DUBAI, UAE: Dubai Electricity and Water Authority (DEWA) has introduced its intention to drift 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 unique supplier of electrical energy and potable water in Dubai and the bulk proprietor of Empower, the world’s largest district cooling services operator by connected capacity. The offering is in line with new strategic instructions to develop the Emirate’s monetary market and as a half 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 second within the historic previous of DEWA and is an important step towards achieving our imaginative and prescient 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 a chance to be a half of the way forward for 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 is available in implementation of the directives of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, as a half of the Dubai Markets Supervisory Committee’s technique to extend the size of the Emirate’s inventory market to AED three trillion within the approaching period, indicating that DEWA’s landmark itemizing will mark a turning level for the Emirate’s capital market and contribute to ushering in a brand new phase of enhancements of its strong performance.
• DEWA is a globally main fully built-in utilities company, with generation capability of 13.4 gigawatts of electrical energy in addition to 490 million imperial gallons of desalinated water every day
• DEWA exclusively provides electrical energy and potable water to Dubai’s 3.5 million residents and the millions of individuals that go to every year.
• DEWA is a key enabler of Dubai’s energy transition to net zero and 100% energy capability from clear energy sources by 2050, and it’s focused on enabling a clear future for its customers and communities.
• DEWA has a constant track record of operational excellence and the highest requirements of service quality
• Technological innovation is a half of DEWA’s DNA, affirming its main place as a digitalized utilities company
• DEWA has a really attractive monetary profile and excessive visibility over money flow generation and shareholder returns.
Admission of shares to buying and selling on the DFM is anticipated in April 2022. The offering will be made available to particular person and different investors as a half of the UAE retail offering in addition to to skilled investors outside the United States of America, together with the UAE, as a half of the certified investor offering.
The Internal Sharia Supervision Committees of Emirates NBD PJSC and HSBC Bank Middle East Limited have issued pronouncements confirming that, of their view, the Offering is compliant with Shariah principles.
Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of DEWA, said: “Dubai’s wise management has enabled the Emirate to develop right into a thriving, diversified global economy in only a few decades. This is a historic second for DEWA because the primary authorities entity in Dubai to go public. It displays the immense religion and confidence by our wise management and the federal authorities of Dubai. As the unique supplier of electrical energy and water services to Dubai, DEWA is extremely proud to have performed a half within the success of the Emirate.
“Dubai’s quick paced development has resulted in a rapid increase within the demand for electrical energy and water. And DEWA has grown together with Dubai’s increasing economy, population, and world-class aggressive infrastructure, emphasising the Emirate’s place as a global city. DEWA is therefore each integral to, and advantages from, Dubai’s previous and present financial growth. And we’re playing a key role in Dubai’s inexperienced energy transition process.”
Saeed Mohammed Al Tayer added, “DEWA has a world-class governance system and steady record of good governance throughout all its operations. With the highest requirements of efficiency, quality, and availability, DEWA is able to meet the increasing demand for electrical energy and water within the Emirate, because the inhabitants is anticipated to develop from round 3.5 million people today to 5.8 million people by 2040.
“Central to DEWA’s technique is supporting Dubai’s energy transition to net zero by 2050 – we’re focused on enabling a clear future for our customers and communities. DEWA helps the Dubai Net Zero Carbon Emissions Strategy 2050 and is well-aligned to the Dubai Clean Energy Strategy 2050, which goals to present 100% of Dubai’s energy manufacturing capability from clear energy sources by 2050.
Looking ahead, DEWA will support the UAE’s strategic growth ambitions by offering Dubai’s millions of residents and guests with world-class services and innovative energy solutions. And that in flip will enrich lives whereas ensuring the happiness and wellbeing of all our stakeholders.”
www.dewa.gov.ae/en