On April 12, 2022, the Dubai Electricity and Water Authority (DEWA) became the largest company on the Dubai Financial Market (DFM), raising $6.1 billion in a long-awaited IPO and giving the firm a market cap of $33.8 billion.
“The IPO was 37 times oversubscribed, indicating institutional and retail investors’ confidence in DEWA as a leading global utility company,” says Saeed Mohammed Al Tayer, Managing Director and CEO of DEWA.
At the time of the listing, DEWA’s IPO was the largest in Europe, the Middle East, and Africa since Saudi Arabia’s Aramco raised $29.6 billion in late 2019. The Dubai government sold 18% of its stake in the state-owned utility firm, equating to nine billion shares, at $0.68 per share. The IPO attracted a total of $85.8 billion from sovereign funds, private funds, and over 65,000 individual investors.
Days after DEWA’s market debut, its neighboring counterpart, the Abu Dhabi National Energy Company (TAQA), became the top-ranking publicly-listed utility company in the Arab region, with a market capitalization of $41.9 billion based on its share price on April 19, 2022. Globally, the market size for utility companies is expected to grow by nearly 9%, from $5.5 trillion in 2021 to $6 trillion in 2022, according to a report by ResearchAndMarkets. The market is anticipated to reach $8.1 trillion by 2026.
Bu hikaye Forbes Middle East - English dergisinin August 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Forbes Middle East - English dergisinin August 2022 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
Celebrating Emirati Businesswomen and Entrepreneurs on Emirati Women's Day
As part of the U.A.E.’s annual Emirati Women’s Day celebrations, the Abu Dhabi Business Women Council and the Abu Dhabi Chamber hosted an event on August 28, 2024, under the theme “We Collaborate for Tomorrow,” celebrating the role and achievements of Emirati women.
THE MIDDLE EAST'S TOP 100 HEALTHCARE LEADERS 2024
MENA’s healthcare landscape is evolving towards integration, marked by the rise of fully comprehensive ecosystems. Industry giants are setting future trends, driven by systems that thrive on data abundance, accessibility, and intersectoral collaboration.
SCOUTING FOR OPPORTUNITIES
Ayman Cheikh-Lahlou, Chairman and CEO of the Morocco-based Cooper Pharma, took the helm of the family-owned pharmaceutical company in 2005 and has seen business boom over nearly 20 years. Now, he’s exploring expansion opportunities in new markets.
TURNING THE TIDE
Irina Zaporozhets, President and General Manager for Eli Lilly Suisse S.A. in the META region is driving expansion, focusing on innovation and patient-centric care. As she navigates regional challenges, her commitment to expanding access to medicine remains at the forefront.
Supercharging AI
Armed with a newly raised 640 million, GROQ thinks it can challenge one of the world’s most valuable companies with a purpose-built chip designed for Al from scratch.
How Technology is Accelerating Digital Equality in Diverse Markets
The rise of smartphones and digital technologies has transformed our daily lives, contributing to the evolution of connected consumers.
Rare Fortune
Money manager JAMES LITINSKY turned a bad junk bond bet into a $400 million fortune. His MP Materials operates a strategic mine and will begin manufacturing supermagnets for electric vehicles next year.
The State of Mental Health in the Middle East
While mental health awareness is on the rise, the Middle East faces some challenges in providing care. Still, we're seeing some progress.
Big Breakthroughs
From gene therapy to nasal sprays, these were some of the most significant healthcare breakthroughs in the last year.
MENA's 5 Most Valuable Healthcare Companies 2024
The combined market cap of 57 healthcare companies listed on MENA's stock exchanges hit $83.7 billion on August 13, 2024, with the top five companies accounting for about 62.4% of the total market cap. These are MENA's five most valuable healthcare companies in 2024.