DUBAI: Dubai’s main share index jumped over 2%, marking its best day since Dec. 6, as investors flocked to the region after state utility DEWA’s initial public offering kicked off last week.

Dubai Electricity and Water Authority (DEWA) is looking to raise as much as 8.06 billion dirhams ($2.19 billion) in its IPO, marking the largest such deal in the emirate since DP World in 2007.

“The Dubai stock market rose as investors return to the market as DEWA’s IPO makes the bourse more attractive and as global concerns retreat,” said Daniel Takieddine, Chief Executive Officer of MENA BDSwiss.

Dubai’s deputy ruler, Sheikh Maktoum Bin Mohammed, in November announced plans to take 10 government-linked companies public to boost stock market activity.

Sentiment was muted across global markets and oil prices dropped as a coronavirus lockdown in Shanghai hit economic activity, raising fears over weak demand for fuel.

Outside the Gulf, Egypt’s blue-chip index plunged 2.2% after rising over 9% in the previous week.

Index heavyweights Commercial International Bank Egypt and Abu Qir Fertilizers and Chemicals were the top drags.

Saudi Arabia’s benchmark index rose 0.5%.

Information technology company Al Moammar Information Systems Co gained 3.3% after it announced a slew of new projects.

Travel services provider Seera Holding Group fell nearly 2.3% after the company posted an annual loss.

In Abu Dhabi, the index closed 0.6% higher, while the Qatari index ended flat.

SAUDI ARABIA up 0.5% to 13,064

ABU DHABI rose 0.6% to 9,829

DUBAI added 2.1% to 3,484

QATAR fell 0.1% to 13,712

EGYPT shed 2.6% to 11,241

BAHRAIN was down 0.2% to 2,075

OMAN lost 1% at 4,233

KUWAIT gained 0.2% to 9,037.