Dubai’s state-owned water, power utility plans public offer

By JON GAMBRELL
Associated Press

DUBAI, United Arab Emirates (AP) — Dubai’s state-owned utility says it will list a sliver of its worth on the emirate’s stock exchange, hoping to ride a recent wave of initial public offerings in the Gulf Arab states while avoiding the stumbles of past IPOs. The Dubai Electricity and Water Authority’s offering announced Tuesday involves 3.25 billion shares, which the utility put at 6.5% over its overall worth. It’s part of a wider plan announced last November to list 10 state industries on the stock market to boost its profile and raise new capital for the skyscraper-lined emirate. Yet it comes amid increased volatility in markets worldwide given Russia’s war on Ukraine.