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…reports Asian Lite News
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.
H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, said, “Today represents a significant moment in the history of DEWA and is an important step towards achieving our vision for capital markets in Dubai. 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 organisation that has an unparalleled track record of technological innovation and operational excellence.”
Sheikh Maktoum asserted that this step comes in implementation of the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, as part of the Dubai Markets Supervisory Committee’s strategy to increase the size of the Emirate’s stock market to AED3 trillion in the coming period, indicating that DEWA’s landmark listing will mark a turning point for the Emirate’s capital market and contribute to ushering in a new phase of enhancements of its strong performance.
The IPO will include a total of 3.25 billion shares, equivalent to 6.5% of DEWA’s existing shares, with the Selling Shareholder reserving the right to increase the size of the Offering at any time before pricing of the offering, subject to applicable laws and approval of SCA.
The completion of the offering and admission of shares to trading are expected to take place in April 2022, with the offering to be made available to individual and other investors as part of the UAE Retail Offering as well as to professional investors outside the United States of America, including the UAE, as part of the Qualified Investor Offering.
Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, said, “This is a historic moment for DEWA as the first government entity in Dubai to go public. It reflects the immense faith and confidence by our wise leadership and the government of Dubai. As the exclusive provider of electricity and water services to Dubai, DEWA is incredibly proud to have played a part in the success of the Emirate.
“Dubai’s fast-paced development has resulted in a rapid increase in the demand for electricity and water. And DEWA has grown along with Dubai’s expanding economy, population, and world-class competitive infrastructure, emphasising the Emirate’s position as a global city. DEWA is therefore both integral to, and benefits from, Dubai’s past and current economic growth. And we are playing a key role in Dubai’s green energy transition process.”
Al Tayer added, “DEWA has a world-class governance system and continuous record of good governance across all its operations. With the highest standards of efficiency, quality, and availability, DEWA is ready to meet the increasing demand for electricity and water in the Emirate, as the population is expected to grow from around 3.5 million people today to 5.8 million people by 2040.”