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ADNOC Drilling H1 revenue $2.37bn

The company posted a net profit of $692m.

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

DEWA shares drop 2.8%

The state-owned utility raised $6.1 billion and attracted orders valued at $86 billion from investors.
By TRENDS Desk
October 20, 2022 11:55 am
  • There were over 6.5 million shares traded by 11:37 a.m. local time, with the average volume on the stock declining since it was listed
  • The decline came in reaction to fears of an economic slowdown amid tighter monetary policy, causing global financial markets to see volatility

Dubai, UAE— Dubai Electricity and Water Authority’s shares tanked 2.8 percent to 2.47 dirhams ($0.67) on Wednesday, compared to the IPO price of 2.48 dirhams.

The company went public six months ago.

There were over 6.5 million shares traded by 11:37 a.m. local time, with the average volume on the stock declining since it was listed.

The decline came in reaction to fears of an economic slowdown amid tighter monetary policy, causing global financial markets to see volatility. Dubai’s benchmark index has lost about 5.5 percent since the utility firm went public.

DEWA was one of the largest IPOs of the year globally. The state-owned utility raised $6.1 billion and attracted orders valued at $86 billion from investors.

This offering marked the biggest regional IPO since Saudi oil giant Aramco raised over $25 billion back in 2019.

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