DUBAI, UAE: Dubai Electricity and Water Authority (DEWA) has announced its intention to float on the Dubai Financial Market (DFM) offering 3.25 billion shares, representing 6.5% of DEWA’s issued share capital. All shares to be offered represent sale of existing shares held by the Government of Dubai.
Dubai Electricity and Water Authority (DEWA) is the exclusive provider of electricity and potable water in Dubai and the majority owner of Empower, the world’s largest district cooling services operator by connected capacity. The offering is in line with new strategic directions to develop the Emirate’s financial market and as part of the Dubai Markets Supervisory Committee’s strategy.
On this occasion, Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, said: “Today represents a significant moment in the history of DEWA and is an important step towards achieving our vision for capital markets in Dubai. As a central component of the Dubai economy, DEWA has a critical role to play in supporting the future growth of the Emirate and its transition to a net zero economy by 2050.
For DEWA’s potential new shareholders, this offering is an opportunity to be part of the future of Dubai and have a stake in an organisation that has an unparalleled track record of technological innovation and operational excellence.”
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum Highness asserted that this step comes in implementation of the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, as part of the Dubai Markets Supervisory Committee’s strategy to increase the size of the Emirate’s stock market to AED 3 trillion in the coming period, indicating that DEWA’s landmark listing will mark a turning point for the Emirate’s capital market and contribute to ushering in a new phase of enhancements of its strong performance.
• DEWA is a globally leading fully integrated utilities company, with generation capacity of 13.4 gigawatts of electricity as well as 490 million imperial gallons of desalinated water each day
• DEWA exclusively provides electricity and potable water to Dubai’s 3.5 million residents and the millions of people who visit every year.
• DEWA is a key enabler of Dubai’s energy transition to net zero and 100% power capacity from clean energy sources by 2050, and it is focused on enabling a clean future for its customers and communities.
• DEWA has a consistent track record of operational excellence and the highest standards of service quality
• Technological innovation is part of DEWA’s DNA, affirming its leading position as a digitalized utilities company
• DEWA has a very attractive financial profile and high visibility over cash flow generation and shareholder returns.
Admission of shares to trading on the DFM is expected in April 2022. The offering will be made available to individual and other investors as part of the UAE retail offering as well as to professional investors outside the United States of America, including the UAE, as part of the qualified investor offering.
The Internal Sharia Supervision Committees of Emirates NBD PJSC and HSBC Bank Middle East Limited have issued pronouncements confirming that, in their view, the Offering is compliant with Shariah principles.
Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of DEWA, said: “Dubai’s wise leadership has enabled the Emirate to grow into a thriving, diversified global economy in just a few decades. This is a historical moment for DEWA as the first government entity in Dubai to go public. It reflects the immense faith and confidence by our wise leadership and the government of Dubai. As the exclusive provider of electricity and water services to Dubai, DEWA is incredibly proud to have played a part in the success of the Emirate.
“Dubai’s fast paced development has resulted in a rapid increase in the demand for electricity and water. And DEWA has grown along with Dubai’s expanding economy, population, and world-class competitive infrastructure, emphasising the Emirate’s position as a global city. DEWA is therefore both integral to, and benefits from, Dubai’s past and current economic growth. And we are playing a key role in Dubai’s green energy transition process.”
Saeed Mohammed Al Tayer added, “DEWA has a world-class governance system and continuous record of good governance across all its operations. With the highest standards of efficiency, quality, and availability, DEWA is ready to meet the increasing demand for electricity and water in the Emirate, as the population is expected to grow from around 3.5 million people today to 5.8 million people by 2040.
“Central to DEWA’s strategy is supporting Dubai’s energy transition to net zero by 2050 – we are focused on enabling a clean future for our customers and communities. DEWA supports the Dubai Net Zero Carbon Emissions Strategy 2050 and is well-aligned to the Dubai Clean Energy Strategy 2050, which aims to provide 100% of Dubai’s energy production capacity from clean energy sources by 2050.
Looking ahead, DEWA will support the UAE’s strategic growth ambitions by providing Dubai’s millions of residents and visitors with world-class services and innovative energy solutions. And that in turn will enrich lives while ensuring the happiness and wellbeing of all our stakeholders.”
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