Dubai to list main utility DEWA in bid to revive stock market

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Dubai plans to offer shares in its main utility as part of a plan to boost the emirate’s flagging stock market.

The emirate will sell a stake in Dubai Electricity and Water Authority “in coming months,” deputy ruler Maktoum bin Mohammed bin Rashid said in a tweet on Tuesday. Shares will be listed “in stages” due to the size of the utility’s assets and profile in the economy.

Dubai said Monday it plans to sell stakes in 10 state-owned companies in what may prove to be a test of confidence in a stock market dogged by falling volumes at a time when regional rivals are stepping up sales.

Dubai to list 10 state firms in bid to reverse falling trade

Trading on the main bourse has fallen in three of the past four years as a string of companies delisted at a time of declining liquidity and stock prices. At the same time, the Covid-19 pandemic has hurt the city’s lifeblood tourism and real estate industries. Meantime, new listings in other Middle East financial hubs such as Abu Dhabi and Riyadh are attracting a flood of cash.

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