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

The announcement comes because the sheikhdom within the United Arab Emirates tries to revitalize its Dubai Monetary Market change, which has seen a number of corporations delist amid current financial woes.

The Dubai Electrical energy and Water Authority mentioned it could supply 3.25 billion shares on the inventory market, which it put as equal to six.5% of its general value. It didn’t present an preliminary value for the shares.

Dubai is residence to three.5 million individuals and has seen a surge of curiosity because the sheikhdom weathered the coronavirus pandemic and saved its very important tourism and actual property markets afloat.

The utility, recognized by the acronym DEWA, deliberate a glitzy announcement Tuesday at a luxurious resort. Officers mentioned they’d not enable journalists to movie the announcement.