Dubai’s DEWA utility goes public after raising $6B in IPO

By AYA BATRAWY
Associated Press

DUBAI, United Arab Emirates (AP) — Dubai’s Water and Electricity Authority, known as DEWA, has begun trading for the first time, after raising just over $6 billion during its initial public offering. This makes it the second largest offering ever in the Middle East. It marks an inflection point for Dubai at a time when high oil prices are buoying the economies of energy-producing Gulf Arab states. The government-owned utility opened trading on Dubai’s stock exchange with a market cap of $33.7 billion. Tuesday’s listing comes as DEWA, which is the exclusive electricity and water utility provider of Dubai, positions itself as central to the wider United Arab Emirates’ energy transition to net zero by 2050.