Tag: DEWA

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14 Dubai govt entities sign pact to boost performance

14 Dubai govt entities sign pact to boost performance

A total of 14 government entities have signed partnership agreements as part of the programme, which will feature training, reporting and employee secondments…reports Asian Lite News

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council, on Monday launched the “Partners for Pioneering” initiative, which aims to drive government excellence in all fields.

Elite government entities, such as DEWA, Dubai Police and RTA, will cooperate with other departments to facilitate the rapid exchange of knowledge and enhance public services through a whole-of-government strategic approach.

A total of 14 government entities have signed partnership agreements as part of the programme, which will feature training, reporting and employee secondments.

“Dubai is a city of pioneers and government entities have a responsibility to act with speed and efficiency to realise the vision of Sheikh Mohammed bin Rashid Al Maktoum,” said Sheikh Hamdan. “Greater harmony between all government departments will unlock new synergies that advance our shared goal of maintaining Dubai’s position as a leading global destination.”

“The launch of the ‘Partners for Pioneering’ initiative marks a new era for elite entities in the Dubai government team. It will see us go further and faster to promote close cooperation and partnership between various entities to take our performance to new heights. Real leadership requires effective partnerships, where all players advance with the same speed and efficiency towards achieving common strategic goals,” he added.

The initiative will operate under the umbrella of the Dubai Government Excellence Programme, part of the General Secretariat of The Executive Council of Dubai.

“The Dubai Government Excellence Programme plays a vital role in spearheading government work and providing effective tools to improve performance and enhance efficiency and effectiveness,” said Abdulla Mohammed Al Basti, Secretary-General of The Executive Council of Dubai and Chairman of the Dubai Government Excellence Programme. “The Executive Council of Dubai will closely monitor the progress of the ‘Partners for Pioneering’ initiative and ensure it achieves its objectives in accordance with the highest standards of performance.”

The programme places entities in one of three levels based on scores received in their evaluation: Elite Level (600-plus marks), Excellence Level (450-600) and the Basic Level (fewer than 450). Leadership Partners will be selected according to the level of excellence, evaluation scores, nature of the entity’s work, size of budget and number of employees.

The programme will manage the initiative, select government entities from the Elite and Excellent categories, and link them with partner entities in the Basic Level to develop them through a two-year partnership agreement, which is extendable.

ALSO READ:Dubai Silicon Oasis to host its first E-Sports event in October

Teams from participating parties have been instructed to hold meetings and create an integrated programme for self-assessment, provide training and identify priorities and opportunities for improvement. Elite entities will transfer knowledge, experiences, and success stories to those seeking to develop their performance through knowledge-sharing workshops.

Elite entities will review the details of the programme, initiatives and projects that contributed to their excellence and leadership and share them with those seeking to develop their performance through a series of seminars, meetings and field visits.

In its first edition, the Partners for Pioneering initiative witnessed the signing of seven partnership agreements between 14 government entities, including Dubai Electricity and Water Authority (DEWA) with Dubai Government Human Resources Department; Dubai Police with Community Development Authority; Roads and Transport Authority (RTA) with the Mohammed bin Rashid Housing Establishment; the General Directorate of Residency and Foreigners Affairs with Dubai Culture; Dubai Customs with Dubai Government Legal Affairs Department; Dubai Municipality with Awqaf and Minors Affairs Foundation; and Dubai Health Authority (DHA) and Dubai Sports Council.

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Dubai

DEWA’s R&D Centre received 16 high-level delegations in Q1 2022

Dubai Electricity and Water Authority (DEWA)’s Research and Development (R&D) Centre at the Mohammed bin Rashid Al Maktoum Solar Park, received 16 high-level international delegations in Q1 of 2022…reports Asian Lite News

The delegations visited the R&D Centre to learn about its efforts in energy, water, green hydrogen, smart grid, space technologies, and the Fourth Industrial Revolution applications.

