The Dubai Electricity and Water Authority (DEWA) has decided to postpone the initial public offering of its shares, which was scheduled for today, Monday.
According to Arabiya Net, two sources told Reuters that it was not yet clear why the government body delayed this long-awaited proposal.
The authority still plans to list its shares in April, they said. The commission declined to comment when contacted by Reuters today.
Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, Deputy Ruler of Dubai, announced in November plans to offer shares of 10 government companies on the stock exchange to support the local stock market.
The listing of companies aims to support the Dubai stock market and increase its competitiveness with regional exchanges such as the Saudi Stock Exchange and the Abu Dhabi Stock Exchange.
