Reuters: Dubai shares are jumping, and the Dewa IPO may become the largest in the region since the IPO of Saudi Aramco in 2019
The main index of the Dubai Financial Market rose for the seventh consecutive session today, Wednesday, after the Dubai Electricity and Water Authority (DEWA) announced an increase in the size of the initial public offering of its shares, to a value that could reach $5.7 billion.
DEWA said that it increased the size of the initial public offering of its shares to 17%, instead of 6.5%, in what may become the largest offering in the region since the IPO of Saudi Aramco in 2019, which raised a record amount of $29.4 billion.
The main index of the Dubai Stock Exchange rose 0.8%, supported by the shares of the financial sector and the real estate sector, at a time when the share of "Emaar Properties" increased by 2%.
For its part, the share of "Shuaa Capital for Financial Services" rose 2% after the company announced that it would buy "Allianz Marine and Logistics Services".
Globally, stock markets rose globally on hopes of a negotiated solution to the conflict in Ukraine, while anxiety prevailed over the US economy last night after 10-year bond yields fell below their lowest in two years.
Oil prices rose to $111.09 a barrel while the chances of more Western sanctions against Russia increased, despite signs of progress in peace talks with Ukraine.
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