The official delegations that visited the R&D Centre included Hage Geingob, President of Namibia and Namibia’s First Lady, as well as several ministers in Namibia; Sarah bint Yousif Al Amiri, Minister of State for Public Education and Advanced Technology; Antonio López-Istúriz White, President of the UAE-EU Parliamentary Friendship Group at the European Parliament; Grace Fu, Minister of Sustainability and Environment in Singapore, along with Kamal R Vaswani, Ambassador of Singapore to the UAE, and a high-level delegation from Singapore; Patricia de Lille, Minister of Public Works and Infrastructure in South Africa and officials from South Africa; Jose Luis Acero, Vice Minister of Water and Sanitation in Colombia; Delegations from the Korea Basic Science Institute (KBSI); The Islamic Republic of Pakistan; Khalifa University in the UAE; and the state of Bavaria in Germany, among others.

Saeed Mohammed Al Tayer, MD and CEO of DEWA, welcomed the visits by the official delegations to the R&D Centre, highlighting DEWA’s commitment to exchanging expertise in research and development with ministries and organisations worldwide in renewable and clean energy, water, environmental sustainability, and other areas of common interest.

“Through the R&D Centre, DEWA develops the disruptive technologies of the Fourth Industrial Revolution to provide world-class services to enhance the quality of life in Dubai as well as develop the research and development sector in the UAE and support it with qualified Emiratis. We also aim to support the scientific community in the UAE and the world by spreading knowledge and nurturing Emirati talents, as well as enhance DEWA’s position at the forefront of utilities worldwide. The R&D Centre, through its pioneering projects and qualitative partnerships and innovations, supports DEWA’s vision to become a globally leading sustainable innovative corporation,” Al Tayer added.

ALSO READ-DEWA’s R&D Centre registers its 5th patent

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-Top News Dubai

DEWA’s R&D Centre registers its 5th patent

Al Tayer said that this achievement aligns with DEWA’s strategy to energy security and sustainability through adopting the latest technologies and implementing several energy storage projects…reports Asian Lite News

Dubai Electricity and Water Authority’s Research and Development Centre (DEWA’s R&D Centre) has filed a new patent which adds to the four previous patents filed by the R&D Centre.

The Centre filed the patent for a redox flow battery stack with an improved electrolyte distribution, wherein the battery stack has a streamlined shape by changing the size of the cell at the inlet and outlet sections. This ensures a reduced pressure drop, better performance and efficiency of the battery flow system leading to increased power density and reduction in manufacturing costs.

The new patent solves a major challenge in flow battery. Conventional redox flow battery stack has inactive sites at the edges of the cell which restrict mass transport of the reactants at the electrode/electrolyte surface, leading to pressure drops which affect the overall efficiency and performance of a flow battery system.

Saeed Mohammed Al Tayer, MD & CEO of DEWA, expressed his pride in this scientific achievement which adds to DEWA’s track record of accomplishments and excellence, as well as supports its efforts to enrich the local and global scientific community.

Al Tayer said that this achievement aligns with DEWA’s strategy to energy security and sustainability through adopting the latest technologies and implementing several energy storage projects.

“In accordance with the vision and directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, we develop the talents and provide a positive and interactive environment that encourages employees to unleash their potential and helps researchers innovate and create as well as present more scientific papers and innovations. This helps to make the UAE the world’s leading nation by its Centennial in 2071; the National Innovation Strategy to make the UAE one of the most innovative countries in the world; and the Dubai Innovation Strategy to make Dubai the most innovative city in the world. We strive to raise the individual and corporate efficiency according to the best international practices which enable us to keep pace with rapid changes and contribute effectively to shaping and anticipating the future. We strive to harness innovation and the latest technologies to enhance DEWA’s excellence and leading position as one of the best utilities worldwide,” said Al Tayer.

“The patents registered by DEWA reflect our commitment to the highest levels of leadership and excellence to contribute to the localisation of knowledge and the participation of the scientific community in specialised scientific research, which aims to develop the clean and renewable energy sector. This is a result of the distinguished employees at DEWA, who have developed many innovations and are currently working on multiple research projects and patents. The R&D Centre adopts an approach based on improving the services provided by DEWA to customers by developing the latest technologies and sustainable solutions for energy and water and conducting applied research to ensure the continuity of our global leadership,” continued Al Tayer.

“The R&D Centre at the Mohammed bin Rashid Al Maktoum Solar Park comprises 44 researchers, including 26 PhD and master degree holders. Since its launch, the Centre has published 84 research papers in scientific conferences and peer-reviewed journals worldwide,” said Waleed bin Salman, Executive Vice President of Business Development and Excellence at DEWA.

