DEWA sets the subscription price between 2.25 and 2.48 dirhams per share

Dubai (Union)
Dubai Electricity and Water Authority (DEWA) has set the price range for subscription to its shares between 2.25 and 2.48 per share, which means that the company will raise a maximum of 8.7 billion dirhams, and the company’s valuation at 124 billion dirhams, while the subscription period for individual investors begins today, Thursday. And institutions in 3.52 billion shares, equivalent to 6.5% of the authority’s shares. Subscription for the first two tranches (for individual subscribers 8%) and the third (for qualified Dubai Electricity and Water Authority employees 2%) ends on April 2, 2022, while the subscription of qualified investors for the second tranche at 90% of the shares ends. The offering is on April 5, 2022.
The final price and size of the offering shares will be announced on April 6, and the subscribers of the second tranche will be notified of the results of the final allocation of shares, while the subscribers of the first and third tranches will be notified on April 11, 2022, and it is expected that the company will be listed on the Dubai Financial Market on April 12, 2022.
DEWA also owns a 70% stake in the Emirates Central Cooling Systems Corporation (Empower), currently the world’s largest provider of district cooling services in terms of connected capacity. The Authority also owns, manages, operates and maintains district cooling plants and its distribution networks throughout the Emirate of Dubai.
DEWA’s business has grown at a simultaneous pace with the growth and expansion of the emirate’s economy, the increase in its population and the development of its infrastructure. The acceleration of development in Dubai has led to a rapid increase in the demand for electricity and water services. With its constant commitment to achieving the highest levels of availability, reliability, efficiency and quality, the company has all the necessary capabilities to meet the increasing demand for electricity and water within the framework of Dubai’s urban plan to increase its population from 3.5 million people today to 5.8 million people by 2040.
Renewable energy sources currently contribute regarding 11.4% of the total operating capacity of electricity to the Authority, which is the highest percentage of the energy mix in the region (compared to other regional service institutions). DEWA supports the Dubai Carbon Neutrality Strategy 2050 and its objectives are in line with the Dubai Clean Energy Strategy 2050, which aims to provide 100% of the emirate’s energy production capacity from clean energy sources by 2050. DEWA also aims to produce 100% of desalinated water using clean energy sources. and waste heat by 2030.
The total value of the assets of the Dubai Electricity and Water Authority (DEWA) is regarding 201 billion dirhams, while the authority is a major contributor to the economic growth process of the emirate and plays a pivotal role in the efforts to diversify its energy mix. The authority operates an advanced infrastructure that provides vital services to Dubai residents, visitors and companies operating in Dubai.
The total production capacity of “DEWA” of electricity is currently 13.4 gigawatts, and it has a large group of projects under implementation that are expected to contribute to raising its production capacity to higher levels. By 2030, the total production capacity of the authority from the Mohammed bin Rashid Al Maktoum Solar Park is expected to reach 5 gigawatts. The authority’s total production capacity of desalinated water is currently 490 million gallons per day.
DEWA owns a 70% stake in the Emirates Central Cooling Systems Corporation (Empower), the largest district cooling services provider in the world, with a total contracted cooling capacity of regarding 1.6 million refrigeration tons.
DEWA owns most of the stakes in several IPP energy production projects, with a total production capacity of 2.7 gigawatts, and it is expected to rise to 7.4 gigawatts by 2030.
DEWA is also the majority owner of the Hassyan Reverse Osmosis Desalination Complex project, which will have a production capacity of 120 million imperial gallons of desalinated water per day when it enters production in 2024, with a production capacity of 240 million imperial gallons of water. desalinated per day when it is fully operational by 2030.