Company was founded, when two firms were merged: Dubai Electricity Company and Dubai Water Department. Their objective is mainly to provide reliable supply of electricity and water to people of Dubai. Since 2019, DEWA has employed around 11,500 people and provides more than 900.000 people with their service. Company was first using conventional gas-fired power plants, but are now switching to more environment friendly techniques, as they use solar power. This allowed them to save money and contribute for better tomorrow.

Company decided to put their shares on the stock market, and it turned out to be a good move so far. On the first day of trading, stocks went up for almost 20%. Shares started trading at 2.48 dirhams and rose to 2.98 dirhams. DEWA’s IPO is also the biggest IPO in the region, after Saudi Aramco, the most famous oil and gas company from that region. DEWA’s IPO was worth 6.1 billion dollars, while Saudi Aramco’s was worth 29.4 billion dollars, which was at the same time also the world record.

 (1 US dollar = 3.67 UAE dirhams)

Movement of DEWA stock since entering the market. (Source: Tradingview)

Sources:

https://www.tradingview.com/chart/?symbol=DFM%3ADEWA

https://en.wikipedia.org/wiki/Dubai_Electricity_and_Water_Authority

https://www.bloomberg.com/news/articles/2022-04-12/dubai-utility-surges-after-pulling-off-year-s-second-biggest-ipo

https://financialpost.com/pmn/business-pmn/dubai-utility-dewa-rises-20-above-ipo-price-2

https://www.reuters.com/world/middle-east/dubai-utility-dewa-rises-20-above-ipo-price-2022-04-12/