DEWA implements several energy storage projects. These include using Concentrated Solar Power (CSP) in the 4th phase of the Mohammed bin Rashid Al Maktoum Solar Park, which combines CSP and photovoltaic solar panels with a production capacity of 950MW. The project will have the world’s largest global thermal storage capacity of 15 hours, facilitating energy availability round the clock.

ALSO READ-UAE President announces $50bn investment for climate action

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DEWA celebrates World Environment Day

DEWA celebrates World Environment Day

DEWA celebrates World Environment Day with several internal and external activities…reports Asian Lite News

In conjunction with World Environment Day, held this year under the theme ”Only One Earth”, the Dubai Electricity and Water Authority (DEWA) organised several internal and external activities.

It also launched an awareness campaign on its social media accounts to encourage society to conserve electricity and water and adopt sustainable practices that protect the environment and natural resources. These include using digital services, electric vehicles, installing solar photovoltaic panels, planting trees and reducing plastic.

In addition, DEWA’s Innovation Centre at the Mohammad bin Rashid Al Maktoum Solar Park organised a cleaning campaign for the area around the Solar Park. This was in collaboration with Dubai Sports Council, the participants in Al Marmoom Ultramarathon, Dulsco, and FittGROUP.

Saeed Mohammed Al Tayer, MD and CEO of DEWA, stressed the need to engage all members of society in efforts to preserve natural resources, environmental habitats and biodiversity, and reduce wrong environmental practices, to ensure environmental sustainability in Dubai to maintain the quality of life.

“The whole world faces environmental challenges. At DEWA, we support national and international efforts in environmental sustainability and ensuring a greener future for generations to come. This is in accordance with the words of Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, who said, ‘Countries share one fate and one future, and, therefore, cannot work alone to protect the planet’. DEWA works to promote sustainability in all its forms: environmental, social, and economic to achieve the Dubai Net Zero Carbon Emissions Strategy 2050 and the UN Sustainable Development Goals (SDGs) 2030,” Al Tayer stated.

ALSO READ: 177 DEWA employees contributed 46,560 voluntary hours to Expo

“We have launched pioneering initiatives and projects covering all clean and renewable energy technologies in Dubai. One of our most notable projects in this field is the Mohammed bin Rashid Al Maktoum Solar Park, the largest single-site solar park globally, using the Independent Power Producer (IPP). Its production capacity will reach 5,000 megawatts by 2030,” he added.

“World Environment Day is an annual initiative close to our hearts. It brings like-minded companies such as DEWA, Dubai Municipality and Al Marmoom Ultramarathon together to make a difference to our planet. We must realise that there is only one earth and do our part to encourage and involve the wider community in making changes towards protecting and preserving the environment. The ‘Plogging’ initiative, where we walk whilst collecting litter, aims to advance Dulsco’s commitment to environmental sustainability and but create a chain reaction for youth to take the lead and make a difference,” said David Stockton from Dulsco.

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DEWA launches Ramadan awareness campaign

It has also organised several virtual events, competitions and internal lectures in Arabic and English, about the values of Ramadan…reports Asian Lite News

Dubai Electricity and Water Authority (DEWA) has launched its annual Ramadan awareness campaign to raise awareness about conservation and having a sustainable and responsible lifestyle. This supports Islamic values that encourage moderation and reducing waste.

During the campaign, DEWA has organised a series of virtual and physical awareness lectures to encourage the community to contribute to sustainable development, protecting the environment, and reducing emissions, focusing on senior citizens, People of Determination, Qur’an recital centres, participants of the Ramadan Aman campaign, sport club members, orphans, and recent converts.

It has also organised several virtual events, competitions and internal lectures in Arabic and English, about the values of Ramadan.

ALSO READ: DEWA shares soar on market debut

Saeed Mohammed Al Tayer, MD & CEO of DEWAl: “We strive to promote a culture of conservation and sustainability and urge society to conserve electricity and water consumption and reduce the carbon footprint, to make Dubai a global hub for clean energy and green economy. This supports the Dubai Clean Energy Strategy 2050 and the Dubai Net Zero Carbon Emissions Strategy 2050 to provide 100 percent of the total power capacity from clean energy sources by 2050. Electricity and water are great blessings. I call upon every citizen of this nation to use these blessings responsibly and consciously, and to use them to serve man and society, without harming the environment, especially in the month of philanthropy, compassion, and giving.”

