Dubai: US investment bank Moelis and Emirates NBD have been hired to advise on the initial public offering (IPO) of Dubai Electricity & Water Authority (DEWA), sources have said. The Dubai Government said on Tuesday it was planning a stock market flotation of the utility, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse.
The listing plans are aimed at making Dubai a more competitive market against bigger bourses in the region, such as in Saudi Arabia and Abu Dhabi, that are seeing larger listings and strong liquidity. De-listings and an absence of big initial public offerings had put Dubai's stock market under pressure.
DEWA had 884,404 water customers and 990,258 electricity customers as of the end of 2020, according to company data. The entity has assets of nearly Dh200 billion and projects with a combined value of around Dh86 billion, Chief Executive Saeed Mohammed Al Tayer had said in a statement.