Dubai Electricity and Water Authority (DEWA) expects 2022 profit of AED 7.3 billion ($1.99 billion), Chief Executive Saeed Al Tayer told CNBC Arabia on Friday, after listing as a public company this month.
He added that state utility DEWA has strong cash flows and will not need to take on debt.
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DEWA this month raised $6.1 billion in the region’s biggest initial public offering (IPO) since Saudi Aramco.
Dubai’s deputy ruler and finance minister Sheikh Maktoum Bin Mohammed said in a tweet that DEWA had attracted $85.76 (AED 315 billion) of demand for the IPO, with buyers including sovereign wealth funds, private fund and 65,000 individual investors.
State utility DEWA had set an indicative price range of $0.61 (AED 2.25) to $0.68 (AED 2.48), with the top level expected to raise $6.08 billion (AED 22.32 billion) for the Dubai government.
As well as raising money for Dubai, the IPO aims to help the Emirate’s exchange compete more effectively with bigger rivals in the region, such as those in Saudi Arabia and Abu Dhabi.
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