Dubai Electricity and Water Authority will raise Dh22.41 billion ($6.1bn) from its initial public offering on the Dubai Financial Market, making it the largest listing in the Middle East since Saudi Aramco went public in 2019.
The book building and subscription process was completed on Tuesday, setting the final offer price at Dh2.48 per share by the government of Dubai in its capacity as the selling shareholder.
A total of nine billion ordinary shares, representing 18 per cent of Dewa’s issued share capital, were offered. This includes commitments from cornerstone and strategic investors amounting to approximately Dh13.8bn.
The offering, set to be the largest yet in the UAE, evoked strong interest from local and international investors and was 37 times oversubscribed (excluding cornerstone and strategic investors) with total demand amounting to Dh315bn, Dewa said in a statement on Wednesday. The company has increased the size of its listing twice this year, from 3.25 billion to 8.5 billion, and finally to nine billion, due to increased demand.
The utility is expected to commence trading on the DFM on April 12, under the symbol “DEWA”. Upon listing, it will have a market capitalisation of Dh124bn, making it the largest on the exchange.
“International demand for Dewa’s IPO is a testament of confidence in Dubai’s status as a trustworthy investment destination. Our goal is for our financial market to reflect the strength and diversity of our economy," said Sheikh Maktoum bin Mohammed, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance.
Dewa, the first government entity to list on the DFM, operates as a vertically integrated multi-utility, with business activities including electricity generation, transmission and distribution, water desalination and district cooling.
Dubai's population is expected to grow to 5.8 million by 2040, from 3.5 million currently and energy demand rose 11 per cent last year, nearly triple the company's estimates.
As of December 31, Dewa had a total electricity generation capacity of 13,417 megawatts and a water capacity of 526 million imperial gallons per day through eight majority-owned and operated plants.
The company reported revenue of Dh23.8bn and assets of Dh169.5bn last year. It has projects valued at about Dh86bn that are planned to be commissioned in the next five years to meet the increasing demand for electricity and water in the emirate, it said last year.
Earlier this month, Moody's Investor Services affirmed Dewa's Baa2 long-term issuer ratings after the IPO announcement, confirming that its outlook on all ratings is stable.
The stable outlook reflects Dewa's “low business risk profile and considers the significant credit linkages between Dewa and the government of Dubai”, it said.
Dewa will remain one of the few utilities in the region that does not rely on government subsidies to be profitable, it said.
Following completion of the IPO, the Dubai Government will continue to own 82 per cent of Dewa's share capital.
Emirates Investment Authority, Abu Dhabi’s holding company ADQ, UAE Strategic Investment Fund, Multiply Group, Alpha Dhabi Partners and Investment Holdings have been confirmed as cornerstone investors in the listing.
After the IPO, Dewa intends to pay dividends twice each financial year – in April and October. A minimum dividend of Dh6.2bn per annum is expected to be paid over the next five years.
"We are very proud that this will become the largest ever IPO in the UAE and the largest in the Europe, Middle East and Africa region so far in 2022," Saeed Al Tayer, managing director and chief executive of Dewa, said.
"This level of interest is not only indicative of Dewa’s status as a world-class provider of utilities but also underlines the attractiveness of Dubai as a global capital market. As we look ahead, Dewa will remain focused on creating value for all its stakeholders by meeting the increasing demand for electricity and water in Dubai and by supporting the Emirate’s energy transition to net zero by 2050.”
Dubai announced plans in November to list 10 state-owned companies to increase the size of its financial market to Dh3 trillion, as well as set up a Dh2bn market maker fund to encourage the listing of more private companies from sectors such as energy, logistics and retail.
The next entity expected to be listed on the DFM is the Salik toll system, officials said last year.
COMPANY PROFILE
● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
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more from Janine di Giovanni
Labour dispute
The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.
