Dubai’s state-owned water, power utility plans public offer

The state-owned utility in Dubai announced plans Tuesday to list a sliver of its worth on the emirate’s stock exchange.

The announcement comes as the sheikhdom in the United Arab Emirates tries to revitalize its Dubai Financial Market exchange, which has seen several firms delist amid recent economic woes.

The Dubai Electricity and Water Authority said it would offer 3.25 billion shares on the stock market, which it put as equivalent to 6.5% of its overall worth. It did not provide an initial price for the shares.

Dubai is home to 3.5 million people and has seen a surge of interest as the sheikhdom weathered the coronavirus pandemic and kept its vital tourism and real estate markets afloat.

The utility, known by the acronym DEWA, planned a glitzy announcement Tuesday at a luxury hotel. Officials said they would not allow journalists to film the announcement.

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