Mohammed bin Rashid’s vision of building a more active economy is now reaping global confidence in our institutions: Finance Minister

"Our goal is for our financial market to reflect the strength and diversity of our economy. And the next is better." 

Abu Dhabi, UAE: Minister of Finance of the United Arab Emirates, Deputy Ruler of Dubai and Chairman of Dubai Media Incorporated – Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum stated that the vision of building a more active economy of Mohammed bin Rashid is now reaping global confidence in our institutions.  

The minister made the remark via his tweet, which states, “Mohammed bin Rashid’s vision of building a more active economy is now reaping global confidence in our institutions. DEWA’s IPO is the largest initial public offering in the Middle East and Europe since the beginning of 2022, with 9 billion shares worth 22.3 billion dirhams.” 

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“Our goal is for our financial market to reflect the strength and diversity of our economy. And the next is better.” 

Following the above statement, he adds, “The success of DEWA’s subscription in attracting subscription applications worth 315 billion dirhams through the participation of most international sovereign and private funds and the participation of 65,000 individual investors, making it the second-largest listing in the history of the region, a global vote of confidence in our country’s economy and a positive turning point in our financial markets.” 

DEWA is, known as Dubai Electricity and Water Authority, is a structured public firm that was established on 1 January 1992 by Sheikh Maktoum bin Rashid Al Maktoum. DEWA is a merger of Dubai Electricity Company & the Dubai Water Department that had been operating independently till then, both of which were founded in 1959. 

Owned by the Government, DEWA works with the motive of a satisfactory and reliable supply of electricity and water to the population of Dubai city of the United Arab Emirates.  

The firm is now building a 5GW Mohammed bin Rashid Al Maktoum Solar Park, which is known for breaking several cost records for solar power both from photovoltaics and from concentrated solar power. 

 

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Tariq Saeed

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