While that figure still trails far below the record
The government-owned utility opened trading on Dubai's stock exchange with a market cap of
The listing comes as DEWA, which is the exclusive electricity and water utility provider of Dubai, positions itself as central to the wider
Dubai is an energy-intensive city of skyscrapers and an endless stream of high-end hotels and sprawling malls — including one with an indoor ski slope and another with an indoor ice skating rink — that require air-conditioning year-round to keep the Persian Gulf's heat and humidity out. The emirate, like other parts of the Gulf, also relies nearly entirely on desalinated water plants for potable water.
DEWA said it expects to supply all of Dubai's desalinated water capacity by 2030 using clean energy and waste heat. The money raised from the public sale of shares in DEWA could help offset some of the costs of the emirate's energy transition.
DEWA owns 70% of cooling services provider Empower, as well as bottled water manufacturer
DEWA says it is ready to meet even greater increased demand for electricity and water in
The government initially said it would go public with 6.5% of the company, but raised that to 18% on the back of local and international investor demand.
The listing is part of a wider plan announced last November by Sheikh
Also on Tuesday,
In a shared statement by the companies, they said the sale is aimed at supporting Emicool in its vision towards becoming a leading provider of sustainable and efficient cooling services in the region.
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