Dubai’s Water and Electricity Authority, known as DEWA, began trading for the first time on Tuesday, after raising just over $6 billion during its initial public offering, making it the second largest offering ever in the Middle East.
While that figure still trails far below the record $29.4 billion raised by Saudi oil giant Aramco, it marks an inflection point for Dubai at a time when high oil prices are buoying the economies and spending power of energy-producing Gulf Arab states.
