The UAE announced a plan to list 10 government companies on the stock exchange (AFP)Informed sources told "Bloomberg" that the Dubai Electricity and Water Authority (DEWA) has invited banks to submit bids to participate in the largest Initial Subtraction In the history of Emirate Stock Exchange.
(DEWA) estimates the value of the assets at about 25 billion dollars, provided that in the initial offering, it will subscribe to less than 25% of its shares.
The sources added that the Dubai government-owned company would likely choose a mix of international and local banks.
Last month, the UAE announced a plan to offer 10 government companies as part of plans to boost the stock market's activity.
The UAE Minister of Finance and Deputy Ruler of Dubai, Sheikh Maktoum bin Mohammed, said on Twitter on Saturday that the UAE had adopted a plan to include the "Salik" traffic tariff system in the Dubai Financial Market.
The minister added that the aim of the listing is “to diversify the government companies that we list in the market in order to achieve the best return for investors within our markets.”
Salik is the second after DEWA, which will also be listed on the Dubai Stock Exchange.
Sources told Reuters last week that Dubai Holding is studying an initial public offering for the business park operator TECOM Group.
The listing plans aim to increase Dubai’s ability to compete with the Saudi and Abu Dhabi bourses, which are attracting larger listings and strong liquidity.
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