- Abdullah Ishnaneh, Partner, BSA Law
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
Fringe@Four Line-up
October 1 - Phil Nichol (stand-up comedy)
October 29 - Mandy Knight (stand-up comedy)
November 5 - Sinatra Raw (Fringe theatre)
November 8 - Imah Dumagay & Sundeep Fernandes (stand-up comedy)
November 13 - Gordon Southern (stand-up comedy)
November 22 - In Loyal Company (Fringe theatre)
November 29 - Peter Searles (comedy / theatre)
December 5 - Sinatra’s Christmas Under The Stars (music / dinner show)
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
UAE currency: the story behind the money in your pockets
Abu Dhabi Sustainability Week
Types of fraud
Phishing: Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
Smishing: The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
Vishing: The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
SIM swap: Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
Identity theft: Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
Prize scams: Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
* Nada El Sawy
The biog:
Languages: Arabic, Farsi, Hindi, basic Russian
Favourite food: Pizza
Best food on the road: rice
Favourite colour: silver
Favourite bike: Gold Wing, Honda
Favourite biking destination: Canada
The biog
Favourite hobby: taking his rescue dog, Sally, for long walks.
Favourite book: anything by Stephen King, although he said the films rarely match the quality of the books
Favourite film: The Shawshank Redemption stands out as his favourite movie, a classic King novella
Favourite music: “I have a wide and varied music taste, so it would be unfair to pick a single song from blues to rock as a favourite"
Some of Darwish's last words
"They see their tomorrows slipping out of their reach. And though it seems to them that everything outside this reality is heaven, yet they do not want to go to that heaven. They stay, because they are afflicted with hope." - Mahmoud Darwish, to attendees of the Palestine Festival of Literature, 2008
His life in brief: Born in a village near Galilee, he lived in exile for most of his life and started writing poetry after high school. He was arrested several times by Israel for what were deemed to be inciteful poems. Most of his work focused on the love and yearning for his homeland, and he was regarded the Palestinian poet of resistance. Over the course of his life, he published more than 30 poetry collections and books of prose, with his work translated into more than 20 languages. Many of his poems were set to music by Arab composers, most significantly Marcel Khalife. Darwish died on August 9, 2008 after undergoing heart surgery in the United States. He was later buried in Ramallah where a shrine was erected in his honour.
More from Rashmee Roshan Lall
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Company%20Profile
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Tearful appearance
Chancellor Rachel Reeves set markets on edge as she appeared visibly distraught in parliament on Wednesday.
Legislative setbacks for the government have blown a new hole in the budgetary calculations at a time when the deficit is stubbornly large and the economy is struggling to grow.
She appeared with Keir Starmer on Thursday and the pair embraced, but he had failed to give her his backing as she cried a day earlier.
A spokesman said her upset demeanour was due to a personal matter.
if you go
Getting there
Etihad (Etihad.com), Emirates (emirates.com) and Air France (www.airfrance.com) fly to Paris’ Charles de Gaulle Airport, from Abu Dhabi and Dubai respectively. Return flights cost from around Dh3,785. It takes about 40 minutes to get from Paris to Compiègne by train, with return tickets costing €19. The Glade of the Armistice is 6.6km east of the railway station.
Staying there
On a handsome, tree-lined street near the Chateau’s park, La Parenthèse du Rond Royal (laparenthesedurondroyal.com) offers spacious b&b accommodation with thoughtful design touches. Lots of natural woods, old fashioned travelling trunks as decoration and multi-nozzle showers are part of the look, while there are free bikes for those who want to cycle to the glade. Prices start at €120 a night.
More information: musee-armistice-14-18.fr ; compiegne-tourisme.fr; uk.france.fr
Volvo ES90 Specs
Engine: Electric single motor (96kW), twin motor (106kW) and twin motor performance (106kW)
Power: 333hp, 449hp, 680hp
Torque: 480Nm, 670Nm, 870Nm
On sale: Later in 2025 or early 2026, depending on region
Price: Exact regional pricing TBA