For her part, Khawla Al Mehairi, Executive Vice President of Strategy and Government Communications at DEWA, said, “In light of the increasing importance of sustainability at the global level, there is an urgent need to change the behaviour of individuals and reduce their carbon footprint, and to highlight the link between environmental quality, air, water and soil quality, human health and thus the quality of life as a whole. DEWA’s conservation initiatives and programmes resulted in significant cumulative savings among the target groups between 2012 and 2021, amounting to 2.2 TWh of electricity and 5.6 billion gallons of water, equivalent to savings of AED1.2 billion, and reducing 1.1 million tonnes of carbon emissions.”

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-Top News Dubai UAE News

DEWA shares soar on market debut

DEWA starts trading on Dubai Financial Market (WAM)

The stellar share rose to AED3.00 in early trade, up from the IPO price of AED2.48, before settling at AED2.87, 15.7 percent up, by the end of the session, reports Asian Lite Newsdesk

Shares in Dubai Electricity and Water Authority (DEWA) surged 15.7 percent on their market debut on Tuesday after its US$6.1 billion initial public offering (IPO), the region’s biggest since Saudi Aramco’s.

The stellar share rose to AED3.00 in early trade, up from the IPO price of AED2.48, before settling at AED2.87, 15.7 percent up, by the end of the session.

The utility’s shares accounted for over 73 percent of Dubai Financial Market’s (DFM) trading value on the first trading day. The market closed at 3,568.830 points following AED1.788 billion of trades.

Dewa is the first public entity to go public as part of the Dubai Government’s plan to list 10 entities to boost liquidity in the market. The company plans to pay dividends twice a year to investors.

In the meantime, the FTSE ADX General Index closed at 10,101.850 points following AED1.541 billion of trades, with IHC’s Zee Stores (ZS) skyrocketing to AED104.600 by the end the of the session.

Dubai Electricity and Water Authority (DEWA) started trading on the Dubai Financial Market (DFM) today under the ticker symbol “DEWA”.

After pricing its shares last week at AED2.48 per share, DEWA opened the day’s trading as the largest company on the DFM, with a market capitalisation of AED124 billion (US$33.8 billion).

DEWA sold 9 billion shares in its IPO, representing 18 percent of its total share capital, and raised a total amount of AED22.3 billion (US$6.1 billion), making this the largest IPO in the UAE and the largest in Europe, Middle East and Africa region so far in 2022.

The Government of Dubai continues to own 82 percent of DEWA’s share capital. The IPO was oversubscribed by 37 times (excluding cornerstone and strategic investors), with strong demand across all tranches.

To celebrate the listing, Saeed Mohammed Al Tayer, MD and CEO of DEWA, rang the market opening bell. Helal Al Marri, Chairman of DFM, Hamed Ali, CEO of DFM and Nasdaq Dubai, and other officials were present.

Al Tayer said, “Today’s listing on the Dubai Financial Market is the beginning of an exciting new chapter in DEWA’s growth story. I extend my thanks and gratitude to His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai; H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of Dubai Executive Council; H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance, for their unlimited support to DEWA, which has become one of the leading companies regionally and globally.

“DEWA has contributed and benefited from the Emirate’s strong development, as the exclusive provider of electricity and water services to a flourishing international city. The strong interest we have seen from institutional and retail investors reflects the confidence in DEWA as a globally leading utilities company. We are proud to offer investors the opportunity to be a part of DEWA’s future as it supports Dubai’s growth and energy transition.”

Al Marri said, “We are delighted to welcome the listing of DEWA, which gives a strong impetus to DFM’s diversification strategy that focuses on attracting IPOs and listings from varied economic sectors. Our ultimate objective is to increase the representation of dynamic economic sectors that play a pivotal role in the economy of Dubai and the UAE in line with the leadership’s vision and Dubai’s strategy to develop its financial markets and further strengthen its status as a leading international capital markets hub.

