Multiply Group to invest AED 367 million in DEWA’s initial public offering

Multiply Group, a technology-enabled holding company based in Abu Dhabi that owns shares in Abu Dhabi based Viola Communications, announced that it will be investing AED 367 million into the Dubai Electricity and Water Authority’s (DEWA) landmark initial public offering as a cornerstone investor.

The Group’s latest investment follows a series of strategic acquisitions, which looks to create a unique technology-enabled ecosystem to pursue growth across five vertical segments: media and communications, utilities, ventures, wellness and beauty, and digital economy. The past year saw Multiply Group acquire stakes in UAE-based assets with substantial earning potential and international high growth firms, including U.S. vehicle-focused digital media platform Firefly, global visual content firm Getty Images, Rihanna’s direct-to-consumer e-commerce fashion firm Savage X Fenty, PAL Cooling Holding, Emirates Driving Company, and Viola Communications.

Samia Bouazza, CEO and Managing Director at Multiply Group, said: “Our interest in DEWA’s public offering is driven by our confidence in the UAE’s economy. DEWA has successfully cemented its position as one of the region’s leading fully integrated utility companies by capitalizing on its strong market fundamentals and state-of-the-art infrastructure. 

“The company’s unique positioning, attractive financial profile and clear strategic objectives make it an attractive investment for Multiply Group. Furthermore, as regional capital markets continue to perform favourably, we believe that our investment into DEWA will generate substantial value for our shareholders.” 

Multiply Group benefits from a strong leverage-free liquidity position, having raised AED 3.1 billion in a pre-listing private placement that was 16 times oversubscribed. The company’s strategy is to pursue profitable growth through a diversified portfolio striking a balance between steady companies that generate recurring income and high-growth businesses.