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State utility Dubai Electricity & Water Authority (DEWA) has appointed US investment bank Moelis and local bank Emirates NBD to advise on DEWA's planned initial public offering (IPO), according to Energy and Utillities report
The announcement that DEWA was planning to list on the Dubai Financial Market (DFM) was made by Dubai’s deputy prime minister and minister of finance, Sheikh Maktoum bin Mohammed on 2 November.
“We announce today our intention to list the Dubai Electricity and Water Authority in the Dubai Financial Market in the coming months," Sheikh Maktoum bin Mohammed said in a tweet.
"Dubai Electricity and Water Authority (DEWA) represents one of Dubai's development hubs, and investing in it is an investment in Dubai's future. We will consider, during the listing, that it be phased, taking into account the size of the huge assets that DEWA includes and its position within the Dubai economy."
DEWA is one of ten government and state-owned companies that Dubai is planning to list on the Dubai Financial Market (DFM) under its aim to increase the DFM’s size to US$816.7bn
DEWA has a total power generation capacity of 12.3GW and a desalination capacity of 470 million imperial gallons a day (MIGD). The utility company has also developed one of the largest renewable energy sectors in the Middle East, with more than 1.5GW of clean energy currently in operation. The emirate is planning to have developed 5GW of solar at the Mohammed bin Rashid al-Maktoum Solar Park by 2030.
DEWA had 884,404 water customers and 990,258 electricity customers as of the end of 2020.