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Oracle shares up 35%

Huge AI contracts lead to the surge.

ADCB to raise $1.66bn

The rights issue aimed at boosting growth.

EGA H1 revenue $4.11bn

Net profit before GAC $445 million.

Borouge to pay $660m H1 dividend

Its net profit for H1 was $474 million.

TAQA secures $2.31bn loan

It will be utilized in a phased manner.

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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