[Economics] Dubai Electricity and Water Company's share jumps when it starts trading on the Dubai Stock Exchange

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https://www.msn.com/ar-ae/money/news/سهم-شركة-كهرباء-ومياه-دبي-يقفز-عند-بدء-تداوله-في-بورصة-دبي/ar-AAW7qOP?li=BBqrI8k

 

 

Dubai Electricity and Water Company (DEWA) shares jumped on Tuesday, on the first day of trading on the Dubai Financial Market.

 

The stock rose by 19% in the first minutes of trading in the Dubai Financial Market, and then fell to 16% at 11 am (7:00 GMT).

 

The initial public offering price was set at 2.48 dirhams (0.68 cents) per share.

 

And 18 percent of the company's shares, owned by the emirate of Dubai, were offered in the largest public offering in the wealthy region since the Saudi oil giant Aramco was listed on the local market three years ago.

 

The record amount for the largest public listing in the Gulf and the world was for the Saudi oil company Aramco, which raised $29.4 billion by listing 1.7 percent of its shares on the Riyadh Stock Exchange in December 2019.

 

The emirate has diversified its economy by focusing on tourism and trade, but it faces increasing competition in the region, particularly from Saudi Arabia, which is seeking to reduce its dependence on oil.