Dubai plans to offer shares in its core utility as part of a plan to boost the emirate’s flagging stock market.
“The emirate will sell a stake in the Dubai Electricity and Water Authority in the coming months,” Deputy Ruler Maktoum bin Mohammed bin Rashid said in a tweet on Tuesday. The shares will be listed “in phases” due to the size of the utility’s assets and profile. in the economy.
Dubai on Monday said it plans to sell stake in 10 state-owned companies, which could prove to be a test of confidence in the stock market at a time when regional rivals are ramping up sales.
Dubai to list 10 state firms in bid to reverse falling business
Trading on the main market has collapsed in three of the last four years as a string of companies at a time of declining liquidity and stock prices. At the same time, the Kovid-19 epidemic has damaged the tourism and real estate industries of the city for life. Meanwhile, new listings in other Middle East financial hubs such as Abu Dhabi and Riyadh are attracting an influx of cash.
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