Dubai Utility DEWA Set to Raise $6.1 Billion as Prices IPO

Dubai Electricity and Water Authority is set to raise 22.32 billion dirhams ($6.1 billion) after pricing its initial public offering at the top of the range
Dubai Electricity and Water Authority is set to raise 22.32 billion dirhams ($6.1 billion) after pricing its initial public offering at the top of the range
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Dubai Utility DEWA Set to Raise $6.1 Billion as Prices IPO

Dubai Electricity and Water Authority is set to raise 22.32 billion dirhams ($6.1 billion) after pricing its initial public offering at the top of the range
Dubai Electricity and Water Authority is set to raise 22.32 billion dirhams ($6.1 billion) after pricing its initial public offering at the top of the range

Dubai Electricity and Water Authority (DEWA) is set to raise 22.32 billion dirhams ($6.1 billion) after pricing its initial public offering at the top of the range on Wednesday.

Dubai's deputy ruler and finance minister Sheikh Maktoum Bin Mohammed said in a tweet that DEWA had attracted 315 billion dirhams of demand for the IPO, with buyers including sovereign wealth funds, private fund and 65,000 individual investors.

State utility DEWA had set an indicative price range of 2.25 dirhams to 2.48 dirhams, with the top level expected to raise 22.32 billion dirhams for the Dubai government.

DEWA's public share sale is the biggest to date in the Emirate.

Demand for DEWA's IPO has been strong, prompting it to first raise the size of the institutional offer and then boosting the retail portion by almost three times on Saturday.

Citigroup, Emirates NBD Capital and HSBC are joint global IPO coordinators, while Credit Suisse, EFG Hermes, First Abu Dhabi Bank PJSC and Goldman Sachs are joint bookrunners.



World Bank Announces $700 Mln in Financing for Egypt

The moon is seen after the day of Strawberry Moon over old houses in Cairo, Egypt, June 22, 2024. REUTERS/Amr Abdallah Dalsh
The moon is seen after the day of Strawberry Moon over old houses in Cairo, Egypt, June 22, 2024. REUTERS/Amr Abdallah Dalsh
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World Bank Announces $700 Mln in Financing for Egypt

The moon is seen after the day of Strawberry Moon over old houses in Cairo, Egypt, June 22, 2024. REUTERS/Amr Abdallah Dalsh
The moon is seen after the day of Strawberry Moon over old houses in Cairo, Egypt, June 22, 2024. REUTERS/Amr Abdallah Dalsh

The World Bank announced on Monday $700 million of budget support for Egypt, part of a 3-year, $6 billion program that the bank pledged earlier this year.

The $700 million is designed to help Egypt boost private sector participation, macroeconomic and fiscal resilience, and a greener growth trajectory, the World Bank said in a statement.