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Dewa looks to raise Dh8b in IPO

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Dubai Electricity and Water Authority (Dewa) looks to raise as much as Dh8.06 billion ($2.19 billion) in its initial public offering (IPO), marking the largest such deal in the emirate since DP World in 2007, a Reuters report said.

The state utility firm’s public share sale kicks off the first of 10 planned listings of state-linked companies aimed at reviving Dubai’s local bourse.

Dewa set an indicative range for its shares on Thursday, with the company selling 3.25 billion shares, or 6.5 per cent of existing shares, at between Dh2.25 and Dh2.48 each, according to a statement.

An implied market capitalisation of as much as $33.76 billion would make Dewa the largest company on the Dubai Financial Market by market value, it said.

Emirates Investment Authority, state holding company ADQ, Multiply Group, Alpha Dhabi Partners and Investment Holdings Est will become cornerstone investors in the IPO with a total commitment of up to $1.3 billion, it said.

The IPO subscription for institutional and retail investors kicked off on Thursday, and the company expects shares to list and trade on the Dubai Financial Market on April 12.

Dewa said the selling shareholder – the Dubai government – reserved the right to increase the size of the offering at any time before the end of the subscription period, according to the report.

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UAE’s HR excellence in spotlight as merit-based Employee Happiness Awards begins nominations

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Employee Happiness Awards is set to shine a spotlight on ongoing transformations across the human resources (HR) landscape, especially in the context of employee experience and wellness. The brainchild of Plan3Media, a leading event management company known for championing a merit-based awards culture in the region, Employee Happiness Awards is open to nominations in 27 distinctive categories.

In the previous edition held in June 2023, the Employee Happiness Awards received several nominations, some of whom were selected as finalists and gave compelling presentations to an independent jury. The winners and participants were leading companies and HR individuals from industries as diverse as retail, real estate, healthcare, education, and finance. Abu Dhabi Police GHQ, Nakheel, ADNH Compass, Marriott International, Babyshop, Cigna Healthcare, Du, DAMAC Properties, Rove Hotels, Alef Education, Masafi, and Pinsent Masons were among the big winners. Inspired by the overwhelming response to that edition, Plan3Media has added more categories and planned an eventful agenda for the upcoming gala ceremony in Dubai.

CEO of Plan3Media, Jatin Deepchandani, attributed the success of Employee Happiness Awards to its relentless focus on upholding transparency and integrity through a merit-only approach. “As corporate awards increasingly became self-congratulatory exercises, we seized the opportunity to set ourselves apart by instilling a culture of meritocracy. Our relentless efforts to make the Employee Happiness Awards synonymous with HR excellence are now yielding tangible results, distinguishing our accolades from the rest.” In line with Jatin’s words, the Employee Happiness Awards is validated by a reputable global accreditation programme called Awards TrustMark.

Employee Happiness Awards has a rigorous and systematic nomination process. Nominees are expected to initially submit an online form with basic information, category selection, and a write-up about their competencies. Finalists are invited to make a 20-minute presentation to an independent jury, which will evaluate the performance against a few metrics before selecting deserving winners. Plan3Media has set a nomination limit of three categories per company. There are 22 well-defined categories for companies and 5 for individuals.

Over 200 CHROs, HR professionals, government officials, and startup founders are expected to participate in the black-tie gala awards ceremony, scheduled for Friday, June 7, 2024, where Gold and Silver winners will be announced in each category. Finalists and winners of the Employee Happiness Awards will receive a trophy showcasing their competencies in HR strategies and employee experience. Recognized companies will understandably excel at talent attraction and retention.

Nominations for Employee Happiness Awards – UAE, 2024, close on April 5, 2024.

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UAE braces for heavy rain, thunderstorms across the Emirates this weekend

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The weather will be extremely unstable from Friday evening to Sunday noon with varying amounts of rain, lightning, thunder, and occasional hailstorms.The Ministry of Interior and the National Emergency, Crisis and Disaster Management Authority (NCEMA) have called on the public to exercise caution and abide by safety requirements.

People are advised to avoid valleys, mountains and areas prone to flooding. Legal action will be taken against those who break the rules or put themselves or others in danger.Authorities added that roads leading to wadis and mountains will be closed until the weather conditions improve, while the decision to shift to remote learning is up to the emergency and crisis management teams in the affected emirates.

In order to review the readiness levels of various entities, a series of meetings were held by the Joint Assessment Team for Weather and Tropical Situations, headed by the NCEMA.

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Ian Bell to play for Meteora England Champions in World Champions League

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Meteora Developers, a trailblazing force in the business sector, has officially announced its acquisition of the esteemed England Champions cricket team, in partnership with Bollywood icon Jacqueline Fernandez. This strategic move positions the England Champions to enter the prestigious World Championships of Legends (WCL), signaling a historic convergence of cricketing legends and global fan engagement.

The announcement unfolded amidst a glitzy ceremony at Taj Downtown, Dubai, attended by former England captain, Ian Bell and other names from the sporting world

Meteora Developers’ founder and CEO, Mr. Praveen Sharma, expressed enthusiasm about the association with WCL and the ambitious goals for the England Champions. “Our entry into the World Championships of Legends is a pivotal moment for us. With cricketing greats like Ian Bell on our team, we’re poised to build a legacy that will captivate and inspire English fans globally. This is just the start of a thrilling journey,” Sharma asserted, hinting at a promising future for the franchise.

Cricket star Ian Bell, an integral part of the England Champions, underlined the significance of this venture for players and the sport. “Being part of the England Champions under the WCL is an extraordinary opportunity. The league’s innovative approach and the chance to play in England make this a truly exciting prospect. I’m eager to contribute to our team’s success and make our fans proud,” Bell commented, emphasising the players’ enthusiasm and commitment.

Harshit Tomar, CEO of WCL, delivered an impassioned overview of the league’s vision, emphasizing its commitment to redefine the global cricket landscape. Tomar warmly welcomed Meteora Developers and the England Champions into the WCL family, expressing high expectations for the collaboration. “This partnership promises to bring innovation and excitement to cricket, setting new benchmarks for excellence,” Tomar remarked.

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