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Dubai Electricity and Water Authority wins Equity Capital Markets Deal of the Year Award

By E247

Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM) has won the Equity Capital Markets Deal of the Year 2022 at the Bonds, Loans & Sukuk Middle East Awards 2023 held in Madinat Jumeirah, Dubai. DEWA received this recognition for its highly successful AED22.32 billion (US$6.1 billion) Initial Public Offering (IPO) conducted in April 2022.

  • Quote 

“At DEWA, we are guided by the insightful vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, and the directives of His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council of Dubai, and His Highness Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, First Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, to strengthen Dubai’s position as a global financial and economic hub. Winning the Equity Capital Markets Deal of the Year Award underlines DEWA’s status as a world-class utility and highlights the attractiveness of Dubai as a global capital market. DEWA’s listing on the Dubai Financial Market was the largest IPO in the utility sector worldwide in 2022,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.

“As we look ahead, DEWA will remain focused on creating value for all its stakeholders. We continue to make significant progress in advancing our strategy, which is focused on sustainable growth and adopting the best governance practices within an integrated framework. We are committed to being at the forefront of smart and innovative operational excellence, optimising returns for all stakeholders and achieving sustainable growth, while minimising our environmental impact, supporting the vision of the wise leadership to achieve net zero by 2050,” added Al Tayer.

  • Strong Investor Demand

DEWA’s IPO garnered strong investor demand and witnessed oversubscription from Qualified Investor Offering and UAE Retail Offering. The total demand for DEWA shares amounted to AED 315 billion (US$85.7 billion). Excluding cornerstone and strategic investors, the IPO orderbook was oversubscribed by 37 times. DEWA received support from various banks and law firms during its listing on the DFM, including Citibank, Emirates NBD, HSBC, Credit Suisse, EFG Hermes, First Abu Dhabi Bank, Goldman Sachs, White & Case, Ibrahim and Partners, and Clifford Chance.

  • Record Results

In 2022, DEWA achieved its best operating and financial performance in its history, resulting in a 60% increase in dividends paid to investors, amounting to AED 9.9 billion. DEWA anticipates reporting its next quarter results in August and will pay semi-annual dividends to investors in October 2023 for the first half of 2023.
For 2023, DEWA maintains a highly optimistic outlook for its operating and financial performance. The company’s shareholder strategy prioritises consistent returns, durable growth, and the compounding of growth value over time, forming the foundation of DEWA’s core value proposition to its investors.