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Dewa ups IPO size to 17%, increases shares in public offering

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Following approval from the UAE Securities and Commodities Authority (SCA), Dubai Electricity and Water Authority (Dewa) has increased the number of shares offered in its initial public offering from 3,250,000,000 ordinary shares to 8,500,000,000 ordinary shares.

This will lead to free float of 17 per cent of Dewa’s share capital, with the government of Dubai continuing to own 83 per cent of Dewa’s share capital.

Dewa has also got a nod from the SCA to increase the size of the tranche reserved for qualified investors, which includes the new strategic investors, from 5.9 per cent, representing up to 2.93 billion shares, to up to 16.4 per cent of the company’s share capital, representing up to 8.18 billion shares, according to reports.

Excluding the new strategic investors, who are locked up for between 180 and 365 days, the deal (including previously announced cornerstones) increases from 6.5 per cent to 10 per cent of the company’s share capital. The size of the retail and employee tranches will remain the same.

The new offering size was determined by the government of Dubai as the selling shareholder, following Dewa’s decision to set the offer price range per share between Dh2.25 and Dh2.48 per ordinary share on March 24.

The subscription period for Dewa IPO remains unchanged and will close on April 2 for UAE retail investors and on April 5 for qualified domestic and international institutional investors.

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Dubai Welcomes Kabaddi with a Spectacular Exhibition Match

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The Real Kabaddi League (RKL), known for redefining grassroots sports in India, is set to captivate the Gulf region with an exhilarating Kabaddi exhibition match at Al Ahli Sports Club, Dubai, at 6 PM onwards. This highly anticipated event will feature two specially created dummy teams—Indian Warriors and Gulf Gladiators, showcasing raw and emerging talent on an international platform.

Supported by the Dubai Sports Council, the event symbolizes a monumental step in introducing the traditional Indian sport to a global audience, particularly the Gulf region. With a blend of sportsmanship, entertainment, and education, this evening is poised to leave an indelible mark on the world of Kabaddi.

The evening kicks off with a breathtaking Arabic Emirati performance, setting the stage for an unforgettable cultural exchange.
A high-energy dance performance post-match (by Zara Khan) will close the event on a vibrant note.

Bollywood legend Suniel Shetty and Indian Wrestler Sangram Singh will lend their star presence, elevating the event’s appeal.

To familiarize Gulf audiences with Kabaddi, RKL has developed animated explainer videos that simplify the sport’s rules in an engaging format, ensuring everyone in attendance can fully immerse themselves in the action.

True to its mission, RKL will showcase young and raw Kabaddi players, making this match a gateway for unexplored talent to shine on a global stage.

Lavish Choudhary, Co-Founder in RKL, emphasized: “The aim behind RKL is always to promote young, raw, and rural unexplored talent and give them a stage to shine.”

Shubham Choudhary, Founder of RKL, added: “This exhibition match serves as the base ground for the Kabaddi sport to enter Gulf countries, and I believe people are going to love it.”

The match will be broadcast live on the Real Kabaddi League’s YouTube channel, enabling fans worldwide to experience the unmissable action. The event is open to all sports enthusiasts, welcoming everyone intrigued by Kabaddi’s dynamic energy and team spirit.

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Saudi Arabia to Host 2034 FIFA Men’s World Cup; 2030 edition to span three continents

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World soccer’s governing body, FIFA, has confirmed that Saudi Arabia will host the men’s FIFA World Cup in 2034, while the 2030 tournament will be held in Spain, Portugal, and Morocco, with special celebratory matches in three South American countries. The announcement was made on Wednesday by FIFA President Gianni Infantino following an extraordinary virtual Congress.

Both tournaments were awarded through uncontested bids and confirmed by acclamation. “We are bringing football to more countries, and the number of teams has not diluted the quality. It has actually enhanced opportunities,” said Infantino, highlighting the expanded global reach of the tournament.

The 2030 World Cup will be a landmark event, taking place across six nations and three continents. Morocco, Spain, and Portugal will serve as the primary hosts, while Uruguay, Argentina, and Paraguay will hold celebratory matches to mark the centenary of the inaugural World Cup, hosted by Uruguay in 1930.

While Argentina and Spain have previously hosted the tournament, Uruguay will host again for the first time in a century. Portugal, Paraguay, and Morocco will join the World Cup’s history as first-time host nations.

In 2034, Saudi Arabia will become the second Middle Eastern nation to host the FIFA World Cup, following Qatar’s 2022 edition. This milestone further cements the region’s growing influence in the world of football.

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Ring in the New Year on Dubai’s waters: Abra, Taxi & Ferry with Atlantis views

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As Dubai residents and tourists gear up to celebrate New Year, they can ring in 2025 with celebrations in the waters of the emirate.

The Roads and Transport Authority in Dubai has announced special offers and exclusive services during the New Year’s Eve, December 31, 2024, on marine transport means including the Dubai Ferry, the Abra, and the Water Taxi.

Passengers can enjoy views of the Burj Khalifa, Bluewaters, Atlantis, Burj Al Arab and Jumeirah Beach Towers. Residents can cruise into 2025 aboard the Dubai Ferry, Water Taxi, and Abra, with the backdrop of the Dubai coastline, adorned with hotels, heritage areas and landmarks such as The World Islands.

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