U.S. bank Moelis, Emirates NBD hired to advise on IPO of #Dubai's DEWA - sources | Reuters

U.S. bank Moelis, Emirates NBD hired to advise on IPO of Dubai's DEWA - sources | Reuters

U.S. investment bank Moelis (MC.N) and Dubai lender Emirates NBD (ENBD.DU) have been hired to advise on the initial public offering (IPO) of Dubai Electricity & Water Authority (DEWA), sources familiar with the matter said.

The Dubai government said on Tuesday it was planning a stock market flotation of the utility, among 10 state-backed companies to be listed as part of plans to boost activity on the local bourse. read more

DEWA and the Dubai Media Office did not immediately respond to a Reuters request for comment.

Moelis and Emirates NBD declined to comment.

The listing plans are aimed at making Dubai a more competitive market against bigger bourses in the region, such as those in Saudi Arabia and neighbouring Abu Dhabi, that are seeing larger listings and strong liquidity.