Abu Dhabi-based investment company Multiply Group is participating in the historic IPO of the Dubai Electricity and Water Authority (DEWA), ordering $100m worth of the soon-to-be-listed shares.
According to CEO and managing director Samia Bouazza, Multiply Group is attracted to DEWA’s “unique positioning, attractive financial profile, and clear strategic objectives” and thinks that the “investment into DEWA will generate substantial value for our shareholders.”
Multiply Group itself is one of the MENA region’s biggest investment companies and was recently listed on the Abu Dhabi Securities Exchange last December. Multiply Group’s investment in DEWA is one of many it has made in UAE-based businesses over the last year.
Why it matters
DEWA's upcoming IPO is expected to be the Dubai Financial Market's largest offering since DP World in 2007. While an exact share price has yet to be determined, the high end of the range would make DEWA the biggest company listed on the DFM and a top 20 listed utility company worldwide.
