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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
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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.

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.