DEWA shares surge on debut: The Dubai Electricity and Water Authority’s (DEWA) shares jumped as much as 23% on their trading debut in Dubai yesterday following the company’s USD 1.6 bn IPO. The company reached a session high of AED 3.05 before paring gains to close at AED 2.87, up 15.7% from its AED 2.48 opening price. The sale was the world’s second-largest IPO this year and was the biggest in the EMEA region since Saudi Aramco’s USD 30 bn listing in 2019 — and puts Dubai firmly on the IPO map, making it the world’s fifth destination for listings by size, Bloomberg notes. Our friends at EFG Hermes provided financial advice on the transaction, the bank said in a statement (pdf) yesterday.

Actis has acquired a 50% stake in Emirates District Cooling Company (Emicool) from Dubai Investments, according to a joint press release out yesterday. The sale valued the company at USD 1 bn — making it one of the largest district cooling transactions in MENA, according to the release — and creates a 50 / 50 joint venture. Synergy Consulting acted as the sole financial advisor to Actis. Al Mal Capital, a subsidiary of Dubai Investments, was the sole financial advisor to its parent company.

In other global financial news:

• Adnoc increases LNG tankers amid global shortage: Abu Dhabi National Oil Co.’s shipping unit is buying two new liquefied natural gas tankers from China, as it looks to increase its output amid a supply shortage. (Bloomberg)
• Surprise: The price of shipping oil from Russia has soared. The cost of shipping crude to Europe from Russian ports is its highest since 2008, as the majority of tankers steer clear in a bid to avoid sanction-busting. The squeeze on shipping means Russian oil is trading at a steep discount to international benchmarks. (Bloomberg)

THE CLOSING BELL-

The EGX30 rose 1.6% at yesterday’s close on turnover of EGP 831 mn (13.8% below the 90-day average). Regional investors were net buyers. The index is down 8.8% YTD.

In the green: CIRA (+9.0%), Fawry (+4.9%) and Ibnsina Pharma (+4.4%).

In the red: ADIB Egypt (-4.2%), Eastern Company (-2.6%) and Rameda (-1.9%).

Asian markets are a mixed bag in early trading this morning — and futures suggest Wall Street could fare better than Europe when markets open later today. Japan and South Korea’s exchanges are in the green as of dispatch, while China’s Hang Seng and Shanghai indices look less healthy as the impact of a major covid outbreak in the country continues to make itself felt. Wall Street, meanwhile, is set to open in the green later today — unlike most major European exchanges, which look set to start the day down.