“Additionally, the new IPO and listing clearly indicates issuers’ deep confidence towards DFM and its world-class regulations, infrastructure and services. It also bolsters DFM’s leading position as the most favoured exchange for businesses looking to go public and raise necessary funds to implement their growth strategies.”

ALSO READ: DEWA, TRANSCO to increase UAE’s water security

Ali stated, “The IPO and listing of DEWA enables investors in general and income investors, in particular, to participate in the success story and growth of the dynamic utilities sector, which is usually characterised by stability and sustainable growth. This significant listing, alongside other listings as part of the Government of Dubai’s plan to list ten companies, will improve the market width and depth and diversify investment opportunities.

“We are also upbeat about the outlook of IPOs and listings on DFM given our ongoing discussions with numerous companies that are seeking to expand their business supported by the growing confidence in the national economy and the widespread regulatory developments that have greatly augmented market attractiveness by offering potential issuers various listing options.”.

DEWA’s shares are traded within the Utilities Sector. No price limits have been applied to the shares during the first day of trading, as they will be applied from the second day of listing. The IPO price of the share has been defined at AED2.48. (WAM)

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Arab News Dubai UAE News

DEWA, TRANSCO to increase UAE’s water security

DEWA, TRANSCO to increase UAE’s water security

The move reinforces a shared national goal for creating strategic water interconnections in the UAE…reports Asian Lite News

Dubai Electricity and Water Authority (DEWA) and Abu Dhabi Transmission and Despatch Company (TRANSCO), a subsidiary of Abu Dhabi National Energy Company (TAQA Group), will install three interconnections that can transfer 117 MIGD to different areas in Abu Dhabi and Dubai, supporting reliable water supplies to customers across the nation.

The move reinforces a shared national goal for creating strategic water interconnections in the UAE.

Saeed Mohammed Al Tayer, MD and CEO of DEWA, said that this partnership supports water security in the UAE and increases the reliability and efficiency of the water network to meet the UAE Water Security Strategy 2036 objective to ensure sustainable access to water during both normal and emergency conditions. The strategic water interconnection projects will help avoid crises and water shortages. They will also help in efforts to raise the efficiency and operational capacity of water networks to promote sustainable development in the UAE.

SAEED MOHAMMED AL TAYER, MD, CEO, CEO: “Water security is a national security issue for the UAE and is one of the seven strategic sectors of the National Innovation Strategy launched by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai. Dubai has a comprehensive approach to ensure the sustainability of water resources, in line with the Dubai Integrated Water Resource Management Strategy 2030, which focuses on enhancing water resources, rationing water consumption, and using cutting-edge technologies and innovative solutions to reduce water consumption.”

Commenting on the strategic water interconnection projects between DEWA and TRANSCO, Ahmed Mohamed Al Rumaithi, Under-Secretary of the Abu Dhabi Department of Energy, said, “Water security is critical to our nation’s health, social and economic stability. In line with the UAE Water Security Strategy 2036, Abu Dhabi continues to expand its water infrastructure, and is leveraging new desalination technologies, brine reduction techniques, and water demand management strategies to improve water security and support a green transition.

ALSO READ: DEWA raises Dh22 bn in biggest Gulf IPO

“We recognise the importance of making water more sustainable and view national collaborations as imperative to ensure UAE water security. The strategic water interconnection projects between Dubai and Abu Dhabi present a significant opportunity to maximise the provision of a sufficient supply of potable water at a national scale, while also mitigating climate change risks to water availability, quality, and quantity,” Al Rumaithi added.

Dr. Afif Saif Al Yafei, CEO of TRANSCO, noted, “In 2021, TRANSCO delivered water through more than 3,500 kilometres of water pipelines, ensuring reliability, in line with the highest international benchmarks. We also completed 23 projects worth AED 3.3 billion, which included integrating with our network the first potable water from the Taweelah Reverse Osmosis plant, one of the largest in the world. We are proud of the role we play in meeting customer demands and making the UAE’s energy goals a reality by modernising power and water infrastructure and partnering with key stakeholders.”

