Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, Deputy Prime Minister and Minister of Finance, has announced that the Dubai Electricity and Water Authority (DEWA), will soon be listed on the Dubai Financial Market (DFM).

In a statement, Sheikh Maktoum said that the listing will be carried out gradually due to DEWA’s large asset portfolio. The statement added that the listing is part of the Securities and Exchange Higher Commission’s strategy to increase the size of the stock market in the emirate to $816.5 billion and raise the competitiveness of bourses and encourage initial public offerings (IPOs).

“It is a key pillar of the development in Dubai. Investing in DEWA is an investment in Dubai’s future,” he added.

The DEWA listing, which will allow investors to access shares in profitable companies, represents a major step that will support the financial markets in the Emirate. Dubai plans to list other state-owned companies on the DFM as part of a broader strategy.

Sheikh Maktoum highlighted the pivotal role that the Dubai utilities provider had played in the development of the emirate over the past decades and lauded its contribution.