{"id":545692,"date":"2022-04-07T04:00:32","date_gmt":"2022-04-07T04:00:32","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/dubai-utilities-firm-makes-usd-6-bn-debut-surprise-war-in-europe-is-bad-for-global-trade\/"},"modified":"2022-04-07T04:00:32","modified_gmt":"2022-04-07T04:00:32","slug":"dubai-utilities-firm-makes-usd-6-bn-debut-surprise-war-in-europe-is-bad-for-global-trade","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/dubai-utilities-firm-makes-usd-6-bn-debut-surprise-war-in-europe-is-bad-for-global-trade\/","title":{"rendered":"Dubai utilities firm makes USD 6 bn debut + Surprise: War in Europe is bad for global trade"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-10\"><\/a> <strong>DEWA pulls off one of the biggest IPOs since Aramco:<\/strong> Dubai\u2019s main utilities firm DEWA has raised USD 6.1 bn in its stock market debut, making it the biggest IPO in Europe, the Middle East and Africa since Saudi Aramco in 2019, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2022-04-06\/dubai-raises-6-1-billion-in-emea-s-biggest-ipo-since-2019?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a> reported. The state-owned company sold 9 bn shares at the top of its price range of AED 2.48 apiece, valuing it at around USD 33.8 bn, DEWA\u2019s stock will begin trading in Dubai on 12 April.<\/p>\n<p><strong>Russia-Ukraine war knocks global trade:<\/strong> Global trade fell an estimated 2.8% between February and March due to the conflict in Ukraine, according to a <a href=\"https:\/\/www.ifw-kiel.de\/publications\/media-information\/2022\/kiel-trade-indicator-0322-world-trade-in-downturn\/\">report<\/a> by the Kiel Institute for the World Economy. Sanctions imposed on Russia, the world\u2019s second-largest commodities exporter and 11th-largest economy, are isolating it from global trade and have led to an \u201cabrupt decline\u201d in the number of container ships moving through its ports.<\/p>\n<p><strong>FROM THE DEPT. OF THE OBVIOUS- European trade was hit hardest. <\/strong>EU imports fell 3.4% and exports declined 5.6% last month. US exports fell 3.4% and imports slipped 0.6%. China\u2019s exports, unsurprisingly, were down only 0.9%, while its imports rose 0.9%.<\/p>\n<p><strong>In other financial news:<\/strong><\/p>\n<ul>\n<li><strong>The Chinese economy is being battered by covid:<\/strong> Activity in China\u2019s services sector saw its sharpest decline since 2020 in March as outbreaks of covid-19 hit demand, according to a <a href=\"https:\/\/www.caixinglobal.com\/2022-04-06\/caixin-china-general-services-pmi-march-2022-101866170.html\">purchasing managers\u2019 survey<\/a>. The Caixin PMI dropped to 42.0 in March, down from 50.2 a month earlier, well below the 50.0 mark that separates expansion from contraction. The composite PMI, which measures both services and manufacturing, also fell to two-year lows.<\/li>\n<li><strong>Another American tech firm flees Russia:<\/strong> Intel has suspended its operations in Russia, becoming the latest tech firm to join the exodus out of the country following its invasion of Ukraine. (<a href=\"https:\/\/www.intel.com\/content\/www\/us\/en\/newsroom\/news\/russia-business-statement.html?cid=iosm&source=twitter&campid=newsroom_posts&content=100003020150327&icid=always-on&linkId=100000118897423\">Statement<\/a>)<\/li>\n<\/ul>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p>11,348<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: -5.0%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.26<\/p>\n<\/td>\n<td>\n<p>Sell 18.36<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 18.26<\/p>\n<\/td>\n<td>\n<p>Sell 18.36<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>9.25% deposit<\/p>\n<\/td>\n<td>\n<p>10.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>13,256<\/p>\n<\/td>\n<td>\n<p>+0.4% (YTD: +17.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>10,068<\/p>\n<\/td>\n<td>\n<p>-0.2% (YTD: +18.6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>3,500<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +9.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,481<\/p>\n<\/td>\n<td>\n<p>-1.0% (YTD: -6%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,588<\/p>\n<\/td>\n<td>\n<p>-0.3% (YTD: +2.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Euro Stoxx 50<\/strong><\/p>\n<\/td>\n<td>\n<p>3,825<\/p>\n<\/td>\n<td>\n<p>-2.4% (YTD: -11%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 102.18<\/p>\n<\/td>\n<td>\n<p>+1.1%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 6.13<\/p>\n<\/td>\n<td>\n<p>+1.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,930<\/p>\n<\/td>\n<td>\n<p>+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 43,851<\/p>\n<\/td>\n<td>\n<p>-4.6% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.3% at yesterday\u2019s close<\/strong> on turnover of EGP 232.55 mn (76.2% below the 90-day average). Foreign investors were net sellers. The index is down 5.0% YTD.<\/p>\n<p><strong>In the green: <\/strong>Qalaa Holdings (+6.7%), Rameda (+3.5%) and Eastern Company (+1.4%).<\/p>\n<p><strong>In the red: <\/strong>EKH (-3.9%), MM Group (-3.4%) and ADIB (-1.4%).<\/p>\n<p><strong>It\u2019s red all across Asia this morning <\/strong>and futures suggest shares in Western Europe and North America will also face selling pressure at the opening bell later today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DEWA pulls off one of the biggest IPOs since Aramco: Dubai\u2019s main utilities firm DEWA has raised USD 6.1 bn in its stock market debut, making it the biggest IPO in Europe, the Middle East and Africa since Saudi Aramco in 2019, Bloomberg reported. The state-owned company sold 9 bn shares at the top of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7210],"tags":[1453,163,72,119,9594,78,122,1341,132],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545692","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-dewa","tag-dubai","tag-enterpriseam","tag-financial-markets","tag-intel","tag-ipo-watch","tag-planet-finance","tag-russia-ukraine-conflict","tag-trade","wpautop","entry"],"acf":{"mongo_id":"8fcf5f7a-191b-4ede-875c-4331c00b4ef5","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[545665],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Dubai utilities firm makes USD 6 bn debut + Surprise: War in Europe is bad for global trade - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/04\/07\/dubai-utilities-firm-makes-usd-6-bn-debut-surprise-war-in-europe-is-bad-for-global-trade\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dubai utilities firm makes USD 6 bn debut + Surprise: War in Europe is bad for global trade\" \/>\n<meta property=\"og:description\" content=\"DEWA pulls off one of the biggest IPOs since Aramco: Dubai\u2019s main utilities firm DEWA has raised USD 6.1 bn in its stock market debut, making it the biggest IPO in Europe, the Middle East and Africa since Saudi Aramco in 2019, Bloomberg reported. 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The company reached a session high of AED 3.05 before paring gains to close at AED 2.87, up\u2026","rel":"","context":"In &quot;PLANET FINANCE&quot;","block_context":{"text":"PLANET FINANCE","link":"https:\/\/enterpriseam.com\/egypt\/planet-finance\/\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":544910,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/27\/investors-exit-em-equities-global-ipos-plunge-as-ukraine-fallout-rising-rates-spook-the-markets\/","url_meta":{"origin":545692,"position":1},"title":"Investors exit EM equities, global IPOs plunge as Ukraine fallout + rising rates spook the markets","author":"enterpriseam admin","date":"27 March 2022","format":false,"excerpt":"EM funds are seeing heavy outflows on the back of the global uncertainty: Emerging-market equity funds have lost a combined USD 8.1 bn over the past four weeks, while USD 5.7 bn has been drained from EM bond funds, Reuters reports, citing data from Refinitiv Lipper. 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