Multiply Group invests $100m in Dewa IPO

Multiply Group invests $100m in Dewa IPO

Local News, News















DUBAI / WAM

Multiply Group, a technology-enabled holding company based in Abu Dhabi, on Friday announced it will be investing AED367 million ($99.92 million) into the Dubai Electricity and Water Authority’s (Dewa’s) landmark initial public offering (IPO) as a cornerstone investor.

The group’s latest investment follows a series of strategic acquisitions, creating 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.

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 utility 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