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Dubai Kicks Off IPO Rush With Landmark Listing of Utility DEWA

  • IPO is part of Dubai’s plan to sell shares in 10 companies
  • Recent listings in Abu Dhabi, Riyadh attracted a flood of cash
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Dubai will sell a 6.5% stake in its main power and water company, kicking off an ambitious plan to list as many as 10 state firms and reinvigorate its flagging capital markets.

The emirate is pushing ahead with the initial public offering of Dubai Electricity & Water Authority even as Russia’s invasion of Ukraine roils equity markets around the world. The main bourses in the energy-rich Persian Gulf have proved resilient, in large part because of the jump in oil prices to more than $100 a barrel.