The IPO of "Dubai Electricity" is the largest initial public offering in the UAE... and the largest in Europe, the Middle East and Africa since the beginning of 2022

Maktoum bin Mohammed: The strong local and international demand for DEWA shares reflects the strength of Dubai's economy

  • Managing Director and CEO of Dubai Electricity and Water Authority: Saeed Mohammed Al Tayer.

  • Dubai Electricity and Water Authority is one of the main pillars of the emirate's economy.

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His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance and Chairman of the Higher Committee for the Development of Capital Markets and Exchanges in Dubai, affirmed that “the global confidence in the Dubai Electricity and Water Authority’s subscription reflects the great confidence in the strong economic approach pursued by Dubai and its institutions.” and its world-class infrastructure.

This came on the occasion of the successful completion of the process of building the order book and the subscription yesterday, for the shares of the Dubai Electricity and Water Authority, and setting the final offer price in its initial public offering at 2.48 dirhams per share. Entering global sovereign funds and investment portfolios, and the value of the company is close to 124 billion dirhams.

diversified economy

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum stressed that "Mohammed bin Rashid's vision of building the most active, diversified and distinguished economy is now reaping global confidence and sustainable growth in all our sectors."

His Highness added that "the great demand for the initial public offering of the company's shares is evidence of the strength of Dubai's economy, which stands on solid pillars and relies on a diversified economic base."

His Highness said: "The strong local, regional and global demand for DEWA shares reflects the strength of our economy and the strength of our institutions."

His Highness explained that "the comprehensive development vision adopted by the Supreme Committee for the Development of Financial Markets and Exchanges aims to consolidate the leading position occupied by Dubai, as one of the most important financial markets at the regional and global levels, by launching many listings for a group of government companies in promising sectors."

His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum added: "The size of the diversity of investors in the (DEWA) subscription from the east and west of the world, from individual investors, and from investment funds, is a vote of confidence, and our goal is that our financial market reflects the strength and diversity of our economy."

His Highness stressed that "DEWA is one of the main pillars of the emirate's economy, and it is a key contributor to the sustainable development strategy," noting that "the company's initial public offering greatly contributes to supporting the Dubai Financial Market and constitutes an incentive for more investors." Local, regional and global companies wishing to list in the market.

IPO success

His Highness said in a tweet on Twitter yesterday: "The success of the (DEWA) subscription in attracting subscription applications worth 315 billion dirhams, through the participation of most international sovereign and private funds, and the participation of 65,000 individual investors, which made it the second largest listing in the history of the region. It is a global vote of confidence in our economy, and a positive turning point in our financial markets.”

His Highness added: "Mohammed bin Rashid's vision of building a more active economy is now reaping global confidence in our institutions. The IPO in (DEWA) is the largest initial public offering in the Middle East and Europe since the beginning of 2022, with nine billion shares, worth 22.3 billion dirhams, and our goal is to reflect Our financial market is the strength and diversification of our economy, and the best is yet to come.”

public offering

The number of shares available in the public offering reached nine billion shares, with a value of 22.3 billion dirhams, representing 18% of the company's capital, as the Dubai government retains 82% of the company's ownership.

The final allocation of approximately 50% of the offering was to non-UAE investors, including approximately 30% to international investors (excluding core and strategic investors), which is a new global vote of confidence in Dubai's economy and its promising future growth.

Exceptional turnout

For his part, the Managing Director and CEO of Dubai Electricity and Water Authority, Saeed Mohammed Al Tayer, said: “We are pleased with the strong demand and exceptional demand for DEWA shares from local and international investors, and we are proud that this will become the largest public offering in the UAE, and the largest in the European region. The Middle East and Africa since the beginning of 2022, and this turnout is a strong witness to the unique components enjoyed by the Authority, as a leading global utility company, and confirms Dubai's position as a global market attracting capital.

As we move towards broader horizons of growth and prosperity, DEWA will continue its commitment to achieving its strategy that focuses on achieving sustainable value for the benefit of all stakeholders, by meeting the growing demand for electricity and water services in Dubai, and supporting the emirate's efforts to shift to renewable and sustainable energy sources. In line with the objectives of the Dubai Clean Energy Strategy 2050 and the Dubai Carbon Neutrality Strategy 2050.”

Based on the high demand from investors, the Dubai government, as the selling shareholder, set the final offer price at AED 2.48 per share.

Subscription shares

The total number of shares available for subscription in the initial public offering of Dubai Electricity and Water Authority is nine billion ordinary shares, which represents 18% of the total issued shares in the capital of the Authority, which will ensure the achievement of total returns of 22.3 billion dirhams (6.1 billion dollars) for the benefit of the selling shareholder after settlement. .

This includes commitments from core and strategic investors amounting to approximately 13.8 billion dirhams ($3.8 billion).

After the completion of the offering, the Dubai government will retain 82% of the Authority's capital.

When completed, the IPO of DEWA will be the largest IPO ever in the UAE, and the largest in the EMEA region since the start of 2022.

The offering witnessed strong demand, and the subscription requests exceeded the shares offered, by qualified investors and individual subscribers.

The value of the total demand for the authority's shares amounted to 315 billion dirhams ($ 85.7 billion).

With the exception of the main and strategic investors, the authority witnessed a strong demand in the subscription order book, which exceeded the supply of shares by 37 times.

• "The success of (DEWA)'s subscription in attracting subscription applications worth 315 billion dirhams, through the participation of most international sovereign and private funds, made it the second largest listing in the history of the region, and it is a global vote of confidence on our economy."

• "Dubai's economy stands on solid foundations, and relies on a diversified economic base."

• "DEWA" is the second largest listing in the history of the Middle East, with 9 billion shares, with a value of 22.3 billion dirhams.


• The market value of the authority will reach 124 billion dirhams after the completion of the listing process.


• It is expected to start trading on DEWA shares on the Dubai Financial Market on April 12th.


• The number of shares available in the public offering represents 18% of the capital, with the Dubai government retaining 82% of the company's ownership.


• The Dubai government set the final offer price at 2.48 dirhams per share, based on the high demand from investors.


• More than 65 thousand number of individual investors participating in the offering.

Deputy Ruler of Dubai:

• «Mohammed bin Rashid's vision of building the most active and diversified economy, which we now reap global confidence and sustainable growth in all our sectors».

• "Our goal is for our financial market to reflect the strength and diversity of our economy, and the best is yet to come."

Saeed Mohammed Al Tayer:

• "The demand for subscription is a strong witness to the components of the Authority, and Dubai's position as a global market that attracts capital."

• "(Dubai Electricity) will continue its commitment to meet the growing demand for electricity and water services, and support the transition to renewable and sustainable energy sources."

start trading

Trading in the shares of Dubai Electricity and Water Authority is expected to start on the Dubai Financial Market on April 12, under the symbol “DEWA” and the International Standard Securities Number (ISIN) “AED001801011”.

Upon completion of the listing process, the market value of the authority will reach 124 billion dirhams, making it the largest company listed on the Dubai Financial Market, in terms of market value.

It is noteworthy that the subscribed investors within the retail segment will be notified of the results of the final allocation of shares via SMS on the 11th of this April.

first subtraction

The initial public offering of Dubai Electricity and Water Authority is the first of its kind, after the Supreme Committee for the Development of Financial Markets and Exchanges announced the inclusion of 10 government and semi-governmental companies in the Dubai Financial Market, as part of its strategy to take a wide range of measures and policies, to support the financial sector in The emirate in an unprecedented manner, and stimulating the pace of growth in it, to achieve more achievements and successes that consolidate Dubai's leading position as one of the most important financial and business markets in the world.

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