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DEWA raises Dh22 bn in biggest Gulf IPO

A total of 9 billion ordinary shares, representing 18% of DEWA’s issued share capital, were offered, which will generate approximately AED22.3 billion (US$6.1 billion) of gross proceeds for the selling shareholder upon settlement, reports Asian Lite Newsdesk

Following the completion of the book building and subscription process for its initial public offering (IPO), Dubai Electricity and Water Authority (DEWA) has set the final offer price for its IPO at AED2.48 per share.

Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister, Minister of Finance and Chair of the Securities and Exchange Higher Committee, stressed that the high international demand on DEWA’s IPO reflects the trust and confidence in Dubai’s entities as quality investment opportunities.

Maktoum bin Mohammed confirmed that “International demand for DEWA’s IPO is a testament of confidence in Dubai’s status as a trustworthy investment destination. Our goal is for our financial market to reflect the strength and diversity of our economy.”

Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of DEWA, said, “We are delighted to have seen incredibly strong demand for DEWA shares from local and international investors. This level of interest is not only indicative of DEWA’s status as a world-class provider of utilities but also underlines the attractiveness of Dubai as a global capital market. As we look ahead, DEWA will remain focused on creating value for all its stakeholders by meeting the increasing demand for electricity and water in Dubai and by supporting the Emirate’s energy transition to net zero by 2050.”

Having received overwhelming demand from investors, the final offer price was set at AED2.48 by the Government of Dubai in its capacity as the selling shareholder.

A total of 9 billion ordinary shares, representing 18% of DEWA’s issued share capital, were offered, which will generate approximately AED22.3 billion (US$6.1 billion) of gross proceeds for the selling shareholder upon settlement. This includes commitments from cornerstone and strategic investors amounting to approximately AED13.8 billion (US$3.8 billion). Following completion of the DEWA IPO, the Government of Dubai will continue to own 82% of DEWA’s share capital.

Upon completion, the DEWA IPO will become the largest ever IPO in the UAE and the largest in the Europe, Middle East and Africa (EMEA) region so far in 2022.

The offering saw strong investor demand and oversubscription for both the Qualified Investor Offering and the UAE Retail Offering. Total demand for DEWA shares amounted to AED315 billion (US$85.7 billion). Excluding cornerstone and strategic investors, the orderbook for the IPO was 37 times oversubscribed.

DEWA is expected to commence trading on the Dubai Financial Market (DFM) on 12th April 2022, under the symbol “DEWA” and ISIN “AED001801011”. Upon listing, the Company will have a market capitalisation of AED124 billion, which will make DEWA the largest company on the DFM by market capitalisation.

ALSO READ: DEWA announces share prices

Investors that participated in the UAE Retail Offering will be notified of their allocation of shares via SMS on 11th April 2022.

FDI inflows grow 3.9%

The Foreign Direct Investment (FDI) inflows into the UAE recorded a 3.9 percent growth in 2021 compared to 2020 to reach nearly AED 76 billion (US$20.7 billion).

DUBAI

As a result, the total FDI balance in the country increased to reach nearly AED 630 billion (US$171.6 billion) by the end of 2021, highlighting a 13.7 percent growth over 2020. Over the past ten years, FDI inflows into the country have grown by 116 percent, while the total balance of those investments during the same period grew by 113 percent.

Abdullah bin Touq Al Marri, Minister of Economy, said that this distinguished result is the country’s latest achievement under the UAE leadership’s wise vision and directives, which are based on the principles of proactivity and future foresight.

“These integrated and pioneering competitive advantages and incentives consolidate the UAE’s position as an economic and commercial capital both regionally and globally, making it a preferred and attractive destination for FDI and pioneering projects from various international markets,” he explained.

Bin Touq added, “This result is a natural outcome of the pioneering measures and initiatives implemented by the UAE in the past phase to develop its economic sectors and significantly enhance its investment climate. These policies align with a new economic model that is more flexible and sustainable, with more openness to global markets, and are also in line with future economic trends and emerging technologies.

In terms of its ability to attract FDI, the UAE advanced by nine ranks in 2020 compared to 2019 and ranked 15th globally. At the same time, it advanced six positions globally in terms of outward FDI flows to rank first in the Arab world and 13 globally, according to UNCTAD’s World Investment Report 2021.

