RIYADH: Dubai-based Dubai Electricity and Water Authority, known as DEWA, may triple its annual dividend payout to 6.2 billion dirhams ($1.69 billion) after its initial public offering, Bloomberg reported. This is a significant jump from the 2 billion dirhams paid last year and 1.5 billion dirhams a year earlier. The state-owned company, which is Dubai’s main supplier of water and electricity, is expected to become the UAE’s biggest listing by April. Seeking a valuation of up to $25 billion, the firm selected Citigroup, HSBC Holdings, Emirates NBD Bank to lead its public offering. DEWA’s IPO comes as part of nation-wide plans to list ten state-owned companies in a bid to revive activity on its stock market.