Dubai has announced that Dubai Electricity and Water Authority (DEWA) will be one of 10 government and state-owned companies listed on the Dubai Financial Market (DFM) in the coming months.
The decision was issued by Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance of the UAE.
The listing is part of the Securities and Exchange Higher Commission’s strategy to increase the size of the stock market in the Emirate to AED3 trillion, raise the competitiveness of bourses and encourage initial public offerings (IPOs).
Sheikh Maktoum highlighted the pivotal role that DEWA has played over the past decades and praised its contribution to Dubai’s development. “DEWA is a key pillar of the development in Dubai. Investing in DEWA is an investment in Dubai’s future,” he said.
He added that the listing will be carried out gradually due to DEWA’s huge asset portfolio.
The DEWA listing, which will allow investors to access shares in profitable companies, represents a major step that will support the financial markets in the Emirate. Dubai plans to list other state-owned companies on the DFM as part of a broader strategy.
DEWA, the exclusive provider of electricity and water services in Dubai, was formed in 1992 following the merger of the Dubai Electricity Company and the Dubai Water Department. The company employs 9,700 employees to manage the generation, transmission and distribution of electricity and water across the emirate.
However, over the last few years, it has emerged as one of the most forward-thinking companies in the world with investments in various technological projects.