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Dubai UAE News

DEWA announces share prices

The price range for the Offering has been set at between AED 2.25 and AED 2.48 per share…reports Asian Lite News

Dubai Electricity and Water Authority, the exclusive provider of electricity and potable water in Dubai, announced the price range and start of the subscription period for its initial public offering (IPO or the Offering) on the Dubai Financial Market (DFM).

Saeed Mohammed Al Tayer, Managing Director & Chief Executive Officer of DEWA, said, “DEWA has a fundamental role to play in the growth of Dubai’s economy and is central to the Emirate’s transition to net zero carbon emissions by 2050. This IPO represents an opportunity for investors to participate in a unique growth story that is underpinned by the ambition of Dubai and the United Arab Emirates. Since announcing our intention to float on the Dubai Financial Market last week, we have received strong interest from local and international investors that recognise our determination to shape a green future for Dubai. ” ”This interest also reflects the confidence in DEWA, which keeps pace with Dubai’s expanding economy and population by developing a world-class competitive infrastructure to consolidate Dubai’s position as a global city and provide electricity and water services according to the highest global standards of availability, reliability, quality and efficiency, while maintaining a world-class governance system and continuous record of good governance across all its operations. We are looking forward to welcoming our new shareholders when we formally list in the coming weeks.”

The price range for the Offering has been set at between AED 2.25 and AED 2.48 per share.

A total of 3.25 billion shares, equivalent to 6.5% of DEWA’s existing shares, will be offered, with the Selling Shareholder reserving the right to increase the size of the Offering at any time prior to the end of the subscription period at its sole discretion, subject to applicable laws and approval of the Securities & Commodities Authority (SCA). All shares to be offered shall represent the sale of existing shares held by the Government of Dubai.

The total Offering size is expected to be between AED 7.31 billion (US$ 1.99 billion) and AED 8.06 billion (US$ 2.19 billion), implying a market capitalisation at listing of between AED 112.50 billion (US$ 30.63 billion) and AED 124.00 billion (US$ 33.76 billion), which would make DEWA the largest company on the DFM by market capitalisation.

As previously announced, the Offering is available to the following subscribers: to individual and other investors and to eligible DEWA employees (as defined in the UAE Prospectus) as part of the UAE Retail Offering and; to professional investors and other investors in a number of countries outside the United States of America, including in the UAE, as part of the Qualified Investor Offering.

The IPO subscription period starts today and runs until 2nd April 2022 for the UAE Retail Offering and 5th April 2022 for the Qualified Investor Offering.

Picture Credits: WAM

The final offer price will be determined through a book-building process and is expected to be announced on 6th April 2022.

The completion of the Offering and Admission is currently expected to take place on 12th April 2022, subject to market conditions and obtaining relevant regulatory approvals in the UAE, including approval of Admission to listing and trading on the DFM.

Details of the Offering are available in the UAE Prospectus with respect to the UAE Retail Offering and the English-language International Offering Memorandum with respect to the Qualified Investor Offering. The UAE Prospectus and the International Offering Memorandum are available at www.dewa.gov.ae/ipo.

ALSO READ-DEWA to list 6.5% shares on Dubai Financial Market

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DEWA to list 6.5% shares on Dubai Financial Market

DEWA to list 6.5% shares on Dubai Financial Market

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…reports Asian Lite News

Dubai Electricity and Water Authority PJSC (DEWA) has announced it will list 6.5 percent of its existing shares as part of an initial public offering (IPO) on the Dubai Financial Market (DFM), in line with new strategic directions to develop the emirate’s financial market and as part of the Dubai Markets Supervisory Committee’s strategy.

H.H. Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and 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 Mohammed bin Rashid

Sheikh Maktoum asserted that this step comes in implementation of the directives of His Highness 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 AED3 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.

The IPO will include a total of 3.25 billion shares, equivalent to 6.5% of DEWA’s existing shares, with the Selling Shareholder reserving the right to increase the size of the Offering at any time before pricing of the offering, subject to applicable laws and approval of SCA.

The completion of the offering and admission of shares to trading are expected to take place in April 2022, with the offering to 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.

ALSO READ: DEWA participates in UAE Innovates 2022

Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA, said, “This is a historic 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.”

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.”