Alpha Dhabi Holding PJSC (ADH) has made a AED367-million ($100 million) investment into DEWA’s landmark initial public offering (IPO), official sources have said.
It is said to have made the investment through its subsidiary Alpha Dhabi Partners Holding LLC, as a cornerstone investor.
ADH is an Abu Dhabi-based conglomerate and subsidiary of the International Holding Company (IHC).
As part of the transaction, Alpha Dhabi Partners Holding LLC will acquire shares through DEWA’s IPO.
Investing in Dubai Electricity and Water Authority (DEWA) supports Alpha Dhabi’s long-term investment strategy, said the local reports.
The cornerstone investment in DEWA follows the investments the company recently made in other market leaders including Aldar Properties and Q Holding.
Hamad Al Ameri, CEO of Alpha Dhabi Holding, was quoted by the local reports as saying, “DEWA’s landmark IPO is representative of the strides the UAE continues to make to diversify its economy and provides a strong platform for DEWA to build on its growth potential, supported by robust market fundamentals.”
He added: “DEWA’s strong ESG credentials and the high-interest nature of the IPO puts the UAE firmly on the global investment map and we are proud to be a cornerstone investor as part of their IPO.”