,” WAM quoted him as saying.

Sheikh Maktoum asserted that this step comes in implementation of the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and